Tandem Bank, the UK’s greener digital bank, has today announced its partnership with Snoop, the award winning money saving fintech.
The collaboration will provide Snoop customers with access to Tandem's savings product offering, including the innovative and newly launched Top Up Instant Access account, as part of Snoop’s product comparison services.
Snoop is a customer focused business that uses payments data to provide data-driven, personalised insights to help consumers take charge of their finances and save them time and money.
Many consumers leave millions of pounds in poor paying savings accounts, especially with large high street banks. But Tandem has been clear to reward its customers, often being market leading and being top of the best buy tables.
The announcement follows a series of letters to the big banks from the Treasury Select Committee noting that despite rising BoE interest rates, from 0.25% in January 2022 to 4% today, the banks are failing to pass on better rates to customers – with Barclays, Lloyds, HSBC and NatWest all offering less than 1% on their easy access accounts.
Commenting on the partnership, Paul Lloyd, Snoop’s Co-Founder and CMO, said: "Billions of pounds are sitting in savings accounts paying pathetic rates of interest to customers. We are confident that we can help consumers get a much better return on their money – and working with Tandem will be an important part of that.
“Harriet Baldwin, Chair of the Treasury Committee, recently noted that the most powerful tool consumers have is to take their money elsewhere, and she’s right. The big banks are unlikely to change their ways, so it’s our job to point and nudge people to act and take control of their money.”
Tandem Bank’s Director of Savings, Ben Mitchell, said: "While the big banks take their savings customers for a ride, Tandem's focus is all about rewarding customers and competing at the top of the best buy tables to give savers a good return on their hard-earned money."
The partnership comes at a time when the biggest banks are under the spotlight with MPs questioning whether they are taking advantage of their most loyal customers. Tandem instead has been focusing on developing its proposition, including the launch of new products, rates and access to leading platforms.
Tandem offers a range of savings products, including instant access and 1, 2, 3 and 5 year fixed rate offerings, all of which are competitively priced and regularly feature in the best buy tables.