Chetwood Bank, a UK-based digital challenger bank, has announced a significant milestone, surpassing £4 billion in total savings deposits. This marks a sharp increase from £2.86 billion recorded at the end of March last year, underscoring the bank’s accelerating growth trajectory.
The bank attributes this momentum to its competitive savings offerings, particularly its “easy access” savings account which currently yields an interest rate of 4.52% with no minimum or maximum threshold. Chetwood also provides a range of fixed-rate savings products that cater to various term preferences.
Paul Noble, CEO of Chetwood Bank, commented:
“Reaching £4 billion in deposits shows that our focus on getting the basics right and putting savers first is resonating with people across the country. It’s a clear sign that people value simple, reliable products they can stick with. It’s a promising period for us. We’re growing steadily across every arm of the business, with big plans for new and exciting developments. We’re grateful to everyone who has put their trust in us and are excited for them to see what comes next.”
In addition to its savings products, Chetwood also offers mortgage solutions for homeowners, further expanding its footprint in the UK retail banking landscape.
Chetwood Bank, along with its SmartSave brand, operates under Chetwood Financial Limited, which is authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA.
As the bank continues to challenge traditional incumbents, this latest milestone reinforces its ambition to become a leading digital banking force in the UK.
