Introduction to Smart Savings

What is Smart Savings from Willis Owen?

Smart Savings from Willis Owen is our solution to your cash savings needs. We take the hassle out of managing your cash savings by giving you access to a wide range of highly competitive savings accounts from a panel of partner banks - all through our simple, online platform.

Once you’ve registered and set up your Smart Savings Account, you can apply for and manage deposits with all of your chosen partner banks in one place. You can set up your account with £1,000 and deposit up to £85,000 with any of our partner banks.

How does it work?

Smart Savings Find

1. Find the right product

First, use our marketplace to find the savings account that’s right for you and submit your application, pledging how much you intend to deposit.

The market for savings products is exciting and fast moving. Banks launch competitive new products when they want to raise funds and then withdraw or change rates once they've met their targets.

Smart Savings Registration

2. Register for Smart Savings

Next, you need to register for Smart Savings. As part of this process, we will automatically set you up a ‘Hub Account’ in your name with Starling Bank who you can find out more about in the FAQs below.

Your Hub Account will have its own account number and sort code and is the account into which you transfer money to fund your chosen savings products and, when one of your chosen savings products matures or you close an account, the account where the proceeds are paid. Once your application for Smart Savings has been approved, you can start applying for savings accounts.

Smart Savings Save Piggy

3. Transfer-in money to fund your product

Finally, transfer money from a UK bank or building society account in your own name into your Hub Account to fund your pledged deposit. Your application will then be sent for processing and, once accepted, your chosen product will be opened.

Once your account is open and you have successfully applied for one or more products, you can keep track of your money within our Smart Savings area where you’ll be able to view your Smart Savings Account balance and your transaction history, close accounts and make withdrawals, as well as apply for other savings products.

Who is involved?

Willis Owen Smart Savings is powered by Raisin UK and when you sign up for a Smart Savings account, you will agree to Raisin’s terms and conditions .

Neither Raisin nor Willis Owen ever hold your money. Your money is either held in your own Starling Bank Hub Account or with the banks whose savings products you’ve chosen. In some cases, your money is held for your sole benefit by a deposit administrator called Meteor Asset Management, you can find out more about their role below.

Smart Savings Relations


Money is transferred by you into your Hub Account. Any withdrawals are made from your Hub Account to your own bank account

Savings Platform

You choose from a wide range of competitive savings products from our panel of partner banks. Once you've applied for a product, money transfers from your Hub Account to your chosen Partner Bank. When a savings product matures or is closed by you, the proceeds and any interest are paid back by the Partner Bank into your Hub Account

Partner banks

Partner Banks hold your money and credit your account with interest according to the product terms. With some Partner Banks, your money is held in trust for your sole benefit by Meteor Asset Management.

Partner Banks

Through our marketplace, you can access savings products from a broad range of banks, all of whom are protected by the Financial Services Compensation Scheme (FSCS). Many of these are smaller and so called ‘challenger’ banks, as opposed to high street names. Given their smaller scale, lower overheads and clever use of technology, these banks are able to offer rates that are highly competitive and, in many cases, higher than those you could get on the high street.

The range of partner banks and products on offer are changing all of the time and you can check out the latest offerings in our marketplace page. You can also find out more about the individual partner banks on the ‘Partner Banks’ page.

Is my money safe?

Money that is held on your behalf in savings products with our partner banks is protected by the Financial Services Compensation Scheme (FSCS). The FSCS protects deposits of up to £85,000 per person, per banking group. Your Starling Bank Hub Account is also protected by the FSCS up to the same limits. You should bear in mind that these limits operate per banking group, particularly if you hold money with Starling Bank or any of our partner banks other than through the Smart Savings platform.