Millions of people have money sitting in current accounts earning little or no interest.
To help people make more of their spare cash and take their first steps towards smarter savings, we’ve launched our latest account: Accelerate Saver.
Available to both new and existing customers, Accelerate Saver pays 5.00% AER* variable. Savers can deposit up to £5,000 and the account can be opened with a minimum deposit of £10.
Why now?
The launch comes as analysis of CACI data** by Spring shows that £322 billion is currently held in current accounts paying no interest. Of this, £60 billion is sitting in 68 million accounts containing balances of up to £5,000.
The average balance held in a current account paying no interest is £4,008. For many people, moving even part of that money into a savings account could provide an opportunity to earn a return.
What could your savings earn?
A saver depositing £5,000 into Spring’s Accelerate Saver could earn up to £250 in interest over 12 months at 5.00% AER variable.
Designed to make saving simpler
Our Accelerate Saver aims to make it easier for people to move spare money out of their current account and begin building a dedicated financial safety net. Using Open Banking technology, Spring connects to a customer’s existing current account, enabling seamless transfers between the two without requiring them to switch banks.
Your savings will be protected by the Financial Services Compensation Scheme (FSCS). This means your combined deposits with Spring and Paragon Bank are protected up to a total of £120,000 by the FSCS.
Derek Sprawling, Head of Money at Spring, said:
“The Accelerate Saver has been designed to encourage people with money sitting in a current account earning little or no interest to reconsider their options. Too much money is still sitting idle in current accounts, with average balances exceeding £4,000. By moving even a portion of those funds into a dedicated savings account, people can take a simple step towards making their money work harder.
"With billions of pounds currently sitting in accounts earning no interest, Accelerate Saver has been designed to help more people put their spare cash to work. Whether you're putting away £10 or the full £5,000, earning interest on money that would otherwise sit idle could be a simple first step to a more proactive approach to your finances."
Ready to start putting your spare money to work? Find out more about Accelerate Saver in the Spring app or on the Spring website.
Save with Spring
The Spring app connects to your current account to make saving easier than ever. Get started now by downloading the app.
Find out more
*AER stands for Annual Equivalent Rate and this shows what the interest rate would be if interest was paid and added once each year.
**CACI’s Current Account & Savings Database, stock at June 2026. Current account month-end balances.
