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Chris G

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Review of the SmartSave, Savings:

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Very good generally, but one disappointment

The big plus with SmartSave is the very competitive interest rates offered across a wide range of fixed term bond periods. The website is easy to use and online account applications are quick and easy. The big negative, which I was really surprised about, was SmartSave's policy of only allowing one account per customer, even if the amount held is under the FSCS threshold. When I called I was told it was to protect my funds, ensuring my total balance held withSmartSave was less than £85,000. I must say that I have several fixed rate savings bonds held with a number of banks, and they all allow me to hold multiple accounts. Most depositors are savvy enough to understand the FSCS limit, and SmartSave could easily introduce an alert if that total was approached. Reviewed on: 26th January 2024

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