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Tandem Bank review
Tandem Bank offers a variety of savings accounts with interest rates up to 5.25%.
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Tandem Bank is a simple app-based loans and savings provider. It offers one fixed-term and one easy access savings account. Both products offer competitive interest rates which regularly appear near the top of comparison tables.
Tandem previously offered a range credit cards, including some which offered cashback on purchases worldwide. However, it left the credit card market in 2020, and now focuses on savings and loans products.
Easy access savings accounts
Table: sorted by interest rate
Tandem Bank's best easy access rate of 4.65% is significantly lower than today's market-best rate of 8%.
Compare more instant and easy access accounts up to 8%
Fixed-rate bonds
Table: sorted by interest rate
Tandem Bank's best fixed-rate bond rate of 5.25% is very slightly lower than today's market-best rate of 5.8%.
Overview of Tandem Bank savings
| Savings account types include | Easy access, fixed-rate bonds |
|---|---|
| Best easy access rate | 4.65% |
| Best fixed-rate bond rate | 5.25% |
| Fixed bond terms | 1 year - 5 years |
| Opening options | Website, mobile app |
| FSCS protection |
What is Tandem Bank?
Digital challenger bank Tandem Money was created in 2014 with the aim of providing simple mortgage and savings products. It became a licensed bank in 2018 when it bought Harrods Bank, acquiring its banking licence in the process.
Tandem Bank merged with alternative lender Oplo in 2022 and the combined company now markets itself as a “greener, digital bank for all”.
All savings accounts are managed via the Tandem Bank smartphone app. The bank uses open banking technology to enable you to fund your Tandem savings account with an instant bank transfer without leaving the app.
Eligibility criteria
To be eligible for a Tandem Bank savings account, you will need to:
- be aged 18 or over
- be a UK resident
- have a UK phone number and email address
- have a UK bank account
How to apply
You can apply for a Tandem Bank savings account via its smartphone app. Simply find the product you want to apply for, then follow the on-screen instructions.
Pros and cons of Tandem Bank
Pros
- Open an instant access account with just £0.01
- A good range of fixed-rate accounts
- Manage your account in-app
- Fund your savings account without leaving the app
Cons
- No ISAs or regular savings accounts
- Joint accounts not available
- No physical branches
Is Tandem Bank safe?
The actual app has several security features. All your details are held behind a password and, if you select the option, touch ID functionality. As a fully regulated UK bank, all deposits in customers savings accounts are protected, up to £85,000, by the Financial Services Compensation Scheme (FSCS).
This limit isn’t restricted to one account, but all deposit balances you have with Tandem. So you’re only covered for £85,000 of the total amount of money you have stored away with Tandem.
Tandem Bank and Oplo
In early 2022, Tandem Bank announced that it had acquired consumer lender Oplo. Oplo is no longer accepting any new applications for their personal loans. Oplo’s home loans can now only be secured through Tandem. You can read more about these loans in our Oplo review.
The merger means that Oplo will eventually be changing its name to Tandem, and Tandem will be broadening its range of lending products.
The verdict: Is an account from Tandem worth it?
Tandem Bank currently offers a competitive range of fixed-term accounts and a fairly decent instant access savings account. Read our savings reviews to see how it weighs up against other savings providers and check if it’s the right choice for you.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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Can I use Tandem just as a saving account, I am interested in their Fixed Saving Account and not be given a credit card which I don’t want or need?
Hi Fran,
Thanks for getting in touch with finder. I hope all is well with you. :)
Yes, you can use Tandem’s fixed-saver account without getting their credit card. You can open this account by directly getting in touch with Tandem Bank.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How up to date is the data that TANDEM credit card uses
I am awaiting my card and have tried to tie up with barclays bank account
The sign in data required are the ones in use years ago before the inception of the onetime 8 digit access pin
They are asking for personal 5 digit pass plus memorable word
Hi Alistair,
Thanks for getting in touch with finder. I hope all is well with you. :)
Tandem Bank has just recently obtained their banking licence in January 2018. Moreover, they have also just launched a new type of credit card product. For this reason, they should have already updated their data. However, in case they didn’t, you may want to directly get in touch with them. They should be able to give you a more personalised answer.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Is saving with Tandem safe?
Hi DR E,
Thanks for reaching out to finder.
The money that you hold with Tandem Bank Limited is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. This limit applies to each individual and to the total of any deposit balances you have (across all account types) with Tandem Bank Limited. Any deposits that you hold which exceed this figure will no longer be covered by the scheme.
You can read full information about this protection scheme here.
I hope this helps.
Cheers,
Charisse
Will using Tandem as a companion to my existing current account affect my credit score?
Hi Mesade,
Thanks for getting in touch with finder. I hope all is well for you. :)
Regarding your question, the answer is no. Tandem won’t directly affect your credit score. Please note that Tandem is an app and not a bank account. It helps you handle your finances. If used right, along with other factors, you might even improve your credit score.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Will this help me improve my disaster credit record
Hi Hazel,
Thanks for your inquiry.
I’m afraid no. If you like to improve your credit score with a credit card, please check out this guide. You can learn some credit builder credit cards from that page and how it works.
Cheers,
May