SavingZen

Everybody wants their money to work harder for them, but access to the best interest rates is only available to those who can lock their money away for long periods of time.

SavingZen allows credit-worthy individuals to benefit from higher performing savings accounts without any of the restrictions that comes from locking their money away.

I started SavingZen to address an issue I’ve faced a few times. When saving up for big life events like my wedding, or putting money aside to pay off expensive buy now, pay later purchases, I always wanted to earn the best interest rates but was anxious about not being able to access my money in a crisis.

I believe that if a company would be willing to loan an individual a £1000, it should have no problem investing that £1000 instead in a portfolio of secure, long-term and high-performing instruments, receiving payments on that invested principal over a fixed time period and passing on the increased interest that comes from such investments to the consumer.

By combining careful credit scoring methods with the interest rate arbitrage of fixed-term vs easy access savings accounts, I believe that SavingZen can provide a superior savings product to consumers.

After building trust with consumers by providing them with high-performing but flexible savings products, we can assist those who’ve failed to meet their savings goals with loan products that are based not only on their credit information but also how they’ve interacted with SavingZen itself, mitigating a certain amount of risk.

One of the key demographics for this kind of savings / loan hybrid product are those in buy now, pay later purchase agreements. Typically companies that offer these services charge up to 29.9% APR on a purchase and if the payment is not received in full by the end of the agreement, interest is calculated backwards to the date of purchase. This is indiscriminate and expensive. SavingZen will assist those (subject to status) who fail to meet their savings goal by the close of their buy now, pay later agreement by loaning them the remainder and starting their interest accumulation afresh, and often at a much lower rate than the initial purchase would’ve entailed.