Web: Banking apps are making saving easier

November 2018 by: From The Web

ow to get a millennial to save? Do it without us noticing, apparently. Tandem, an all-digital bank, wants “to liberate from stress” its 325,000 customers by inviting them to test its new auto-savings feature.

Ricky Knox, the chief executive of Tandem, says millennials in particular are setting themselves unrealistic savings goals and struggling to stick to them, with more than a third setting money aside only to take it out again for living costs.

Tandem’s auto-savings function, which will be live by Christmas, will scan your other accounts and work out how much you can afford to save based on what goes in and out. It will then automatically move what you can afford into an account that pays interest.

How much interest will be paid is yet to be revealed, but I’m told it will be “a rate that you might expect from an easy-access saver account”. So not much.

Chip, an app, operates on a similar basis. You download it on your phone and it will scan your current account (it works with most big banks) every few days and its algorithms calculate what you can afford to put away.


Continue Reading: The Times