Tandem Bank is the latest fintech to increase its instant access savings rates

IN BRIEF:

Move comes after the Bank of England increased interest rates for the fourteenth consecutive time last week

The green digital bank is increasing its rate to 5 per cent from 4.36 per cent, following the move of Monzo, Starling Bank, Zopa and Chase

Starling locked in a guaranteed return rate of 5.25 per cent on its one-year fixed saver accounts, while Monzo increased its rate to 4 per cent from 3.7 per cent, Chase moved up to 4.1 per cent and Zopa passed along the 0.25 per cent base rate to reach 4.28 per cent

What does this mean?

“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,” Tandem CEO Alex Mollart said. “Hopefully this will be a prompt for all to review where they hold their savings.”