Tandem Bank boosts its easy-access savings account to best buy rate of 5%
- App-based Tandem Bank has upped the rate on its easy-access accounts to 5%
- The rate includes a top up of 0.35%
- Highest easy-access rate since January 2009
Tandem Bank has today upped the rate on its easy-access savings account to 5 per cent, following the Bank of England’s interest rate hike last week.
The new rate includes a 0.35 per cent bonus for 12 months.
The deal knocks Secure Trust Bank from top spot of the best buy easy-access accounts – it offers 4.65 per cent.
It is the first time there has been an easy-access savings account paying more than 5 per cent since January 2009, according to Moneyfacts.
Tandem now offers the market-leading easy-access account after upping rates to 5 per cent
Accounts can only be opened and managed through Tandem’s app and savers can open an account with £1.
Savings held with Tandem are protected up to £85,000 per person by the Financial Services Compensation Scheme.
Tandem’s latest rate rise narrows the gap between the interest rate set by the Bank of England which stands at 5.25 per cent, rising by 0.25 percentage points last week.
Tandem launched in 2014 and four years later, it bought Harrods Bank which gave it a full banking licence. It has its headquarters in Blackpool, Lancashire.
As well as savings products, it also offers motor finance, mortgages and home loans.
Elsewhere, there are 11 providers offerings rates of 4.5 per cent or more in the independent This is Money savings tables.
The best one-year fix offers 6.06 per cent and comes from SmartSave. This beats the best fixes over any other length, including over five years.
The top easy-access cash Isa has a 4.4 per cent rate and comes from Cynergy Bank.
