British challenger lender Tandem Bank has introduced a savings account, which will automatically set aside money into a savings account based on a user’s spending and income.
This is possible by the account’s Safe to save feature, which leverages machine learning to work out how much a person can save.
Users will also gain access to a slider, which will enable them to set a savings level on the Tandem app. The aim is to save 5-15% of income.
Powered by the Auto Savings feature, the new account offers an interest of 0.5%.
Tandem CEO Ricky Knox said: “All of Tandem’s products are designed so that the we only gain when our customers gain. That’s how we keep ourselves and everything we do focused on the customer first and foremost.
“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. A lot of banks don’t do that.”
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The account also offers the Round Ups, enabling change from small purchases to be automatically moved to the account.
Tandem product director Matt Ford 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, especially as you’re earning interest in the process.”