open banking faq's

Here you can find answers to frequently asked Open Banking questions

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What is Open Banking and why does Tandem use it?

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 with providers you allow to access your information or make a payment on your behalf.

We use Open Banking to verify your identity and that 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

What is TrueLayer?

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

Which banks can you connect via Open Banking?

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.

What limits are there on how much money I can transfer using Open Banking?

Money transferred through Open Banking is processed using the UK’s Faster Payments system.  Usual Faster Payments limit apply, however some banks also put a different limit on how much you can transfer via Open Banking. Check with your bank to find out the daily limit.