Savings

The savings you have with us are protected up to £85,000 by the Financial Services Compensation Scheme (“FSCS”), the UK’s Deposit Guarantee Scheme. So in the unlikely event of Tandem facing difficulties, the FSCS will compensate you if we are unable to pay back your money and as a minimum you would get your money back up to that limit. You can find out more about how the Deposit Guarantee Scheme works and how much of your savings are protected in the FSCS information sheet available in the Tandem app or by visiting fscs.org.uk

To open a savings account with Tandem, you mustbe at least 18 years of age.

No, at the moment Tandem savings accounts can only be opened in a sole name.

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.

By connecting your bank account, we have verified that the account belongs to you and provides fraud protection for both Tandem and you.

If your bank account fails to connect to the app,this could be due to a service or technical difficulty. We recommend that you retry this action after a few minutes.

If you’re still experiencing issues, then contact our customer service team in our in-app chat, at hello@tandem.co.uk or by calling 020 3370 0970.

Yes, you can connect a joint current account. If your provider is listed within Open Banking, you can connect this way. Alternatively, you can contact our helpful Customer Support team who can add this for you.

Tap the Profile icon located at the bottom right corner to access your account and settings, then select ‘Important documents’. You’ll then find your ‘Savings statements’. For an Instant Access Saver, these statements are issued monthly and for a Fixed Saver, they are provided annually and at the end of the term. From the Profile screen, you can also manage your personal details, connected accounts, view app information, and find our contact details.

We send you a certificate of interest annually,shortly after the closure of the tax year. The document confirms the interest you’ve earned within the previous tax year. Certificates of interest will be available in your ‘Account and Settings’ inside the app.

You can also request a copy of your certificate of interest for the previous tax year at any time – to do so, feel free to use our in-app chat or call 0203 370 0970, and we’d be happy to help.

Tandem Bank are currently not part of the confirmation of payee scheme, which is what allows a current account provider to verify details. But your funds are still protected up to £85,000 by the Financial Services Compensation Scheme (“FSCS”) and you can check your unique sort code and account number within the app.

At the moment, you can't update your personal details (like your address) via the app. To do so, feel free to use our in-app chat or call 0203 370 0970 and we’d be happy to help.

If you are already a customer with Tandem, click on‘Already in Tandem? Log In’ towards the bottom of your screen. Enter your mobile number and we’ll send you a text message with a code to log in.

After that, provided you have biometrics enabled on your device, you will be able to log back in using that method each time.Occasionally you will still be asked to enter your mobile number to receive a log-in code again for security reasons.

If you aren’t already a customer, click on ‘Create a profile’ to register with Tandem and open an account.

We recommend that you use our app on your smart phone, which it is designed and optimised for. You can view your account through the Tandem app on a tablet if you prefer, although you may experience a few glitches. If you would like to access your account on another device, you will need access to your mobile also so that you can input the security code.

Open Banking helps you move, manage and make more of your money, safely.

It provides a simple, fast and secure way for banks to share your financial information, like your account balance or recent transactions. With Open Banking, you’re always in control. You choose which providers you allow to access your information or make a payment on your behalf.

We use Open Banking to verify your identity and the UK current account you use to fund your savings account is in your name. It also makes it easy for you to quickly move money back and forth between your current account and your Tandem savings accounts.

For more information on what data is shared through Open Banking, please review our Privacy Policy. You can also find out more about Open Banking here.

TrueLayer is a regulated Open Banking provider that we partner with. Over half of all UK open banking information flows through its platform.

The number of banks and building societies that offer connection through Open Banking is growing. At the moment, we are able to access over 75 banks and building societies accounts, including:
- Barclays
- First Direct
- Halifax
- HSBC
- Lloyds Bank
- Monzo
- Nationwide
- NatWest
- RBS
- Revolut
- Santander
- Starling Bank
- TSB

To find a full list, search on the bank picker section in the app to see if your bank is supported, or visit here.

Money transferred through Open Banking is processed using the UK's Faster Payments system - however each bank applies their own daily payment limit. You can find the limit for your bank - here.

Providing the account you are trying to link is a UK current account, you can contact our customer service team via our in-app live chat or via telephone 0203 370 0970. Once this is added for you, you can transfer your funds via bank transfer.

No.When adding an account through Open Banking, you must provide consent for the initial connection, however, it is optional providing access to transactions and balances.

This means that the initial consent given for your Open Banking connection has expired. However, this doesn't affect your ability to make transactions (pay in or out of your account). To reinstate the connection, simply select 'reconnect'.

An Instant Access Saver is an account that will pay interest monthly on the money you put in. You can save as little or as much as you want up to £250,000. You can withdraw money, and pay money in, whenever you want.

Interest is calculated daily and compounded into your Instant Access Saver on a monthly basis. The interest will be applied to your account each month on the same date you first funded it. You’ll receive an SMS when your interest has been added and your statement is ready to view in the app.

Your interest will calculate up until the point you remove the funds and will apply on to the account on the anniversary of the date you first funded it.

No, we can only accept money from a bank account that we have verified as belonging to you. We will return any money sent from accounts that haven’t been verified.

If you wish to transfer funds from a different account, select ‘Connect a new current account’ through the ‘Pay in via Open Banking’ screen in the app. Once we’ve verified this new account, you can then transfer money in and out of it.

If you need more assistance with connecting another account, feel free to use our in-app chat or call 0203 370 0970 and we’d be happy to help.

Simply open the app, tap on your Instant Access Saver account and then select the‘Info’ icon to access your account details.

No, you can only hold a single Instant Access Saver account. However, within this account, you can create multiple 'pots' to divide your savings for various goals, whilst still earning interest collectively.

We are only able to accept money transferred from a verified UK bank account. This provides fraud protection for both Tandem and you.

A Fixed Saver is an account that you open for a certain period of time (the “term” of the account) where you can’t take your money out, or add any more money in, until the end of the term.

You have a 14-day window to fund your account after opening, during which you will be able to make as many deposits as you like.After the 14-day window, your account will be locked, and you will not be able to access your funds until your account reaches the end of its term.

In return, we offer competitive interest rates that reflect that you can’t take your money out during the term. Your interest rate will be fixed for the term of the account and interest is paid annually, and at the end of the term, into your connected bank account.

No, we can only accept money from a bank account that we have verified as belonging to you. We will return any money sent from accounts that haven’t been verified.

If you wish to transfer funds from a different account, select ‘Connect a new current account’ through the ‘Pay in via Open Banking’ screen in the app. Once we’ve verified this new account, you can then transfer money.

If you need more assistance with connecting another account, feel free to use our in-app chat or call 0203370 0970 and we’d be happy to help.

Remember,any deposits from additional current accounts must be made within your 14 day funding window, before your account is locked.

Depending on your contact preferences, we will contact you via email or letter 30 days before your account matures, to ask you what you’d like to do with your savings. Once you’ve decided, you can share your instructions via the Tandem app.

We will be in touch again 14 days before your account matures to remind you that your account is maturing. This reminder is a mandatory communication that we have to send you, and will still be sent regardless of whether you’ve already told us what you’d like to do with your Fixed Saver when it matures.

Simply open the app, tap on your Fixed Saver account and then select the ‘Info’ icon to access your account details.

There is no limit to the number of Fixed Saver accounts that you can open, or have open, at any one time.

We are only able to accept money transferred from a verified UK bank account. This provides fraud protection for both Tandem and you.

Once you have opened your new Fixed Saver, you will have 14 days to fund your account, during which time you can add funds as many times as you like. Once your 14-day window has passed, your account will be locked and you will no longer be able to add or withdraw funds, until your term has ended.

Once your 14-day funding window expires, your account will automatically lock and you will no longer be able to add funds. If you finish adding funds before your window expires, you can also choose to manually lock your account early. Once you’ve locked the account in your app, this cannot be undone.

Once you’ve finished funding your account and it’s locked in, you will no longer be able to add or withdraw funds for the duration of your term, until your account matures. Once your account matures you will have the option to either reinvest or withdraw your funds.

Any deposits that you make that exceed the maximum balance of £2,500,000, or deposits made after the funding window has ended, will be returned to the account you made payments from.

No, as we only carry out a soft check when you open a savings account with us, this does not impact your credit score.

We recommend that you use our app on your smart phone, which it is designed and optimised for. You can view your account through the Tandem app on a tablet if you prefer, but it may not run as smoothly.

To open an account, you must:

• Be at least 18 years’ old
• A UK resident (including for tax purposes)
• Have a current address in the UK
• Hold a UK-based current account in your name

At the moment, you can only have one regular transfer in place.

You can easily cancel and set up a new regular transfer within the Tandem app. Just head to your Instant Access Saver account and tap on your regular transfer to find your options.

Regular transfers let you automate moving money from your external UK current account into your Tandem Instant Access Saver. Just set up how often you want money transferred – daily, weekly, fortnightly or monthly. This way, you steadily build up your savings without even thinking about it!

To set up a regular transfer, open the Tandem and go to your Instant Access Saver account. Tap ‘Set up a regular transfer’ and follow the steps to get started.

Not yet, but watch this space!

There's no limit to the number of savings pots you can create.

Your primary pot serves as your default or main savings hub, typically used for general savings. It's where transfers can be made between your verified external UK current account and your Tandem account.

Additional pots, on the other hand, can be created for specific goals, making it easier for you to keep track of all your savings goals in your one account.

Savings pots within your Instant Access Savings account let you divide your savings for different goals, all earning interest collectively. Whether your money is in your primary pot or distributed across additional pots, the interest applies to your entire balance. It's like having multiple compartments for your goals, while ensuring all your savings work together to grow with the same interest rate.

We understand that dealing with the passing of a loved one is challenging, and we're here to assist you in managing their financial matters.

What’s Covered - Tandem Savings Customers only

Products - Sole & Joint accounts
Instant Access Savings Account (IASA)
Fixed Term Saver (FTS)

Ways to Notify Us
If you have been appointed as an executor by the person who has died, please let us know as soon as possible, you can do this by using any of the useful contacts listed below.

Useful Contacts
‍Customer Service team 020 3370 0970
Email customercare@tandem.co.uk
In-app chat – If you are also a customer.
‍
Or post to the address below:
Tandem Money
PO Box 345
Abbey View
Wymondham
NR18 8HW

To help us find their account, we will ask you to provide the following information:

• The account holder's full name
• Their phone number
• The account number(s)
• Their address

Once the account is identified, we will require proof of death before we can provide any account information. Please provide us with a certified Death Certificate. Upon receipt we can independently verify this information and will follow up with written confirmation by letter.  We also require documents proving the identity and address of all named Executors.

We accept most formal records and have also provided a helpful list below. Please do reach out to confirm with us if you are unsure.

Documents Required
To close the account, we will require certain documents. It is important to note Death Certificates, Grants of Probate, proof of identity or address verification sent to this address will need to be certified as true copies of the originals and sent as scans. We are unable to accept copies that have not been certified. A list of places or persons who may certify your documents is provided below.

• Original or certified copy of the death certificate
• An original or certified copy of the Grant of Probate or Letters of Administration
• Original or certified proofs of identity for all named Executors (e.g., current valid (signed) full passport or UK / EU photocard driving licence)
• Original or certified proof of address for all named Executors (e.g., utility bill, council tax bill or bank statement dated within the last 3 months) – for individuals who reside outside of the UK, two separate proofs of the address
• A letter signed by all named Executors providing account instruction

We will accept certification from the following persons:

• Bank / Building Society Official (Requires official bank stamp with sort-code)
• Post Office Official (Person authorised under the Post Office Document Certification Service)
• Legal professional (A Judge, Solicitor, Lawyer, or Barrister registered in England & Wales, Northern Ireland, or Scotland)
• Qualified Accountant (Registered with qualifications - ICAEW, ICAS, ACCA, CIPFA or CIMA)
• Medical professional (Doctor registered with the General Medical Council, Dentist registered with Register of General Dental Professionals)
• Member of Parliament

We cannot accept certification by a close family member or acquaintance (e.g., cohabitant).

We hope you find the enclosed information useful, and if you have any questions, please don't hesitate to get in touch with our customer care team at customercare@tandem.co.uk.

Closing the account
Please note that we are unable to make a payment via cheque and will need to make all payments via an electronic bank transfer. Please provide us with details of where the deceased customer’s funds should be sent upon release. You can do this by providing evidence of the account in the form of a bank statement or voided cheque dated within the last 3 months.

Communications
We will stop any further communications to the account holder, which will take a short while to organise so you might receive letters addressed to them in the meantime. We are sorry if this causes any distress.

Finally, we are deeply sorry for your loss. Our team will complete your request within 7-10 working days once all required communications and documents are received.

You can easily close your Tandem savings account by contacting our savings support team at 0203 370 0970. They will guide you through the necessary steps to close your account hassle-free.