Moneyhub and Paragon Bank launch Open Banking-enabled Cash ISA via Spring app

Source: Cognito Media / Moneyhub

Moneyhub, the applied AI company transforming the way financial institutions engage with their customers, is supporting the launch of Spring’s new Cash ISA.

Spring, Paragon Bank’s savings app, launched a year ago, has already surpassed £1 billion in customer deposits and has now expanded its product range with a new Cash ISA. Moneyhub’s platform enables customers to transfer money directly from their current accounts into their Spring Cash ISA.

By connecting to Moneyhub’s robust API-first platform, Spring has been able to seamlessly enable new Cash ISA customers to deposit money, whilst enjoying the same customer-first digital experience that users have come to expect when using Spring.

By allowing savers to easily automate ISA contributions directly from their current accounts, regardless of who they bank with, the new offering builds on Spring’s first-year momentum and continues to tackle widespread financial apathy, which currently sees an estimated 6.4 million UK ‘current account coasters’ leaving £10,000 or more in current accounts earning no interest. Collectively, that represents £227 billion sitting idle.

Unlike traditional Cash ISAs, which typically require manual transfers or standing orders, and offer no visibility of day-to-day finances, the Spring app connects directly to a user’s existing current account. Savers gain real-time visibility of their external balance inside the app and can move money in seconds based on what they can afford.

The majority of deposits into the app have been initiated through Moneyhub’s payment technology, with daily volumes doubling month-on-month, a trend Paragon hopes to see continuing.

Guy Simmonds, head of digital proposition at Paragon Bank, said: “Our partnership with Moneyhub has been integral to the launch and development of Spring. Spring is a key part of our wider digitalisation strategy at Paragon, helping us reimagine the savings experience for customers.

“The newly launched Cash ISA is a product our customers have been asking for, and being able to offer it through Spring’s familiar, trusted digital experience is a significant moment for the app and for our broader digital journey.”

Dan Scholey, chief product officer at Moneyhub, says: “We provide the scalable data and intelligence infrastructure that allows financial institutions to easily drop in extra, high-value services as their customers’ needs evolve.

“Most traditional savings products still rely on manual intervention, but by embedding Moneyhub’s data and payments platform, Spring has made saving effortless and automated. Helping Spring surpass £1 billion in deposits shows how our data-driven platform turns compliance and integration into a powerful engine for commercial growth.”

Looking ahead, the partnership is set to deepen further, with exciting plans to utilise Moneyhub’s services to help more customers save effortlessly with Spring.

Further reading: Moneyhub participates in UK Payments Initiative as non shareholder