Tandem Bank Savings Accounts & ISAs

When was Tandem Bank established?

Tandem launched in 2014 as one of the UK’s early digital challenger banking businesses, aiming to provide an alternative to traditional high-street banking. Its development included the acquisition of Harrods Bank in 2018, bringing an established UK banking licence into the business.

Tandem subsequently expanded its lending activities, including the acquisition of green home improvement finance specialist Allium Lending Group in 2020 and its merger with consumer lender Oplo in 2022.

Who owns Tandem Bank?

Tandem Bank Limited is part of the Tandem Money group. Companies House identifies Tandem Money Limited as the controlling company of Tandem Bank Limited.

The bank operates as a specialist digital banking business rather than part of one of the UK’s major high-street banking groups.

What makes Tandem Bank different?

Tandem operates primarily through digital banking services, allowing customers to open and manage savings accounts using its mobile app. Its approach is designed around straightforward account access without a traditional branch network.

The bank also places an emphasis on greener finance. Alongside its savings products, Tandem provides lending that can support energy-efficient home improvements and lower-emission transport, reflecting its wider environmental strategy.

What savings products does Tandem offer?

Tandem offers instant access savings accounts and fixed term savings products for customers with different savings requirements. Its range also includes instant access and fixed rate Cash ISAs for eligible customers seeking tax-efficient savings.

These accounts provide choices between flexibility and setting money aside for a fixed period. The products available, interest rates and account conditions may change over time.

Where can I learn more about Tandem Bank?

Further information about Tandem’s history, banking activities and greener finance objectives is available through Tandem’s official About page. Customers can also explore the bank’s savings offering through the Tandem savings website.

How do you open a Tandem savings account?

Customers can apply for Tandem savings accounts using the bank’s mobile app. Some products, including fixed term savings accounts, also offer an online application option, although the app is required for ongoing account management.

Applications involve providing personal information, completing identity checks and connecting an eligible UK bank account. Customers must meet the eligibility requirements of their chosen savings product.

How are Tandem savings accounts managed?

Tandem’s mobile app is the main way customers manage their savings. It allows them to view account balances, access statements, check account information and manage connected bank accounts.

The app also provides access to important documents and customer support. Tandem does not operate a traditional high-street branch network, making its digital services central to the customer experience.

How do deposits and withdrawals work?

Tandem accepts savings deposits from verified UK bank accounts belonging to the customer. Its app supports connecting external accounts and arranging electronic transfers.

Withdrawal arrangements depend on the type of savings account held. Instant access accounts offer greater flexibility, while fixed term savings accounts restrict access during the agreed savings period. Customers should review the relevant account conditions before depositing money.

What happens when a fixed term account matures?

Tandem contacts customers before their fixed term savings account reaches maturity to explain the available options. These can include withdrawing the balance, transferring eligible funds into an instant access account or reinvesting in another fixed term product.

Customers can manage maturity instructions through the Tandem app. Where no instructions are provided, Tandem may move the balance into a matured funds savings account paying a variable interest rate until the customer decides what to do.

How can customers contact Tandem Bank?

Tandem provides customer support through in-app live chat, email and telephone. Its savings support team can assist with account applications, accessing the app, connected bank accounts and general savings enquiries.

Further information is available through Tandem’s Savings FAQs and its Savings Support page.

Is Tandem Bank regulated in the UK?

Yes. Tandem Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Tandem is a trading name of Tandem Bank Limited, whose Financial Services Register number is 204479.

Customers can verify the bank’s regulatory status through the Financial Services Register.

Are Tandem savings protected by the FSCS?

Eligible deposits held with Tandem Bank Limited are protected by the Financial Services Compensation Scheme. The standard deposit protection limit is £120,000 per eligible person, per authorised firm.

This protection applies to qualifying savings deposits, including eligible money held within Cash ISAs. The compensation limit applies to the depositor rather than providing a separate allowance for each savings product.

How is protection calculated across multiple accounts?

When calculating compensation, the FSCS generally combines an eligible customer’s deposits held under the same banking authorisation. Customers holding several Tandem savings accounts should therefore consider their total eligible balance rather than treating each account separately.

Additional protection may be available for certain qualifying temporary high balances, subject to the scheme’s eligibility requirements and time limits.

Where can customers check their protection?

Customers can find further information about Tandem’s deposit protection arrangements through Tandem’s official FSCS protection page. The FSCS deposit protection guidance explains the compensation limits, eligibility requirements and treatment of deposits held across multiple accounts.