Tandem Bank adds auto-savings rules
Tandem adds auto-savings rules
Tandem Bank is launching the possibility of setting auto-savings rules, designed to help customers automate regular payments to the savings pot.
When a rule is triggered, money will be automatically moved from their current account into their Tandem account. This money will then start to earn interest.
Matt Ford, product director, says: “Improving savings habits is one of the hardest things someone can do. Almost everyone we have spoken to wants to save more, but often find it difficult to adjust their spending habits and free up money.”
The aim is to help customers in varying financial positions improve their spending habits, particularly those who are struggling to get started with saving, are looking to accelerate their rate of saving or just want to start earning interest.
“No two people are in the same financial situation, and auto savings will let them choose the best savings solution for them,” the bank says.
Ricky Knox . Tandem
Ricky Knox, Tandem CEO, adds: “The new Tandem account will allow customers to move money in and out of their account as frequently as they like, earning interest as they go. Once they have saved a certain amount, they will be able to move this money into a Fixed Term Saver, where we provide people with market leading rates when they put money away for a year or more.”
In a recent survey, Tandem found that over a quarter of Brits don’t set any money aside each month. Many people who do save, especially millennials, are setting themselves unrealistic goals and struggling to stick to them, with over a third setting aside money, only to take it back out again.
The Tandem app already aggregates a user’s data from all of their bank accounts and cards, to give a view of users’ finances and offer tailored advice.
Tandem recently announced it had reached 100,000 users.
