Paragon Bank disrupts UK savings market with mobile-first companion app

Challenge

A sleeping giant in the savings market

According to research conducted by Censuswide, over 55% of UK adults, dubbed “current account coasters,” leave a staggering £500 billion ($667 billion) in zero or low-interest accounts. This inertia costs savers an estimated £20 billion ($26.7 billion) in lost interest each year.

Paragon Bank, a savings and specialist lending bank, saw an opportunity to disrupt the stagnant savings market and fulfill its strategic goals of digitalization, customer base diversification, and growth.

Solution

A new digital-first savings companion

Using the OutSystems platform, Paragon Bank developed Spring, a secure mobile-first savings companion. The app’s key innovation is the use of Open Banking technology.

A seamless user experience, real-time payments, account sweeps, and other features make transferring money from their current accounts to a high-yield savings account effortless. A Colleague Portal delivers a comprehensive view of customer information to streamline support and enhance security. The robust and user-friendly app integrates with over 20 third-party services for key functions such as identity management, payments, and fraud detection.

Results

Attracting new customers and driving growth

Launched publicly in April 2025, the Spring app has been an undeniable success, speeding up transfers from hours to seconds. In just a couple of months, it attracted thousands of customers and millions of pounds in deposits, with the potential to transform the UK’s relationship with saving. More importantly, it has fulfilled Paragon Bank’s strategic objectives by introducing new technologies, diversifying its funding options, and helping to finance UK landlords, SMEs, and housebuilders. The positive customer experience is reflected in its high ranking and excellent reviews on Trustpilot, with a score of 4.8/5.