Tandem Bank has launched a new interest paying account with an AUTOSAVINGS app; the intuitive product aims to give customers control over their savings while taking the tiresome admin out of the process.
Tandem’s app 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’ 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, 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.”
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.
Ricky Knox, Tandem Bank co-founder and CEO, said: “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.”