Is Tandem Bank safe to use?
April 2, 2024
Is Tandem Bank Safe – Tandem bank is a digital challenger bank in the United Kingdom. Tandem provides innovative banking solutions with a focus on customer experience alongside financial management.
As a virtual bank, Tandem operates online and allows customers to manage their accounts and finances through a mobile app or web platform, this provides convenience and lower fees when compared to traditional banks.
Tandem Bank is owned by Tandem Money Limited, launched by founders Ricky Knox, Matt Cooper, and Michael Kent.
Products offering
Tandem Virtual Bank offers the following products and more to its customers;
Tandem Bank does not offer current accounts like the brick-and-mortar banks in town, it specializes in savings and lending with products along with fixed and instant savings accounts.
- Savings accounts comprise instant and fixed savers
Mortgages, Tandem offers mortgages using its network of intermediaries. Customers can borrow up to 750,000 Pounds to fund property purchases, or up to 5 million Pounds
- for a bespoke mortgage.
- Motor finance to help customers buy used car
Is Tandem Bank safe?
Tandem is a fully registered UK bank, duly authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA).
As a more security layer, you’ll receive Financial Services Compensation Scheme protection of up to 85,000 Pounds when you open a savings account with Tandem.
Can I trust Tandem Bank?
Tandem Bank is a fully regulated UK bank so you can rest easy knowing that your money is protected, up to £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.
Tandem uses secure Open Banking technology to connect to your preferred current account
Who owns Tandem Bank?
Tandem Bank is owned by Tandem Money Limited, launched by founders Ricky Knox, Matt Cooper, and Michael Kent.
How long does a bank transfer take on Tandem Bank?
In most cases, your money will be in your account within 2 hours, however, sometimes this may take up to 24 hours to arrive and show in your account. For payments to your external bank account, the same time frames apply.
When did Tandem Bank Open?
Launching in 2014, Tandem was one of the UK’s original digital challenger banks, providing access to simple, honest, and fair mortgage and savings products.
Tandem bought Harrods Bank, which catered to high-net-worth individuals, offering a variety of current and savings accounts and mortgages.
What is Tandem’s bank interest rate?
For the instant savers, Tandem offers an interest rate of 3.50% AER which stands for Annual Equivalent Rate, and offers an interest rate of 4.25% for the Fixed savers through one year.
Does tandem pay monthly interest?
You can access your money anytime. Note: interest is calculated daily and paid monthly into the account.
Is Tandem Bank good for savings?
Tandem is a fully-fledged bank that’s regulated by the Financial Conduct Authority (FCA). So, legally they’re required to make sure that you’re treated fairly and your money is protected.
Up to £85,000 of your savings with Tandem is protected under the Financial Services Compensation Scheme (FSCS).
Final thought
As a virtual bank, Tandem operates online and allows customers to manage their accounts and finances through a mobile app or web platform, this provides convenience and lower fees when compared to traditional banks.