Tandem Bank works to become the UK’s environmentally friendly digital bank that helps UK workers adopt sustainable financial solutions. The bank focuses its green finance services to fund energy-efficient home upgrades. Since 2021 Tandem has given green loans totaling more than £230 million to homeowners which helped lower carbon emissions by 12,000 tonnes. Through its partners, the bank offers green renovation products along with expert guidance and useful tools. You will see the listed tools and advice on the Tandem Marketplace page of the bank’s website which we will discuss later in this text.

History of Tandem Bank

Although Tandem appears fresh to the banking industry it started its operations back in 2014. When the bank launched in 2014 it stood among the UK’s first digital challenger banks to offer direct mortgage and savings products. Tandem expanded its business through several purposeful purchases. The bank grew its business by acquiring Harrods Bank in 2018 then took over Allium Lending Group two years later. The organization received official UK banking authority in 2015. The merger of Tandem with responsible lending expert Oplo in 2022 created today’s bank.

Who owns Tandem Bank

Tandem Bank operates under Tandem Money Limited which founders Matt Cooper Ricky Knox and Michael Kent created as their business venture. Paul Pester now leads the Board as he served as an advisor to both the UK Chancellor of the Exchequer and HM Treasury.

The company provides basic banking operations through its multiple offerings.

Unlike traditional banks, Tandem Bank focuses on other services since it does not provide current accounts. 

What it offers

Let’s take a look at what’s on offer:

Savings accounts

Tandem offers a choice of savings accounts, including:

• Instant Access Savers earn a fixed rate of 3.50% AER in interest.
• You can lock your funds for 1 to 5 years in Fixed Savers to earn between 4.25% and 4.60% interest rates.
• There is no maximum balance limit for your Fixed Saver but you must stay under.

You can start and control your Tandem Bank accounts using their single app which works with both Apple and Android phones.

The Financial Services Compensation Scheme protects your deposits at Tandem up to £85,000 since Tandem operates as a registered UK bank.

Mortgages

Through its intermediary network, Tandem delivers custom and expert residential mortgage options. You can secure up to £750,000 for a property purchase with a standard mortgage or get a personalized mortgage of up to £5 million.

Tandem’s specialist mortgages provide an EPC discount to help customers adopt eco-friendly lifestyles. You can discover additional details about mortgage options Tandem offers on their website. You can get loans for both buying a home and improving your current residence. You can take home loans from Tandem between £5,000 to £250,000 and choose your repayment schedule. You have two options for loan repayment through Tandem either complete it in 24 months or extend it to a maximum of 25 years.

The Tandem home loan calculator helps you estimate loan expenses before submitting your application online. When you qualify you will receive a quote and instructions from one of Tandem’s underwriters. Through its partnership with Allium Money Tandem extends special financing options for eco-friendly home renovation projects.

Motor finance

Through Tandem Banks customers can secure motor finance to get a pre-owned car. As part of its environmentally friendly mission, the bank gives priority to customers who want to buy eco-friendly and electric vehicles. You can apply for Tandem motor finance fully online in a quick and user-friendly way. The service ensures you know upfront what you will pay monthly through easy-to-understand financial conditions and accepts many different types of applicants.

The Tandem Bank marketplace is a special feature on their website

The Tandem website includes a page named ‘Marketplace’. You will discover Tandem’s partner services and tools on their Marketplace page designed to help homeowners upgrade their energy efficiency. This includes:

The EPC checker tool helps you discover your home’s energy performance rating.

Cogo helps you determine and follow your carbon emissions through its tracking platform.

The website provides instruments that make it easier to lower your home expenses.

You can find greener options such as solar panels and energy-saving windows through us.

Through their Tandem blog readers can access energy advice while staying updated on industry news plus they receive tips for eco-friendly living.

Is Tandem Bank safe to use

Tandem holds full UK banking registration and operates under authorization from the Prudential Regulation Authority while following Financial Conduct Authority (FCA) rules.

Your Tandem savings account earns automatic protection through the FSCS up to £85,000.

Tandem Bank has limited its customer base information about fraud prevention methods and account protection services to its website. You must reach out to the company for more information.

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