pennyworthfinancial.com

colsten

pennyworthfinancial (what a mouthful!) have applied for a UK banking licence and have now entered beta testing of their iOS app (Android to follow soon). They were founded by two ex-Barclays employees and promise to “fix broken banking”.

They will not be offering a current account, but an instant access and a fixed term savings account, an investment account (GIA only, by the looks of it), and loans. You can set up your short, medium and long term financial goals in the app, and the idea seems to be that they, as “your bank manager in your pocket”, will help you achieve these goals. 

I have no connection with the outfit, just read about them and thought I have a look. They are still looking for Beta testers, so if you are interested, head to https://www.pennyworthfinancial.com/

quirkydeptless

No idea where those two can magic up those interest rates where the whole "broken" banking system has failed.

Good luck to them, but I'm reticent to register interest in case that puts me on a mugs list

colsten

No rates have been announced as they haven’t yet got a banking licence.

Albermarle

I don't think they have picked a particularly snappy name, to pull in the younger generation .

colsten

The name is a rather peculiar choice. As is the logo design, and the overall appearance of the app. I can’t imagine that this chimes with their desired audience

Zanderman

colsten said:

No rates have been announced as they haven’t yet got a banking licence.

Not announced exactly, but they do imply rates of 1.5% easy access and 2%  2-year fixed, on their 'how it works' page.
Which seem ambitious and unlikely though would, I'd guess, have limits and restrictions if they were to come true. 

Zanderman

colsten said:

The name is a rather peculiar choice. As is the logo design, and the overall appearance of the app. I can’t imagine that this chimes with their desired audience

Agree entirely, clumsy name, clumsy logo (and in a dreadful font).

Edited to add:  actually the logo is so bad, even the PW in a circle version, that it looks as if it was done by an amateur in a cheap graphics package.  Even I could do a slicker version than that.

Dandytf

Not taking priority over my recent rbs invest type fund.
Though could be interesting.

ratechaser

Thanks Colsten, agree with the comments thus far about lamentable website design (and throw into that the Metro-esque language about how they are going to revolutionise banking, uh-huh...). That said I've registered anyway using an alternative email address, just in case.

You never know, could be a decent rate there for early adopters (assuming the 1.5% mentioned on the app is to be believed). As long as it's not another Tandem...