Paragon Bank has partnered with Moneyhub to support the launch of Spring, Paragon’s groundbreaking savings app designed to transform the way UK consumers make more from their savings. This collaboration leverages Moneyhub's leading data and insights platform to provide seamless Account Information Services (AIS) and Payment Initiation Services (PIS), enhancing the app's capabilities and user experience.
Spring, launched by Paragon Bank, aims to address the issue of "current account coasting", where over 29 million UK adults leave their money in low or zero-interest accounts, missing out on billions in potential interest. As well as integrating directly with users' current accounts, Spring offers a competitive interest rate of 4.30% AER, significantly higher than typical rates available from Big 6 banks, without the need to switch current account provider.
Innovative Features and Seamless Integration
Spring uses Moneyhub’s Open Banking technology, allowing it to connect effortlessly with a customer's existing current account. This integration enables customers to view their current account balance in the Spring app and seamlessly move money between accounts, providing users with full control over their savings. The app also offers features such as savings pots and unlimited withdrawals, all without hidden fees or restrictions.
Moneyhub's role in this partnership is pivotal. By providing the connectivity and payments technology, Moneyhub ensures the most secure, effective and efficient user journey. The app encourages deposits through Open Banking payments, offering Single Immediate Payments and Variable Recurring Payments (VRPs) to automate savings and further reduce friction.
A Partnership Built on Innovation and Trust
The partnership between Paragon Bank and Moneyhub is founded on a mutual commitment to needs-driven, customer-centric solutions. Moneyhub was chosen for its breadth of connections, extensive experience, and the cutting-edge innovation that underpins its services. By guiding Paragon Bank in setting up APIs, Moneyhub has ensured that Spring offers a slick and seamless customer journey, significantly reducing friction and encouraging users to engage with their savings more effectively.
Moneyhub's collaborative approach has been instrumental in creating a user-friendly experience that aligns with Paragon Bank's goal of making saving simple and rewarding. This partnership has proven to be highly effective, marking the beginning of a journey focused on long-term vision and data utilisation to enhance financial outcomes for Paragon’s customers.
Dan Scholey, CCO at Moneyhub, states: “We are delighted to partner with Paragon Bank to support the launch of Spring. Our collaboration showcases the importance of breaking down barriers to enable consumers to connect with their money effortlessly. This is just the beginning of our journey together, and we look forward to exploring more innovative solutions that deliver outstanding outcomes for customers.”
Guy Simmonds, Head of Digital Proposition at Paragon, comments: “The journeys are superb in their simplicity, and we believe they are best in class, particularly with the app-to-app redirects. This partnership with Moneyhub is a key element of our digitalisation strategy, and we are excited to see how it will catalyse further change across our organisation.”
By leveraging Moneyhub's expertise, Paragon Bank is poised to deliver a superior savings experience that not only meets but exceeds customer expectations, setting a new standard in the financial services industry.
For more information about Spring and to download the app, visit www.spring-savings.co.uk
ENDS
For further information, contact: pr@moneyhub.com
Notes to Editors:
Spring offers a competitive interest rate of 4.30% AER, significantly higher than typical high street rates. Rates correct as at 6 June 2025.
The app is available for download on both iOS and Android through the Apple App Store and Google Play.
Paragon Bank PLC is a subsidiary of the Paragon Banking Group PLC, a FTSE 250 company with over £16 billion of assets under management.
About Paragon
Paragon Bank PLC is a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £16 billion of assets under management, helping more than 340,000 customers to achieve their ambitions.
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551.
About Moneyhub
Moneyhub empowers leading banks, insurers, wealth managers and pension providers to deliver intelligent, personalised financial journeys that drive better outcomes and long-term customer relationships. With an API-first platform, Moneyhub offers enriched transaction data, AIdriven categorisation, decisioning, analytics, and payment initiation services. These embedded data services and applications help clients attract and retain customers, reduce operational costs, increase profitability, and improve financial wellbeing. Moneyhub is regulated by the FCA and certified to ISO 27001, underscoring its commitment to security, compliance, and innovation.