Tandem launches new account with autosaving feature

Posted: 21 March 2019 11:16 am

Tandem Bank launches a savings account that learns how much you can save.

UK challenger bank Tandem has launched an interest-paying savings account that uses machine learning to calculate how much customers can put aside.

The “Safe To Save” feature is the first of its kind to be launched by a bank, using machine learning to calculate how much you can save based on the income and outgoings of your connected account.

Save and budget better by using Finder’s comparison of the biggest players in mobile-only banking.

Within the Tandem app, you can set your saving level using a slider tool from minimum to maximum savings, which aims to save between 5% and 15% of your income.

The new account, which pays 0.5% interest, also lets you boost your savings by choosing to round up purchases to the nearest pound. You can also just top up the account for free.

Ricky Knox, CEO of Tandem, said: “With autosavings we’re giving people the ultimate tool to build positive savings habits, earn interest and [we] even absorb the costs associated with paying money into your Tandem account.”

The news comes as more challenger banks continue to compete for our custom through innovation, creating new features to change the way we save and spend money.

Digital banking app Monese recently introduced a request payments feature across personal and business plans, making it effortless to request money from any person or company straight from the Monese app.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site