Chetwood Bank has undergone significant transformations in recent months, highlighted by its recent rebranding from Chetwood Financial. In a discussion with Paul Noble, the CEO, he elaborated on the new direction the bank is taking and how recent market fluctuations are influencing their savings and mortgage offerings.
Noble emphasized that the rebrand was designed to better reflect the bank’s values and the launch of their new Easy Access Account for savers. “Chetwood has been evolving in terms of its market positioning. As we rolled out new systems and products, it was crucial to refresh our brand to accurately represent our current identity. The concept of ‘no-nonsense banking’ succinctly conveys our approach,” he remarked.
Navigating the Current Savings Landscape
Noble pointed out the decline in savings interest rates, which have fallen from 6% to approximately 4.6% over the past 18 months, illustrating the market’s volatility. He urged customers to capitalize on available rates, as banks adjust their prices amid ongoing economic shifts. According to Noble, the current uncertainties make it imperative for consumers to consider savings and retail deposits, a need that Chetwood Bank is addressing.
He noted, “The early indicators regarding trade tariffs may not directly affect the UK, but they will inevitably restrain British growth. The ongoing fragmentation of the global economy could hinder the UK’s growth potential, influencing GDP, inflation, and ultimately customer interest rates. There’s a prevailing sentiment of caution surrounding growth opportunities across various sectors.”
For savers navigating these challenging circumstances, Noble advised them to focus on building a financial cushion for the future by placing their funds in interest-bearing accounts to enhance returns. “With the rapid changes in government leadership both in the UK and the US, volatility appears to be the new norm. Our goal at Chetwood is to provide a sense of stability throughout this unpredictable landscape,” he shared.
Preparing for Uncertainty
In light of recent trends, Noble indicated that Chetwood has consistently offered some of the most competitive interest rates on deposits, underscoring their dedication to providing stability and reliability in uncertain times. He acknowledged the diverse financial needs of consumers, which is why Chetwood provides a range of savings accounts and mortgage products. Notably, the bank recently introduced Moda Mortgages, a borrowing option launched in October of the previous year.
Noble affirmed Chetwood’s commitment to delivering dependable products amidst fiscal instability, with a focus on accessibility for both tech-savvy customers and those less familiar with digital banking. “Banks must innovate to create the right products that meet customer needs as the economic landscape evolves. Chetwood has made significant strides in enhancing our Easy Access offerings, responding directly to customer feedback. Our aim is to equip all our clients for any uncertainty ahead,” he stated.
Recently, Chetwood appointed Ben Mitchell as its new Director of Savings. With extensive experience at SilverRock Bank and Tandem Bank, Mitchell will focus on enhancing Chetwood’s savings offerings.
Following our conversation, Chetwood Bank unveiled a new suite of fixed-rate savings products, including short-, medium-, and long-term options, with plans to continually refine their savings and mortgage portfolio as they strive to establish themselves as a leading digital challenger bank in the UK.