Tandem Bank review

Tandem Bank is a simple app-based loans and savings provider. It offers one easy access savings account and several fixed rate saver accounts, plus easy access and fixed rate cash ISAs. These accounts offer competitive interest rates which regularly appear near the top of comparison tables.

Tandem Bank's top savings rate of 8% is available on one of its easy access accounts.

Easy access savings accounts

Tandem Bank's top easy access rate of 8% is the best currently on the market. Compare more instant and easy access accounts up to 8%

Cash ISAs

Tandem Bank's best cash ISA rate of 4.45% is very slightly lower than today's market-best rate of 4.72%. Compare more ISAs up to 4.72%

Fixed-rate bonds

Tandem Bank's best fixed-rate bond rate of 4.45% is slightly lower than today's market-best rate of 5%. Compare more fixed-rate bonds up to 5%

Notice savings accounts

Tandem Bank's best notice savings account rate of 4.3% is very slightly lower than today's market-best rate of 4.38%. Compare more notice savings accounts up to 4.38%

Regular savings accounts

Tandem Bank's top regular savings account rate of 8% is the best currently on the market. Compare more regular savings accounts up to 8%

Business savings accounts

Tandem Bank's best business savings account rate of 4.55% is very slightly lower than today's market-best rate of 4.76%. Compare more business savings accounts up to 4.76%

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, notice accounts, regular savers, business
Best easy access rate	8%
Best cash ISA rate	4.45%
Best fixed-rate bond rate	4.45%
Best notice account rate	4.3%
Best regular saver rate	8%
Best business savings account rate	4.55%
Fixed bond terms	1 year - 5 years
Notice account periods available	14 days - 180 days
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

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, plus cash ISAs. 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

• How does Tandem make money?

  Tandem makes money by two main revenue streams:

  • Lending out depositors savings
  • Offering a range of loans and mortgages

• Is it safe to save my money with Tandem bank?

  The money that you hold with Tandem Bank Limited is protected by the Financial Services Compensation Scheme (FSCS) up to £120,000. 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 you hold that exceed this figure will not be covered by the scheme.

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.