Digital bank Tandem has revealed that it is to launch a set of auto-savings rules as it looks to help customers to save more.
This autumn, customers will be able to choose a set of rules which suit their needs, and when a rule is triggered, money will automatically move from their current account into their Tandem account, where it can start to earn interest.
The mobile bank aims to help customers improve their spending habits and believes that auto savings will let users in varying financial situations to choose the best savings solution for them.
Tandem recently found that over a quarter of Brits did not set any money aside on a monthly basis.
The survey also discovered that many people who did save were setting themselves unrealistic goals and struggling to stick to them.
“The new Tandem account will allow customers to move money in and out of their account as frequently as they like, earning interest as they go,” said Ricky Knox, CEO at Tandem (pictured above).
“Once they have saved a certain amount, they will be able to move this money into a fixed term saver, where we provide people with market-leading rates when they put money away for a year or more.”
The Tandem app aggregates a user’s data from all their bank accounts and cards to give them a comprehensive view of their finances and a growing suite of AI-driven highlights, which offer tailored advice.
“Almost everyone we have spoken to wants to save more, but often find it difficult to adjust their spending habits and free up money,” said Matt Ford, product director at Tandem.
“We aim to make it as easy as possible for users to get started, showing that small, regular savings can actually lead to saving large amounts.”
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