The autosavings account is a flexible savings bank account developed based on Tandem’s existing bank account aggregation app and various credit cards offered by the bank.
The new interest paying account takes the support of machine learning to calculate how much money customer can put aside.
Tandem’s flexible account provides three ways to save at launch, and it also has two rules and the option to top up any time for free.
Round Ups is the first rule that will help move the change from small purchases to the new account. It also allows customers to round up to the next pound across all connected accounts.
Safe To Save is the second rule, which uses machine learning to calculate how much customer can save based on the income and outgoings of connected account.
Via Tandem app, the customer can set saving level using a slider from minimum to maximum savings, enabling to save between 5% and 15% of income.
Tandem Bank product director Matt Ford said: “Balancing saving and spending is something a lot of people find difficult. 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.”
Tandem has designed autosavings concept to allow people develop better savings habits. Customers observed that they have been saving little due to unrealistic targets, during the testing phase with Tandem’s community. Later, customers achieved smarter savings due to beter understanding of the concept.
Tandem customers can assess their finances and get outstanding rates with Tandem’s banking app, new account with autosavings, major fixed savers and credit cards.
Tandem Bank co-founder and CEO Ricky Knox said: With autosavings U 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.”
