Paragon Bank saving app marks first anniversary after strong growth 

A savings app launched by Paragon Bank is marking its first anniversary after a strong first year.

Spring has helped savers take greater control of their money through a simple digital savings solution.

The app launched on 30 April 2025, with a proposition designed to make saving easier and more seamless for everyday savers.

The easy access account uses open banking technology to connect directly with a customer’s current account, allowing them to move money in and out simply and efficiently.

In the 12 months since launch, Spring has built strong momentum, already helping thousands of customers make more of their money.

Over its first year, the app has reached £800 million in deposits and has tens of thousands of customers.

The app was created to address a clear gap in the market and support people who may be missing out on returns by leaving money sitting in current accounts or low-paying linked savings accounts.

The initial research commissioned by Spring for the launch found that 55% of UK adults were “current account coasters”, collectively holding around £526 billion in cash earning little or no interest¹.

Derek Sprawling, (pictured) managing director of Spring, said: “Spring was built to give people a simple alternative to leaving their money with their current account provider. 

“We know that for many people, saving can feel like something that takes effort or organisation, so we wanted to remove as much friction as possible.

“By connecting with a current account through Open Banking, Spring helps customers move money seamlessly without compromising on the convenience of easy access to their savings.

 “We are incredibly proud of what we have achieved in our first year, from welcoming thousands of customers to reaching significant deposit milestones, but most importantly, we are proud to be helping savers build better habits and earn more on their money.

“This is just the start for Spring, and we are excited about what comes next.”

Following a successful first year, Spring will continue to focus on enhancing the customer experience, building awareness and helping more savers make the most of their money.