If you’re looking for a Tandem bank account, you’re in luck as it has introduced fixed savings accounts services as its second banking product.

The newly introduced savings accounts are available in multiple lock-in periods of one, two and three years with interests from 1.8% up to 2.3%.

The minimum opening balance is £1,000 and it cannot be withdrawn before the end of the product term.

In February this year, Tandem launched its first product in the form of credit cards.

All adult UK residents with three years of address history in the country are eligible to open the savings account, which is available through the app along with its checking accounts.

They must also have a UK based current account to act as the linked current account.

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Customers can open the account by completing a short online form and then move to the app for account management.

In future, the bank also intends to introduce instant access savings account.

Tandem decided to acquire personal finance app Pariti for an undisclosed sum last month.

After connecting to the user’s existing bank accounts, this app analyses their expenditure and enables them to achieve their targets.