British challenger lender Tandem Bank has introduced a savings account, which will automatically set aside money into a savings account based on a user’s spending and income.
This is possible by the account’s Safe to save feature, which leverages machine learning to work out how much a person can save.
Go deeper with GlobalData
Users will also gain access to a slider, which will enable them to set a savings level on the Tandem app. The aim is to save 5-15% of income.
Powered by the Auto Savings feature, the new account offers an interest of 0.5%.
Tandem CEO Ricky Knox said: “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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe account also offers the Round Ups, enabling change from small purchases to be automatically moved to the account.
Tandem product director Matt Ford said: “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.”
