The challenger banker of UK, Tandem bank is all set to launch a new savings account of its own that shall be powered by its auto-saving feature. This autosaving feature of its saving account would make the saving of money easier.
The auto saving account of Tandem bank is a flexible savings bank account which is built on its existing bank account aggregation app. Through the application of specific rules, the autosaving bank account of Tandem will automatically put a certain amount aside based on the spending habit of the user and what the algorithms of the bank account deem, the user can afford.
After spending a considerable amount of time speaking to their users about the problems that they face with their money, Tandem bank has decided to launch this auto-saving account based on specific rules. The most common problem that they came across was that the users were unable to save money for the future. Keeping this concern as their main priority, the Tandem bank decided to launch the autosaving feature in the savings account that aims to solve the problem by drawing on the behavioural economic principles.
The main idea behind this initiative of Tandem bank is to enable their customers to save a small amount of money each time they spend something. Tandem has even come up with another special rule for those needing an extra boost to save money. As per this rule is known as ‘safe to save’ which is based on a forecast of upcoming bills and further spending, the rule helps in sweeping any spare cash automatically aside into an interest-bearing Tandem account. Furthermore Tandem is even planning to come up with new rules in the near future to aid their customers in accelerating their saving behaviour.