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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.
But for now, let’s get started on our comprehensive Tandem Bank review, beginning with a little background on the company.
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.
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.
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.
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:
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.
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.
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.
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).
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.
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.
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 firstname.lastname@example.org, call 0203 370 0970 or use live chat
- Tandem Motor Finance - email email@example.com or call 0191 492 1919
- Tandem Bespoke Mortgages - email firstname.lastname@example.org or call 0292 010 3044
- Tandem Home Loans - email email@example.com or call 01253 603 962.
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.
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:
- Tandem Home
- Tandem - About
- Money to the Masses - Tandem Bank Review
- Tandem - Savings
- Tandem - Instant Access Savers
- Tandem - FAQs
- Tandem - Mortgages
- Tandem - Home Loans
- Tandem - Motor Finance
- Tandem - Contact
Sources last checked on date: 06-Apr-2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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