UK challenger bank Tandem has launched an interest-paying savings account that uses machine learning to calculate how much customers can put aside.
The 'Safe to save' rule looks at the income and outgoings of customers and works out how much they can save. Within the Tandem app they can then set a saving level using a slider.
The new account, which pays 0.5% interest, also lets customers boost their savings by choosing to round up purchases to the nearest pound. Users can also simply top up the account for free.
Ricky Knox, CEO, Tandem, says: "With Autosavings we’re giving people the ultimate tool to build positive savings habits, earn interest and even absorb the costs associated with paying money into your Tandem account."
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