“SAVERS NEED TO THINK BIG TO FIGHT INFLATION”, TANDEM BANK CEO

This week new UK inflation statistics from the Office of National Statistics saw a rise to a 6-month high of 2.7% in August.

Tandem Bank CEO Ricky Knox says, “It’s hard for savers to beat inflation, but everyone needs to be saving smart. This means earning competitive interest – otherwise you’re throwing money away, which can really add up in the long term. The trend of non saving will increasingly put pressure on government budgets in the years to come if people don’t take control of their finances.”

Digital bank Tandem helps people get the most out of their money through savings products with market leading rates, a cashback paying credit card, and a banking app that them time and money.

Today the ONS announces the latest inflation statistics, which show a rise to 2.7%. This places savers in a precarious position: money sitting in current accounts or low paying flexible savers is not even close to meeting the rate of inflation. They are effectively losing money, little by little. Consumers should be looking to better paying savings products to ensure their money is secure and is generating interest to counter the rate of inflation.

Tandem CEO Ricky Knox says, “I think there’s a lot of confusion around inflation. People hear about it, but they don’t know what it means for them. They need to understand that the money sitting idle in their current account is actively depreciating in value.”

Tandem’s banking app also helps users cut back on their spending. The app analysis financial data across all of their accounts to deliver insight on where savings can be made, be that flagging a rising bill, or an unwanted subscription. As household items increase in price, even small monthly savings help consumers keep afloat.

Knox adds, “There are a number of ways to make your money work harder, be that an ISA, a fixed rate saver, or something a little more flexible, not to mention great digital tools that help you budget. It’s important to weigh up your options and pick products that work for you.”