Smarterly and OakNorth Bank partner to offer new Notice Cash ISA range to Smarterly customers
The product range includes five Cash ISA Notice accounts, exclusive to Smarterly, ranging from 35 days at 1.05% to one year at 1.25%; Customers will not be able to apply for these products with OakNorth directly;
The partnership will give Smarterly customers access to OakNorth Bank’s award-winning savings platform, providing them with competitive rates and FSCS protection;
The partnership will also enable Smarterly’s B2B partners including Neyber and SalaryFinance, to offer OakNorth Bank’s savings products to their customers, through Smarterly;
These savings products will give Smarterly’s customers the opportunity to save directly from their salary, helping them achieve their financial goals.
Smarterly, the workplace savings and investment platform, has partnered with OakNorth Bank to offer its customers an exclusive cash ISA savings option in addition to its range of payroll integrated Investment ISAs.
The partnership will see OakNorth Bank offer a range of savings products exclusively to Smarterly’s direct (and non-direct through B2B partner) customers. These five Cash ISAs Notice Accounts are:
35 days – 1.05%
Three months – 1.10%
Six months – 1.15%
Nine months – 1.20%
One year – 1.25%
“As a workplace savings provider, we have to cater for every type of saver across a range of industries, making investing and saving easier for everyone. Although interest rates remain low, cash savings are something our customers want, but there is a challenge in finding competitive rates. By partnering with OakNorth Bank, we’re able to offer our customers a range of options to suit their short- and longer-term savings plans, whilst also providing them with FSCS protection. It also opens the door for further product development and will help support the financial wellbeing of the UK workforce.”
says Ben Pollard, Smarterly’s Founder & CEO.
Smarterly’s workplace savings platform is promoted by an increasing number of employers as a complement to pensions. It is particularly appealing to younger employees who are more focused on saving for short to mid-term life events, as well as higher-earners who are restricted by tightening pension allowances. Smarterly partners with other financial wellbeing product providers, such as Neyber and SalaryFinance, who offer savings alongside salary deducted loans.
Amir Nooriala, Chief Strategy Officer at OakNorth Bank, said:
“As a go-to savings provider for fellow fintechs, we have identified various demographics and traits that our partners need to have. Smarterly’s proposition enables us to reach a wide range of savers through what is essentially a B2B2C model, providing numerous employers and their employees with access to a range of competitive and FSCS-protected ISA products. Without this partnership, many of these employees would be financially excluded, either because they’re not earning enough or because of tightening pension allowances, so we’re delighted to be able to help them.”