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Tandem Bank review
Tandem Bank offers a broad range of savings accounts with interest rates up to 4.2%.
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Tandem Bank is a simple app-based loans and savings provider. It offers one easy access savings account and several fixed rate saver accounts. Both types of product offer competitive interest rates which regularly appear near the top of comparison tables.
Tandem Bank's top savings rate of 4.2% is available on one of its fixed-rate bond accounts.
Easy access savings accounts
Table: sorted by interest rate
Tandem Bank's best easy access rate of 3.65% is significantly lower than today's market-best rate of 6%.
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How we picked theseCash ISAs
Table: sorted by interest rate
Tandem Bank's best cash ISA rate of 4.1% is slightly lower than today's market-best rate of 4.67%.
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How we picked theseFixed-rate bonds
Table: sorted by interest rate
Tandem Bank's best fixed-rate bond rate of 4.2% is very slightly lower than today's market-best rate of 4.5%.
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What is Tandem Bank's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Tandem Bank offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
|---|---|
| Best easy access rate | 3.65% |
| Best cash ISA rate | 4.1% |
| Best fixed-rate bond rate | 4.2% |
| 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
Customer service information for Tandem Bank
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
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 £120,000, 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 £120,000 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’s home loans can now only be secured through Tandem.
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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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