Tandem Bank, the UK’s greener digital bank, has increased its instant access savings accounts to 5.00% (inclusive of the Top Up) following the Bank of England interest rate hike announced last week.
The below shows how the new rate and Top Up that would apply:
Underlying rate is 4.65% AER
Top Up is 0.35% AER
*New total rate including Top Up is 5.00% AER
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.
Alex Mollart, CEO at Tandem Bank, commented:
“We’re really excited to be able to offer this new rate to as many of our customers as we can.
“We continue to offer a leading proposition for hard working savers across the UK. With interest rates continuing to rise, we’re looking after our customers by raising the rates. Together with our Top Up, they are further rewarded with a market-leading overall rate of 5.00% on their instant access savings.
“Hopefully this will be a prompt for all to review where they hold their savings. At Tandem we look to support banking for a greener future with customers’ savings supporting green lending and initiatives.”
Tandem Bank 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.