Digital bank Tandem launches 'Autosavings' account

Keiligh Baker's picture
by Keiligh Baker

Digital challenger bank Tandem has announced it is launching a new savings account powered by its “Autosavings” feature.

Paying 0.5 percent interest the Tandem Autosavings account is a flexible savings bank account built on top of Tandem’s existing bank account aggregation app and the various credit cards it offers.

Based on a number of rules, it automatically puts money aside based on your spending habits and what its algorithm deems you can afford.

TechCrunch reports savings are first added to a “virtual pot” that builds throughout the week, before moving across into your Tandem account.

In January Tandem Bank unveiled plans to float on the stock exchange as it launched a hiring spree ahead of a move to larger offices.

The bank is moving from its Pentonville Road office in London to new premises in Bernard Street in the new year. The start-up currently employs about 120 people and the new 16,000 square feet office has capacity to staff 220.

Tandem expects to hire 60 people over the next 12 months across the board from its call centre to product development to facilitate growth.

The start-up bank launched five years ago in a bid to take market share from traditional high street lenders with a digital only offering, along with Monzo, Starling, Revolut and Atom Bank.