Tandem Bank review

Tandem Bank offers a variety of savings accounts with interest rates up to 4.65%.

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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 4.65% 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 4.4% is significantly lower than today's market-best rate of 7.09%.
1 - 1 of 1
Product UKFSA-SAV Account type Withdrawals Min. opening balance Rate Deposit protection Open via Incentive
Tandem Bank – Instant Access Savings Account
Tandem Bank logo
Variable
Instant access
£0
4.4% AER variable
FSCS logo
protected
Open via: mobile app.
Green - By opening an account you are supporting Tandem Bank's green lending initiatives and helping to make UK homes more sustainable and environmentally friendly.
Go to siteView details
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Compare more instant and easy access accounts up to 7.09%

Fixed-rate bonds

Table: sorted by interest rate
Tandem Bank's best fixed-rate bond rate of 4.65% is very slightly lower than today's market-best rate of 4.8%.
1 - 4 of 4
Product UKFSA-SAV Rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description
Tandem Bank – 18 Month Fixed Saver
Tandem Bank logo
4.5% AER fixed for 1.5 years
£1 - £2,500,000
Anniversary of account opening
Withdrawals not permitted
Website, mobile app
FSCS logo
protected
Open via: website, mobile app.
Green - By opening an account you are supporting Tandem Bank's green lending initiatives and helping to make UK homes more sustainable and environmentally friendly.
Go to siteView details
Tandem Bank – 2 Year Fixed Saver
Tandem Bank logo
4.5% AER fixed for 2 years
£1 - £2,500,000
Anniversary of account opening
Withdrawals not permitted
Website, mobile app
FSCS logo
protected
Open via: website, mobile app.
Green - By opening an account you are supporting Tandem Bank's green lending initiatives and helping to make UK homes more sustainable and environmentally friendly.
Go to siteView details
Tandem Bank – 3 Year Fixed Saver
Tandem Bank logo
4.3% AER fixed for 3 years
£1 - £2,500,000
Anniversary of account opening
Withdrawals not permitted
Website, mobile app
FSCS logo
protected
Open via: website, mobile app.
Green - By opening an account you are supporting Tandem Bank's green lending initiatives and helping to make UK homes more sustainable and environmentally friendly.
Go to siteView details
Tandem Bank – 5 Year Fixed Saver
Tandem Bank logo
4.1% AER fixed for 5 years
£1 - £2,500,000
Anniversary of account opening
Withdrawals not permitted
Website, mobile app
FSCS logo
protected
Open via: website, mobile app.
Green - By opening an account you are supporting Tandem Bank's green lending initiatives and helping to make UK homes more sustainable and environmentally friendly.
Go to siteView details
loading
Compare more fixed-rate bonds up to 4.8%

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, fixed-rate bonds
Best easy access rate 4.4%
Best fixed-rate bond rate 4.65%
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 £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’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 has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Michelle Stevens is a deputy editor at Finder, specialising in banking, credit, loans and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio

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