Tandem launches new account with autosaving feature
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.
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.