Tandem Bank review

Get to know Tandem bank, one of the new faces in app-based banking.

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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.

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.

What type of savings accounts are on offer from Tandem Bank?

Tandem Bank currently offers an instant-access savings account and a range of 5 fixed-rate savings accounts. The key details for each account are listed below.

Instant-access savings account

Tandem Bank calls it the Instant Access Saver. Here are the details:

  • Minimum balance: £0
  • Maximum balance: £250,000
  • Account management: Online-only
  • Interest calculated daily and paid monthly

Fixed-term savings accounts

You can choose a fixed-term savings account with a term length of one year, 18 months or 2, 3, or 5 years. No withdrawals are allowed from these accounts until the term is finished.

  • Minimum balance: No minimum, but money can only be added to the account in the first 14 calendar days from account opening.
  • Maximum balance: £2.5 million
  • Account management: online-only
  • Interest calculated daily and paid annually (Interest on 18-month fixed term account is calculated daily, paid annually and at maturity). Be aware that all interest is paid into the current account you use to fund the savings account.

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


  • 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


  • 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 offers personal loans ranging from £2,000 to £15,000, as well as loans of £5,000 to £100,000 that are secured on your home. 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

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

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10 Responses

  1. Default Gravatar
    FranDecember 5, 2018

    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?

    • Avatarfinder Customer Care
      JoshuaDecember 11, 2018Staff

      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!


  2. Default Gravatar
    AlistairNovember 7, 2018

    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

    • Avatarfinder Customer Care
      JoshuaNovember 20, 2018Staff

      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!


  3. Default Gravatar
    DROctober 4, 2018

    Is saving with Tandem safe?

    • Avatarfinder Customer Care
      CharisseOctober 5, 2018Staff

      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.


  4. Default Gravatar
    MersadeApril 30, 2018

    Will using Tandem as a companion to my existing current account affect my credit score?

    • Avatarfinder Customer Care
      JoshuaMay 3, 2018Staff

      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!


  5. Default Gravatar
    HazelMarch 29, 2018

    Will this help me improve my disaster credit record

    • Avatarfinder Customer Care
      MayMarch 30, 2018Staff

      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.


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