Tandem Bank has launched an interest rate top up for its instant access savings accounts.
Under the new Top Up, available today, customers are invited to apply the rate to their instant access savings account – adding an increased rate on top of their existing rate, which will apply for 12 months.
The below shows an example Top Up rate that would apply:
- Underlying rate 2.55% AER (variable)
- Top Up 0.20% AER (variable)
- New total rate including Top Up 2.75% AER (variable)
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. This allows customers to compare easily what return they can expect from their savings over time.
Tandem has been building its savings product offering over the past year and was named Savings Champion’s Best App-Based Savings Provider in December 2022. This new launch lays an early marker for 2023, as Tandem looks to support banking for a greener future with customers’ savings supporting green lending and initiatives.
Ben Mitchell, Director of Savings at Tandem Bank, commented:
“At Tandem, we’re constantly looking at ways to ensure our customers are rewarded and have access to some of the most competitive savings products in the market. By introducing our savings Top Up, we can reward our customers and ensure they are receiving a great rate on their hard-earned savings.
“We’ve made it really simple for our customers to Top Up their current instant access interest rate and will be in touch with customers to provide them a link to the Tandem App to apply, or apply the rate on the phone. Before the Top Up period comes to an end, we’ll be in touch in plenty time to let them know.”
Applying the Top Up doesn’t change the underlying Instant Access Savings Account and customers will still have instant access to their money, won’t need to go through the account opening process again, and will automatically get any changes to the Top Up rate if they’re inside their Top Up period. Once their Top Up period has come to an end, if there’s a Top Up being offered at the time, customers will be able to add the new Top Up to their account.
Existing customers who chose not to add the Top Up will still remain on their existing rate.
Tandem offers a range of savings products, including instant access and 1, 2, 3 and 5 year fixed rate offerings, all of which are competitively priced and regularly feature in the best buy tables.