Tandem Bank, the UK’s greener digital bank, has today increased the total rate available for its instant access savings account to a market leading 3.20%.
The rate marks an increase in Tandem’s Top Up rate, which launched this year, with an increase to 0.35%, on top of its 2.85% underlying rate.
The below shows how the rate and Top Up would apply:
- Underlying rate 2.85% AER (variable)
- Top Up 0.35% AER (variable)
- New total rate including Top Up 3.20% 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, as well as frequently featuring in the best buy tables.
Ben Mitchell, Director of Savings at Tandem Bank, commented:
“This latest Top Up rate increase on our instant access savings account is another example of how we are continuing to deliver a leading proposition for our savers, whilst investing in green lending projects and initiatives right across the country.”
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.