Tandem defines itself not only by its app-based format, but also by approaching your finances from different directions. It can work as a companion to your accounts, collecting data from them to help you, or offer you more through loans.
Tandem’s app is as simple as it gets, no graphics, no unnecessary features. There are four tabs:
Tandem also offers credit cards, allowing you to borrow a bit extra at competitive rates. For anyone looking to earn a bit of interest on their money Tandem also offers fixed savings accounts. This option is considered in more detail further down the page.
However, if your phone or details are stolen, customer service is there to help and can shut down your account instantly.
Given Tandem is a young bank, you might also have concerns about how safe Tandem is to save money with. What happens if it goes bust?
Well, the money that you hold with Tandem Bank Limited is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. It’s worth mentioning, 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 also offers a fixed-saver account, letting you put money away for 1, 2 or 3 years. As it’s fixed you can’t withdraw your money. However the fixed interest rate means you know exactly how much your money will grow.
It certainly offers competitive rates of return for your money too, so it’s worth comparing Tandem’s fixed saver with the options on offer from more traditional banks, as well as other digital banks. Atom, for instance.
As mentioned above, your money will be protected up to £85,000 – were the bank to go under.
Compared to other challenger banks, Tandem takes an unusual approach: credit cards and savings accounts are its main product, but you can use the app to keep an eye on your current account thanks to an Open Banking functionality. This can come quite handy if you use your credit card a lot. The app also has a useful auto-saving feature to help you regularly put money aside.
On the other hand, most people will still need to log in to their banking app on a day-to-day basis, to make transfers, pay the bills and so on. Moreover, the Tandem app doesn’t have a huge range of budgeting features, so if you like really diving into your spending data and draft detailed budgets you may be better off with a budgeting app like Yolt or Money Dashboard.
All in all, the Tandem app is a great tool to keep control over your Tandem credit card and savings account (better than what a lot of credit card companies offer, really). Just don’t expect to be able to manage all your financial life from there, because you’ll still need your current account’s app at the very least.
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