Pennyworth

Pennyworth digital bank review

A new digital bank is on the horizon in the form of Pennyworth. It's applied for a UK banking licence and has just launched its first personal finance tool.

Pennyworth is planning to be a new digital bank that will offer savings, loans and overdrafts, as well as give its customers financial planning tools to use across all their bank accounts. The Pennyworth app went live at the end of October 2021, with a limited offering that comprises of its first financial “goal-setting” feature.

What is Pennyworth?

Pennyworth is an upcoming digital bank that was unveiled in October 2020 and launched a limited version of its app in October 2021. The company says it started its pre-application process to become an authorised UK bank back in March 2020, and that it’s been beta-testing its products with early customers throughout 2021.

Pennyworth’s founders, Jeremy Takle and Ben Harvey, are the former managing director and head of product respectively at Barclays’ digital consumer bank in the US.

They say their new bank will be targeting “aspiring affluent” young professionals for its customer base, and that it will be aiming to provide a more personalised service than is currently on offer from existing digital banks in the UK.

What types of bank account can I get with Pennyworth?

At the moment, you can only use Pennyworth’s “goal-setting” tool in its new app.

This allows users to “identify life goals”, either be setting their own or choosing from a list of the most common short, medium and long-term goals. Users can prioritise their goals and view checklists on how to progress each of them, then set a financial plan and track their progress.

Unusually, Pennyworth says that it won’t be intending to operate its own current accounts. Instead, it will use Open Banking capabilities to provide its customers with financial planning tools that they can use across all of their bank accounts.

Pennyworth is also planning to offer high-yield savings and deposits, as well as loans and overdrafts. Although the bank is not yet up and running, it has already listed some potential savings interest rates and borrowing loan rates on its website.

Easy access savings accounts are set to be offered with an interest rate of 1.5% (AER), while a fixed rate 2 year savings account will attract an interest rate of 2.0% (AER).

Overdrafts will be charged at a rate of 9.9% (representative APR), and personal loans will start from 2.9% (representative APR).

But you can’t apply for any of these financial products yet, so there is always the chance these rates may change by the time the bank fully launches.

How can I sign up to Pennyworth?

You can download the Pennyworth app from the App Store or Google Play Store.

But so far you can only use its “goal-setting” feature.

As Pennyworth’s banking licence is still in the application phase, it’s not offering savings accounts or loans yet.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

  • Junior SIPPs

    The guide discuses the pros and cons of junior SIPPs, and why kick-starting your child’s pension early can reap substantial rewards.

  • Pensions for self-employed individuals

    If you’re self-employed, paying into a private pension is a great way to save for retirement, thanks to the tax benefits.

  • What is day trading?

    We examine the pros and cons, and who day trading is (and often isn’t) right for.

  • Best bank account switching deals in the UK 2022

    We look at switching bonuses, what they are, how they work and which banks offer the best ones. If you’re fed up with your current bank, you could switch accounts and get a nice little cash bonus as an extra perk.

  • Defined contribution pension schemes

    Defined contribution, or money purchase, pensions are the most common way to save for retirement. Here’s what you need to know.

  • Best credit cards for graduates

    If you’ve recently graduated and want to apply for a new credit card, find out how to go about it and what to watch out for.

  • Best shares to buy now

    View our list of the top 10 trending stocks today, and read our guide to choosing the best stocks.

  • Best shares to buy now

    View our list of the top 10 trending stocks today, and read our guide to choosing the best stocks.

  • Best exchange rates for international money transfers

    Learn how to compare international money transfer services so you can get the best exchange rates and lowest fees.

  • How to find old pensions

    It’s easy to lose track of old pensions; we explain how to trace lost pensions and what to do when you find them.

Go to site