Tandem has launched a new savings account which pays 0.5% interest.
The digital bank’s offering - which is powered by AUTOSAVINGS - aims to give customers control over their savings and improve people’s relationship with money.
Matt Ford, product director at Tandem, said: “Balancing saving and spending is something a lot of people find difficult.
“The beauty of AUTOSAVINGS is that you can set aside change without the hassle of manually making transfers and these small amounts will really add up, especially as you’re earning interest in the process.”
Tandem’s flexible account offers three ways to save at launch:
• ‘Round ups’, which will round up purchases to the next pound across all of your connected accounts.
• ‘Safe to save’ is claimed to be the first bank-launched feature of its kind whereby machine learning is used to calculate how much you can save based on the income and outgoings of your connected account.
• Within the Tandem app you can also set your saving level using a slider from minimum to maximum savings, which aims to save between 5% and 15% of your income.
Ricky Knox, CEO and co-founder of Tandem (pictured above), added: “All of Tandem’s products are designed so that we only gain when our customers gain.
“With AUTOSAVINGS, we’re giving people the ultimate tool to build positive savings habits, earn interest and even absorb the costs associated with paying money into your Tandem account.”
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