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Tandem aims to save customers a total of £10m by end of year

Beth Fisher | 17:00 Wednesday 6th June 2018

Digital bank Tandem has reported that it plans to save customers a total of £10m by the end of the year.

The specialist bank announced that it was currently saving customers an average of £142 per year.

Savings have been made across cashback and FX fees, as well as app highlights spotting unnecessary fees, subscriptions, high bills and duplicate payments.

"It's great to see people already getting so much value from our offering,' said Ricky Knox, CEO at Tandem (pictured above).

"Tandem was built with the customer in mind and we only make money when they do as well, for us that's what it means to be a good bank."

However, Ricky explained that this was just the start.

"By the end of the year, we're aiming to save customers a total of £10m.

"We set ourselves targets based as much on customer lifetime benefit as customer lifetime value, so this is something that we really pride ourselves on."

Last month, the bank disclosed it had reached 100,000 customers within three months of its first product launch.

In a recent exclusive interview with Specialist Banking, Tandem also revealed that it was planning to soon go live with new originations for mortgages.

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