You are here: Home - Saving & Banking - News -

Tandem Bank launches ‘round-up’ savings account for your spare change

Written by:
Digital challenger bank Tandem has unveiled a new interest-paying savings account that automatically pulls in users’ spare change.  

Purchases made from any linked current account are rounded up to the nearest pound and the extra pennies are moved into the new savings account, which pays 0.5% interest.

Another optional feature of the new account – called ‘safe to save’ – calculates how much money a customer has going spare and sets it aside automatically.

Users can set their saving level using a slider from minimum to maximum savings, which aims to save between 5% and 15% of their income.

Customers can link multiple current accounts from other providers to the Tandem app.

To use the ‘safe to save’ and ’roundup’ rules a customer will need an account with one of the following providers: American Express Cards, Barclays, HSBC Bank, Halifax Online, NatWest Bank, Royal Bank of Scotland, Barclaycard, Capital One, Santander, Lloyds, TSB, Nationwide Building Society, First Direct, Tesco Bank, Bank of Scotland, Metro Bank, M&S Bank and. MBNA

But they can move money in and out of their Tandem account and set up weekly deposits from any bank account.

Tandem isn’t the first of the app-only bank to unveil a round-up feature to make saving easier.

Monzo and Starling both automatically round up purchases and transfer the spare change into a savings account. But this feature only works when purchases are made with a Monzo or Starling debit card.

The Moneybox app also automatically rounds up spending, but the extra money is transferred into an investment account, rather than a savings account. You can choose from a stocks & shares ISA, Lifetime ISA, general investment account or junior stocks & shares ISA.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • More than one in 10 Brits have fallen victim to a #coronavirus-related #scam over the past two months, research sho…
  • "The government needs to support the removal of non-ACM cladding from buildings that are under 18 metres as well,"…
  • RT @DASLegalUK: The nation has turned to online shopping, but what are our retail rights if we face issues with delivery, faulty items, ret…

Read previous post:
1.25m workers could face unexpected pensions tax bill

More than a million workers are at risk of breaching the government’s £1.03m Lifetime Allowance (LTA) for pension tax relief...