Tandem Bank has launched a new interest paying account with AUTOSAVINGS, the latest offering to improve people’s relationship with money. The product aims to give customers control over their savings while taking the tiresome admin out of the process.
Tandem’s account offers three ways to save at launch; two rules and the option to top up any time for free. Its first rule, known as ‘Round Ups’, will move the change from small purchases to the new account. This rule allows you to round up to the next pound across all of your connected accounts.
The second rule, ‘Safe To Save’, is the first bank-launched feature of its kind. It uses machine learning to calculate how much you can save based on the income and outgoings of your connected account. Within the Tandem app you can set your saving level using a slider from minimum to maximum savings, which aims to save between 5% and 15% of your income.
Matt Ford, Product Director at Tandem Bank, says, “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. Take control of your money and watch your savings grow. There’s a table-topping fixed saver waiting for you when you’re ready!”
AUTOSAVINGS was designed from the ground up to help people build better savings habits. During the testing phase with Tandem’s community, customers found they were saving little and often rather than setting themselves unrealistic targets and being demoralised when they took money back out of their account. They are building confidence and saving smarter.
Ricky Knox, Tandem Bank Co-Founder and CEO, adds, “All of Tandem’s products are designed so that the we only gain when our customers gain. That’s how we keep ourselves and everything we do focused on the customer first and foremost. 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. A lot of banks don’t do that.”