Chetwood Bank Savings Accounts

When was Chetwood Bank established?

Chetwood Bank was established in 2016 under the name Chetwood Financial Limited. The business was founded in Wrexham with the aim of developing digital financial products for customers whose needs were not always fully addressed by traditional banking providers.

It received its full UK banking licence in December 2018 and subsequently expanded its savings and lending activities. In October 2024, Chetwood Financial introduced the Chetwood Bank brand as part of a wider development of its banking services.

Who owns Chetwood Bank?

Chetwood Bank is a trading name of Chetwood Financial Limited, a privately held UK banking company registered in England and Wales. The business operates independently of the major UK high-street banking groups.

Chetwood Financial Limited is part of the wider Chetwood Group, which includes businesses providing banking technology and specialist financial services. Its banking activities are regulated in the UK.

What is the relationship between Chetwood Bank and SmartSave?

SmartSave was established as a savings brand operated by Chetwood Financial Limited, offering fixed rate savings products through an online banking service.

Following the introduction of the Chetwood Bank brand, the business brought its savings products together under Chetwood Bank. Existing SmartSave savings accounts were transferred to the Chetwood Bank brand and online banking platform.

SmartSave and Chetwood Bank are trading names of the same authorised banking company rather than separate banks.

What savings products does Chetwood Bank offer?

Chetwood Bank offers personal savings accounts covering easy access savings, notice accounts and fixed rate deposits. These provide different approaches to saving, depending on whether customers want flexibility over their money or prefer to set funds aside for an agreed period.

Its accounts are managed online, without a traditional high-street branch network. Available savings products, interest rates and individual account conditions may change over time.

Where can I learn more about Chetwood Bank?

Further information about the bank’s history, business activities and approach to digital banking is available through Chetwood Bank’s official About page. Customers can also explore its savings products through the Chetwood Bank personal savings website.

How do you open a Chetwood Bank savings account?

Customers can apply for eligible Chetwood Bank savings accounts through the bank’s website. Applications involve providing personal information, completing identity verification checks and meeting the eligibility requirements of the selected account.

Applicants must nominate a UK current account held in their name. This linked account is used to verify account ownership and arrange transfers into and out of their savings accounts.

How are Chetwood Bank savings accounts managed?

Chetwood Bank operates an online banking service accessible through a web browser on a computer, tablet or smartphone. Customers can view account balances, check transactions, access account information and manage permitted withdrawals.

The online service also allows customers to update certain personal details, open additional savings accounts and contact the bank through secure messaging. Some changes, including updating a nominated bank account, require assistance from the customer support team.

How do deposits and withdrawals work?

Customers generally fund their savings accounts through electronic transfers from their nominated current account. The ability to make additional deposits depends on the account selected and its funding conditions.

Withdrawal arrangements vary across Chetwood Bank’s savings range. Easy access accounts provide greater flexibility, notice accounts require advance withdrawal instructions, and fixed rate accounts are designed for money that can remain deposited until maturity. Customers should review the relevant account conditions before transferring money.

What happens when a fixed rate account matures?

Chetwood Bank contacts customers before their fixed rate savings account reaches maturity to explain the available options. These may include withdrawing the balance, transferring funds into an easy access account or reinvesting in another fixed rate savings product.

Customers can provide maturity instructions through online banking. If no instructions are received, the bank transfers the maturing balance into a holding account until the customer decides what to do with their savings.

How can customers contact Chetwood Bank?

Chetwood Bank provides savings customer support through secure online messaging, live chat, telephone and email. Its support team can assist with account applications, online banking access, deposits, withdrawals and general savings enquiries.

Further information is available through Chetwood Bank’s Help and Support Centre and its Fixed Rate Savings Maturity Guide.

Is Chetwood Bank regulated in the UK?

Yes. Chetwood Bank is a trading name of Chetwood Financial Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Its Financial Services Register number is 740551.

Customers can verify the bank’s regulatory status through the Financial Services Register.

Are Chetwood Bank savings protected by the FSCS?

Eligible deposits held with Chetwood Financial Limited are protected by the Financial Services Compensation Scheme. The standard deposit protection limit is £120,000 per eligible person, per authorised firm.

This protection applies to qualifying savings deposits, including eligible money held in easy access, notice and fixed rate savings accounts. The compensation limit applies to the customer’s combined eligible deposits rather than providing a separate allowance for each account.

Do Chetwood Bank and SmartSave share FSCS protection?

Yes. Chetwood Bank and SmartSave are trading names of Chetwood Financial Limited and share the same banking authorisation. Eligible savings held under these brands are therefore combined when calculating FSCS protection.

The same principle applies to eligible deposits held through other savings brands or partners operating under Chetwood Financial Limited’s banking licence. Customers should consider their total eligible deposits across these arrangements rather than treating each brand separately.

How is protection calculated across multiple accounts?

The FSCS generally combines an eligible customer’s deposits held under the same banking authorisation. Customers with several Chetwood Bank savings accounts, or deposits held through brands sharing its licence, should therefore consider their combined eligible balance.

Different arrangements may apply to qualifying joint accounts and certain temporary high balances, subject to the scheme’s eligibility requirements and compensation rules.

Where can customers check their protection?

Further information about the bank’s deposit protection arrangements is available through Chetwood Bank’s official FSCS information page. Customers can also consult the FSCS deposit protection guidance to understand compensation limits, eligibility and shared banking licences.