Tandem Bank Review - Everything you need to know

Tommy Buckley

24.05.23

5 minute read

Shopping around for a new bank, or looking for a provider for a loan or mortgage? There are so many different banks, lenders and other finance companies out there, it can be difficult to know where to start your search.

One of the options you may come across in the UK is Tandem Bank. But what actually is it, and what products and services does it offer?

In this guide, we’ll cover everything you need to know about Tandem Bank. This includes what it is, who owns it and the products and services on offer. We’ll take a look at the Tandem Bank app, its security features and much more.

We’ll even show you an alternative for the things Tandem can’t do, such as sending money overseas or handling multiple currencies. Open an online Wise account and you’ll have an easy, low fee way to manage your money internationally if you need to.

Learn more about Wise

But for now, let’s get started on our comprehensive Tandem Bank review, beginning with a little background on the company.

Please see the Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

What is Tandem Bank?

Tandem Bank aims to create “the UK’s greener, digital bank providing hard working people across the UK with sustainable ways to save, borrow and spend.”¹

Run by people with extensive financial services sector experience, it offers a range of services from savings accounts to loans and mortgages.

One of the areas it specialises in is green lending, for projects such as energy-saving home improvements. According to Tandem, it’s issued more than £230 million in green loans since 2021 - helping homeowners to make improvements that have cut carbon emissions by a huge 12,000 tonnes.¹

The bank also provides access to tools, advice and a range of greener home improvement products through its partners. You’ll find these in the Tandem Marketplace page on the bank’s website, which we’ll look at in more detail later.

History of Tandem Bank²

Tandem may seem like a brand new bank, but it’s actually been around since 2014. The company launched as one of the UK’s first digital challenger banks, offering straightforward mortgage and savings products.

Since then, it’s made a number of strategic acquisitions. This includes buying Harrods Bank in 2018 and green home improvement loan specialists Allium Lending Group in 2020. It got its UK banking licence in 2015.

In 2022, Tandem merged with responsible lending specialist Oplo, and the bank as we see it today was born.

Who owns Tandem Bank?

Tandem Bank is owned by Tandem Money Limited, which was launched by founders Matt Cooper, Ricky Knox and Michael Kent.³

Today, the Chair of the Board is Paul Pester, former advisor to the UK Chancellor of the Exchequer and HM Treasury.

Accounts, products and services

Tandem Bank isn’t quite like your everyday bank, as it doesn’t offer any current accounts. It specialises in savings and lending, with a range of products including fixed and instant access savings accounts.

Let’s take a look at what’s on offer:

Savings accounts

Tandem offers a choice of savings accounts, including:⁴

Instant Access Savers - with interest of 3.50% AER
Fixed Savers - with interest of 4.25% (1 year) up to 4.60% (5 years).

You can save up to £250,000 in a Tandem Instant Access Saver,⁵ while there’s no upper limit on how much you keep in a Fixed Saver.

All accounts are opened and managed through the Tandem Bank app, available for both Apple and Android devices.

Tandem is a registered UK bank and is covered by the Financial Services Compensation Scheme (FSCS).⁶ This means up to £85,000 of your savings are covered in case the bank gets into difficulty.

Mortgages

Tandem also offers bespoke and specialist residential mortgages, using its network of intermediaries. You can borrow up to £750,000 to fund a property purchase, or up to £5 million if choosing a bespoke mortgage.⁷

Tandem’s specialist mortgages also come with an EPC discount, designed to help customers with greener living. You can find out more about Tandem mortgages here.

Home loans and home improvement loans

Looking to renovate your home, build an extension or make other improvements? Whether you’re buying a home or doing one up, Tandem may be able to help you with financing.

The bank offers flexible home loans of between £5,000 and £250,000, with the chance to spread repayments. You can repay your loan in 24 months, or take as long as 25 years to repay.⁸

You can use the handy Tandem home loan calculator to see the potential costs of borrowing, then apply on the website. If you qualify, one of the Tandem underwriters will be in touch with a quote and the next steps.

Tandem also offers additional home improvement loan products through its partner Allium Money, a company focused on financing home improvements which reduce carbon emissions.

Motor finance⁹

Lastly, Tandem Banks offers motor finance to help customers buy a used car. As you’d expect from a company aiming to offer green financing solutions, the bank is particularly interested in applications from customers planning to switch to lower emission and electric cars.

Tandem motor finance offers a fast, easy and fully digital application process. It promises transparent terms, fixed monthly payments and a broad lending criteria.

The bank works with used car dealers throughout the UK, all of whom are authorised and regulated by the Financial Conduct Authority (FCA).

What is the Tandem Bank Marketplace?

If you visit the Tandem website, you’ll find a page called ‘Marketplace’. This is where you’ll find details of additional tools, services and partner companies that Tandem works with, all aiming to help homeowners make energy efficient improvements. This includes:

An EPC checker tool to find out the energy efficiency of your home
Cogo - a carbon tracker tool to help assess and track your carbon footprint
Tools to help you reduce your household bills
Access to greener products - from solar panels to energy efficient windows.

There’s also an informative Tandem blog, offering advice, energy industry news and other tips to help you go greener.

Is Tandem Bank safe to use?

Tandem is a fully registered UK bank, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA).

When you open a savings account with Tandem, you’ll also receive Financial Services Compensation Scheme (FSCS) protection of up to £85,000.

As for security measures, Tandem doesn’t make information available about its customer protection and anti-fraud measures on its website. So, you’ll need to contact the company to find out more.

How to contact Tandem Bank

If you have a question about the bank’s services or need help once you’ve signed up for an account or product, here are the Tandem Bank contact details you need to know:¹⁰

Tandem Savings - email hello@tandem.co.uk, call 0203 370 0970 or use live chat
Tandem Motor Finance - email motorfinance@tandem.co.uk or call 0191 492 1919
Tandem Bespoke Mortgages - email mortgages@tandem.co.uk or call 0292 010 3044
Tandem Home Loans - email homeloans@tandem.co.uk or call 01253 603 962.

Need international money services? Use Wise

Tandem offers a number of useful financial services, but it doesn’t do everything. If you need everyday or international money transfer services, you’ll need to find an alternative solution.

The Wise multi-currency account could be just what you’re looking for. It’s quick and easy to open online, and gives you access to a world of international money services all in one place.

With Wise, you can send money worldwide for low fees and fair exchange rates, and receive it for free in selected major currencies. From one powerful online account, you can manage your money across 50 currencies at once.

Join Wise today

There’s even a Wise international debit card for convenient, low-cost spending in 175 countries, and dedicated services for businesses too. Find out more here.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

And that’s pretty much it - everything you need to know about Tandem Bank in the UK.

We’ve covered it all in our comprehensive Tandem Review, from its savings accounts right through to its mortgages, home loans and motor finance. We even took a look at the Tandem app, and additional tools and products available through Tandem’s partners.

So if you’re looking for financing or savings and want to cut your carbon emissions at the same time, Tandem could be a decent option to choose.

Sources used:

Sources last checked on date: 06-Apr-2023

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