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.
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
Fixed-rate bonds
Best fixed-rate bond rate
4.44%
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
Tandem makes money by two main revenue streams:
Lending out depositors savings
Offering a range of loans and mortgages
The money that you hold with Tandem Bank Limited is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. This limit applies to each individual and to the total of any deposit balances you have (across all account types) with Tandem Bank Limited. Any deposits you hold that exceed this figure will not be covered by the scheme.
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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
Michelle's expertise
Michelle has written 107 Finder guides across topics including:
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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