Spring savings rates — compare every account, plus switch offers and guides

Who they are

Spring is a savings app launched by Paragon Bank , aimed squarely at the millions of people leaving cash idle in low-paying current accounts. Paragon Bank is a subsidiary of Paragon Banking Group PLC, a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, the group has over £16 billion of assets under management, helping more than 340,000 customers. Spring itself launched in April 2025 and had a strong first year - the app reached £800 million in deposits and tens of thousands of customers within its first 12 months.

The premise is simple. The app connects securely to your existing current account via Open Banking and allows instant transfers in and out, with no withdrawal fees or limits. You do not need to switch banks.

The Accelerate Saver

Spring currently offers one product: the Accelerate Saver. It pays 5.00% AER (variable) on balances up to £5,000, with a minimum opening deposit of just £10. Interest is paid monthly, and there are no fees or bonus-rate tricks to watch out for - the rate is what it is.

The balance cap is worth understanding. Put the full £5,000 in and you would earn up to £250 in interest over a year at the current rate. Because the cap is relatively generous for this type of account, a straightforward 5% on £5,000 can quietly outperform headline rates elsewhere that apply to smaller sums or come with strings attached.

To open an account you need to be 18 or over, UK-resident for tax purposes, and hold a UK current account in your own name to link. Note that you have 28 days from opening to make your first deposit, or the account closes and you would need to reapply.

FSCS protection and the Paragon connection

Your money is protected up to £120,000 by the FSCS - Spring uses a higher limit than the standard £85,000 because it sits under Paragon Bank's licence. However, that limit is shared across everything you hold with Paragon Bank. If you already save directly with Paragon, your Spring balance and your Paragon balance count together toward that single cap.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Is it right for you?

Spring suits people who want a clean, no-fuss easy access account and are comfortable managing everything through a smartphone app. The app is available on both iOS and Android. Customer service is available by phone without queuing , which is reassuring for an app-first product. The trade-off is that there is no online or telephone-only banking option, and with just one product on offer right now, those looking for fixed-term bonds or an ISA will need to look elsewhere.

The rate is variable, so it can and will move over time. As always, check the live figures shown on this page before you decide - they reflect what Spring is actually paying right now.