Tandem Debuts Three Fixed Saver Accounts

On Wednesday, challenger bank Tandem announced the launch of three fixed saver accounts. The bank reported that the launch of the accounts gives “savvy savers” the chance to put money aside in their own virtual treasure chest. The debut of the fixed saver accounts comes less than a month after Tandem acquired money management app Pariti.

According to Tandem, the savings accounts are part of the bank’s mission to free the world from the stress of banking and put financial control back into the hands of its customers. The accounts will live in the Tandem banking app, providing customers with a one-stop shop for all financial needs. Depending on the customer’s saving needs, Tandem is offering customers a variety of options:

 

 1 year fixed saver

  •  In the first year customers will earn 1.80% interest, which will be paid into your linked current account on the anniversary of the date you made your first payment.
  • Customers must open the account with over £1,000. Based on this amount you could earn a minimum £18 in interest after twelve months.

 2 year fixed saver

  • After two years you will earn 2.10% interest, which will be paid into your linked current account on the anniversary of the date customer’s made their first payment.
  • Like the first option, your initial deposit must be over £1000. Based on this customer could earn a minimum of £42 in interest after 24 months.

 3 year fixed saver

  • After three years customers will earn 2.30% interest, which will be paid into your linked current account on the anniversary of the date they made their first payment.
  • Based on a £1000 deposit you could earn £69 after 36 months.

To be eligible, the customer must be:

  • At least 18 years old
  • A UK resident, with three years of address history in the UK
  • Own a UK based current account to act as the linked current account

David Goodwin, Product Manager at Tandem, stated:

“We’re shaping a suite of products that serve as solutions to real problems that people struggle with every day. Tandem is a bank that helps customers better manage their money, and these savings accounts are a way for people to see guaranteed returns on their cash.” 

Ricky Knox, Tandem’s CEO, added:

“It’s been a long wait for us and we’re excited to finally share these accounts with the public. We’ve got big ambitions for 2018 and are off to a fantastic start.” 

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