Digital challenger bank Tandem has launched three fixed saver accounts that allow customers to grow their savings over one, two or three years.
Customers will be able to earn up to 2.30% fixed interest paid annually on a three-year account with one initial deposit.
Highlights of these accounts include:
One-year fixed save
- during the first year customers can earn 1.80% interest, which will be paid into their linked current account on the anniversary of the date the first payment was made
- the customer must open the account with over £1,000, and could earn a minimum of £18 in interest after 12 months.
Two-year fixed saver
- after two years customers can earn 2.10% interest, which will be paid into the linked current account on the anniversary of the date the first payment was made
- the initial deposit must be over £1,000, and could earn a minimum of £42 in interest after 24 months.
Three-year fixed save
- after three years customers can earn 2.30% interest, which will be paid into the linked current account on the anniversary of the date the first payment was made
- based on a £1,000 deposit, customers can earn £69 in interest after 36 months.
Customers cannot withdraw any money from a fixed saver account until the end of the product term.
David Goodwin, product manager at Tandem, said: “We're shaping a suite of products that serve as solutions to real problems that people struggle with every day.
“Tandem is a bank that helps customers better manage their money, and these savings accounts are a way for people to see guaranteed returns on their cash.”
Ricky Knox, CEO at Tandem (pictured above), added: “It's been a long wait for us and we're excited to finally share these accounts with the public.
“We've got big ambitions for 2018 and are off to a fantastic start.”
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