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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Customers pay nearly £500 more than the advertised personal loan rate
Customers paying for an £8,000 personal loan over four years have paid on average £453 (2.61%) more than the advertised rate, according to the latest research...
Leek United appoints new Ashbourne branch manager
Leek United has appointed Abigail Bowden (pictured above) as the new manager of its Ashbourne branch in Derbyshire...
UTB enters specialist remortgage market
United Trust Bank (UTB) has launched a new residential remortgage product range...
FCA fines Bank of Scotland £45.5m for failing to report fraud suspicions at HBOS Reading
Bank of Scotland (BOS) has been fined £45.5m by the FCA for failing to disclose information about its suspicions of fraud...
N26 introduces MoneyBeam to UK users
N26 has introduced MoneyBeam to its UK users which will enable them to instantly send money to other users of the mobile bank...
NatWest names new CEO for Mettle
NatWest has named Marieke Flament (pictured above) as the CEO of its SME digital banking subsidiary Mettle...
CYBG to rebrand as Virgin Money and launch a new business current account
CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products...
New bank Chetwood Financial reveals long-term ambitions
Chetwood Financial is aiming to use technology to offer better deals to customers, having secured a banking licence late last year...
The opportunity for accountants to help businesses
In light of bank and building society branch closures, a new report published by Oxford Economics in partnership with Funding Circle has revealed that in the UK — despite the vast economic output generated by SMEs — small business lending accounts for only 2% of banks’ balance sheets...
Paragon Bank’s structured lending team passes £100m milestone
Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching...
Hanley Economic expands intermediary support team
Hanley Economic Building Society has appointed Kate McKeon (pictured above) as an intermediary sales assistant...