Bank offers market-leading 5% interest rate on instant access savings account

With  savings  products growing increasingly competitive month on month, Tandem Bank is now offering one of the top rates of  interest  with its instant access savings account. Launching in 2014 as one of the UK’s original digital challenger banks, Tandem Bank offers a number of products from mortgages and home loans to motor finance and savings accounts. Savers have the choice of instant access or fixed rate savers, each boasting competitive interest rates compared to the broader savings market. Tandem Bank, the UK’s greener digital bank, has increased its instant access savings accounts to five percent. This inclusive Top Up follows the Bank of England interest rate hike announced last week. Alex Mollart ,  CEO  of Tandem Bank said:  ‘ We’re really excited to be able to offer this new rate to as many of our customers as we can. Savers can use banking app tools to help them save on a daily basis (Image: GETTY) ‘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 five percent 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.  The new underlying interest rate of 4.65 percent is live from today. Interest is calculated daily and paid monthly into the account. Interest rates are on the rise (Image: EXPRESS) The Top Up rate is a variable interest rate which means that it can go up or down. Top Up rate applies to a customer’s account for 12 months from the date of application. The Top Up rate is only available on Tandem’s Instant Access Savings Accounts, available to all customers once their account is open. 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. To find out, savers can visit www.tandem.co.uk.