Tandem Bank

Who they are

Tandem was founded in 2014 and is one of the UK's original challenger banks. The road to becoming a fully regulated bank was not entirely smooth - an early investment from a Chinese conglomerate fell through, delaying the launch of savings products. The acquisition of Harrods Bank in 2017 was what ultimately gave Tandem a fully functioning banking licence.

Tandem is a digital bank with a mobile app and no branches. It concentrates on savings, mortgages and environmentally focused lending. Unlike Monzo or Starling, there is no current account - you won't be switching your salary here or paying bills from it. Think of it as a focused savings and lending specialist rather than an all-in-one bank.

One of the areas it specialises in is green lending, for projects such as energy-saving home improvements. The "fairer, greener" angle isn't just branding - deposits are used to fund things like solar panels, air-source heat pumps and home insulation projects across the UK.

Savings accounts

Tandem's current savings range on DepositScout features a Fixed Rate Cash ISA paying 4.45% AER, fixed for one year, with a minimum deposit of just £1. That puts it in a useful spot for savers who want to lock in a rate and remove the uncertainty of where variable rates might head. As with any fixed-rate account, you are committing your money for the full term, so it suits those who genuinely won't need access during that period.

One thing worth knowing: the Fixed Rate Cash ISA on DepositScout carries FSCS protection up to £120,000 per person. Savings with Tandem are protected up to £120,000 by the Financial Services Compensation Scheme, the UK's Deposit Guarantee Scheme - so in the unlikely event of Tandem facing difficulties, the FSCS will compensate you up to that limit. That £120,000 figure is higher than the standard £85,000 you see quoted elsewhere, so it's worth understanding why. Some banks share the same licence, so the £120,000 limit may apply across both - always check before moving money to a new account.

Tandem consistently sits near the top of the UK best-buy tables for both easy-access savings and fixed rates. While it's not always number one, the rates are strong and stable without gimmicks.

The app and how it works

Since it's an app-only bank that doesn't offer a current account, using it might be different to what you're used to. Tandem runs digitally and you manage everything - from opening your account to moving your savings around - within the app. All accounts are opened and managed through the Tandem Bank app, available for both Apple and Android devices.

Some savers find the app fairly minimal compared to the slicker interfaces of Monzo or Starling. The Tandem app is perhaps a little clunky, but for many savers a better rate and a less friendly user interface is an acceptable trade-off. Interest is calculated daily and credited monthly - fairly standard for a UK savings account, even if it's not immediately obvious in the app.

Is it right for you?

Tandem suits savers who want a competitive fixed rate on their Cash ISA and are comfortable with a no-frills, app-based experience. It does not provide current accounts or everyday banking features, making it ideal as a secondary "satellite" bank for savers.

If you are drawn to the idea of your savings helping to fund greener homes rather than flowing into standard consumer lending, that is a genuine differentiator here - not just marketing copy. If, on the other hand, you want a flexible easy-access ISA where you can dip in and out freely, or a bank that handles your day-to-day finances, Tandem is probably not the right fit on its own.

There are no current account switch offers from Tandem on DepositScout at this time, which reflects the fact that they simply don't offer current accounts.

Rates change regularly, so check the live figures shown on this page before making any decisions - what you see here today may look different in a few weeks.