Charter Savings Bank, owned by the same parent company as Precise Mortgages, Charter Court Financial Services, has announced it has hit over £500m of consumer deposits…

The bank, which launched its portfolio of products in March this year, has opened over 10,000 savings accounts since launching 16 weeks ago.

It is believed that challenger banks currently occupy 90% of places in the Best Buy tables for savings accounts, ensuring savers are better off with this specialist group of providers.

“We became a bank because we understand that diversification of funding is critical,” commented Alan Cleary, Managing Director of Precise Mortgages.

“One of the lessons learned from the financial crisis is that capital markets and the securitisation markets can be unpredictable.

“Having access to consumer deposits gives us more options which in turn benefit the mortgage intermediary, as well as our borrowers.”

“We are focused on delivering lots of new mortgage products and improving our service to both mortgage intermediaries and borrowers across our residential, buy-to-let, bridging and second charge product ranges,” Alan concluded.