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 then 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 is paid annually into your 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 transfer money.
If you need more assistance with connecting another account, please call us on 0203 370 0970.
You’ll also need to make any deposits from additional current accounts in 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.
To find your sort code and account number for your Fixed Saver, all you need to do is go to the app, click on your account and then select the information icon in the top right hand corner of your screen 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 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.