This intuitive product aims to give customers control over their savings while taking the admin out of the process.
Tandem’s flexible account offers three ways to save at launch; two rules and the option to top up any time for free. Its first rule, known as ‘Round Ups’, will move the change from small purchases to the new account. This rule allows users to round up to the next pound across all of their connected accounts.
The second rule, ‘Safe To Save’, is the first bank-launched feature of its kind. It uses machine learning to calculate how much one can save based on the income and outgoings of their connected account. Within the Tandem app one can set their saving level using a slider from minimum to maximum savings, which aims to save between 5% and 15% of the income.
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