SmartSave is a trading name of Chetwood Financial Limited, who are a UK licensed bank. Chetwood specialise in using technology to help consumers underserved by the market e.g. they offer loans to customers where the rate they pay falls, as their credit score improves.
Chetwood Financial have their own banking licence which isn’t shared with any other banks
Companies House Number: 09964966
Financial Conduct Authority: 740551
Date Launched: March 2019
FSCS Protected? Yes
Branches: SmartSave does not have any branches
People of Interest
Head of Savings
No. of Savers
Amount of Deposits
£160m as at 31st March 2021
£182m as at 31st March 2021
Account Opening and Management
How Do I Open a Savings Account
How Do I Manage a Savings Account
Chetwood reviews customers credit scores every three months and, if their credit score has gone up by 25 points, they will automatically reduce the loan rate by 2%, as long as they are up to date with their repayments
No reviews on Feefo
Savings Guru Verdict
SmartSave made a low key entry to the savings market in March 2019 with just a single 1 Year Fixed Rate Bond. In May 2020, they launched 2 and 3 Year Fixed Rate Bonds and they have subsequently launched 4 and 5 Year Fixed Bonds. SmartSave dip in and out of the market but usually offer some of the best rates when their products are available.
The fact that savers cannot contact the Bank by telephone, although you can message them and request a call back, is something we don’t like and hope that they change.