An online-only bank, Tandem is based in London and offers customers a different approach to traditional banking. The focus of their website is on helping people manage their finances better and make the most of their money. The interactive app notifies users when their bills are increasing and when they’re in danger of running out of money, as well as giving calculations and updates on how to manage available cash.
The bank has not officially launched or announced its products yet, but anyone wanting to take advantage of early access is able to do so now by visiting their website.
A British bank based in London, Tandem Bank is wholly owned by parent company Tandem Money Limited. The bank is app-based and recently introduced savings accounts and a cashback, Mastercard credit card that can be managed via the Tandem app.
The bank was previously Harrods Bank, which catered for high net worth individuals and was based in Harrods, Knightsbridge. Harrods Bank was transferred to the control of trustees in 1991 after Harrods owners were found unfit to run it. It was acquired by Tandem Money in 2018.
In March 2018, Tandem acquired personal finance app Pariti. A savings account was added in August 2018.
Tandem Products and Services
The Tandem app has been developed in consultation with thousands of customers. The app has several features designed to help customers effectively manage their money. Customers can set a budget and the app will automatically show them how much they have left to spend each month and alert them when bills increase, or payments are made. The app can even help to reduce bills by looking for money-saving deals.
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Fixed Saver accounts can be opened for 2, 3- or 5-year terms. Accounts are offered at 2% AER interest and paid annually into a linked current account. The minimum deposit is £1,000 and the maximum £2,500,000.
Tandem also has two credit card products; the Journey card, aimed at those who have limited credit history, and the Cashback card, for users with more credit experience. The credit limit for these cards ranges from to £150 to £12,000. Customers can apply for credit cards online via the Tandem website.
Security at Tandem Bank
Money deposited in the fixed saver account is covered by the Financial Services Compensation Scheme up to the value of £85,000. Tandem is registered with and authorised by the Financial Conduct Authority (FCA).