Tandem bank for fixed saver?

benw1990

Hi, does anyone know much about Tandem Bank? I’m thinking of opening a fixed saver with 2.26% annual interest and putting almost 45K into it. I was just wondering if you know much about the banks reputation and if you think sending that amount of cash from my Lloyds saver to Tandem is safe online? 

If I’m right then £44,779 over a year with 2.26% interest should generate £1,012 interest back to me after a year? 

Many thanks 😊

Bigwheels1111

Tandem are fine in my book, I had 85k with them last year.
But found Atom bank doing 1.5% so switched.
I would not fix for 1 year yet as it looks like in the next 8 weeks there will be 2 more boe base rate rises, we’ll I hope there are.

Im looking at Shawbrook for 6 months at 2%, an hope rates are a lot higher in the near future.

https://www.shawbrook.co.uk/direct/savings/personal-savings/fixed-rate-bonds/6-month-fixed-rate/

It’s all a risk, 2 years got 2.75% 2 days ago, but it’s gone now.
I see the 2% for 6 months as hedging my bets.

Daliah

benw1990 said:

Hi, does anyone know much about Tandem Bank? I’m thinking of opening a fixed saver with 2.26% annual interest and putting almost 45K into it. I was just wondering if you know much about the banks reputation and if you think sending that amount of cash from my Lloyds saver to Tandem is safe online? 

If I’m right then £44,779 over a year with 2.26% interest should generate £1,012 interest back to me after a year? 

Many thanks 😊

Tandem are fine, not least because they have the £85k FSCS protection. 

They are unique in that they let you pull money in from your current account,  so you don't have to worry about sending money to the right sort code and account number. However, I don't think you could do £45k in one go, as I seem to remember the daily limit for Faster Payments at Lloyds is £25k, and this applies to the pull-in method, too. Not sure whether Tandem have got a daily withdrawal limit, you'd need to check with them.

But as per above, fixing right now might be a bit premature. Though who knows.

haddondavies

Anybody else experiencing a complete brick wall trying to open a new savings account with Tandem? Two days running both the app and on-line are giving me an "Oops, something went wrong - our techs are on to it" message after I fill in all the required info.  I have quite a sum invested with this bank, so I am less than amused.

ZeroSum

How much are the next increases priced in anyway?
The markets are expecting a 0.5% rise.
If it only goes 0.25%, savings rates could actually come down

garyelder

I have no problem opening a fixed account, I just checked it, no Oops for me