Tandem - are they safe?

Vonnie406

Hi all,
I was looking for another bank to invest around £17k for 1 one year fixed account.  I looked at the recommendations and was trying to open one with Tandem.  It wanted me to put in memorable information that I use to log into my Lloyds Bank Account.  This didn't seem very safe to me. I ended up calling them and giving them my bank account number and sort code but I'm now a bit nervous to continue with opening this account.  Have other people had dealings with Tandem?  Is this sort of thing safe?  I've never had an online banking app ask for any bank security information before.  I think I'm probably going to tell them to delete the information i've already given them.  Can't see they can take money from my account without my permission but a little worried

refluxer

It's normal for a bank like Tandem to ask for a linked bank account for money transfers but I'm struggling to see why they would need security information for that account. All they should need is your account number and sort code.

Are you sure the information they were asking for wasn't for setting up the Tandem account you were opening, rather than for the Lloyds account you were linking ? And are you sure it was the genuine Tandem site/app you were using to apply ?

Vonnie406

This is the website and telephone number i used https://www.tandem.co.uk/contact-us
The setting up profile on Tandem took me into my Lloyds Banking app, it was asking me to enter letters from my memorable information.  When I telephoned I was told this was usual but I could give my bank account number and sort code over the phone to set it up.  What I am not sure about is whether it's going to ask me to keep linking into my log in for bank

Vonnie406

just been reading Trustpilot reviews of Tandem.  will def not be investing any money with them

wmb194

If it's using something like TrueLayer then it'll take you to your internet banking login and on the screen after login there should be a summary of the transaction waiting for you to approve. One of my stockbrokers uses this system. If you're not comfortable, and it's perfectly fine not to be, are there any other deposit options? A conventional transfer or by cheque, perhaps?

refluxer

From what you've said, it sounds like the Tandem app is wanting to be linked to the Lloyds app - this isn't something I've come across before when opening an account like this and does sound unusual. I have an Atom Fixed Saver which is also app based but it didn't require linking in this way.

I don't have a Tandem account, but have been looking at their Fixed Rate accounts myself - hopefully someone with one can advise.

refluxer

Vonnie406 said:

just been reading Trustpilot reviews of Tandem.  will def not be investing any money with them

To be fair, I would imagine that all the banks will have terrible Trustpilot reviews - people tend to complain far more than they praise !

JGB1955

I set up a Tandem account, tried to transfer funds from Nationwide and, despite all my efforts, couldn't get the sort code and account number authorised.  I decided to abandon my efforts.  If Nationwide couldn't confirm that the details matched Tandem then I definitely wasn't risking my savings!

Daliah

JGB1955 said:

I set up a Tandem account, tried to transfer funds from Nationwide and, despite all my efforts, couldn't get the sort code and account number authorised.  I decided to abandon my efforts.  If Nationwide couldn't confirm that the details matched Tandem then I definitely wasn't risking my savings!

How did you try the the transfer? Via Open Banking or via Bank Transfer? At what stage of the process was your transfer declined, with what error message?

Everyquid

I've had an easy-access savings account with Tandem for about 6 months now and I think they're great. I linked my Monzo account via open banking with relative ease and make deposits when I can. I use them for my emergency fund because they have one of the best interest rates around currently for easy access. They're FSCS protected and have a UK-based customer service team - sometimes even that is difficult to find elsewhere!

k_man

As above, this is just Tandem linking to your bank account via Open Banking, which launched your bank app to allow you to authorise.
You can just use traditional linking via sort/account code