Tandem

Joeysmall

Opened a Tandem bank account for savings, following seeing it on MSE @2.55% interest. Put £10 in as a test, received an account and sort code …and all was well.
 However, a few days later when I tried to transfer in a sizeable ammount, Santander blocked my on line account.  

Long story short…Santander asked me what steps I had taken to ensure that Tandem-was cosher? I explained the MSE connection, but they weren’t happy. I then spoke to Tandem and they explained that Tandem Bank, wasn’t affiliated to the ‘ Confederation of P E Scheme’.   In other words….other banks don’t recognise them. 

Tandem are seeking to join the Scheme…but not yet. Consequently,….it’s made me jittery, ..so sounds dodgy. ??

What do you think??

eskbanker

Joeysmall said:

I then spoke to Tandem and they explained that Tandem Bank, wasn’t affiliated to the ‘ Confederation of P E Scheme’.   In other words….other banks don’t recognise them. 

Tandem are seeking to join the Scheme…but not yet. Consequently,….it’s made me jittery, ..so sounds dodgy. ??

What do you think??

Perhaps you had a poor quality phone signal, but the scheme referred to is the Confirmation of Payee one, which allows participants to validate account names rather than just sending to numbers.

A bank such as Tandem not yet being part of that scheme isn't in itself dodgy in any way (many aren't), so don't let it put you off....

https://www.wearepay.uk/what-we-do/overlay-services/confirmation-of-payee/

penners324

The band existed for 6 or 7 years and is FSCS protected.

Not sure what else Santander need. 

houses_for_mouses

Joeysmall said:

Opened a Tandem bank account for savings, following seeing it on MSE @2.55% interest. Put £10 in as a test, received an account and sort code …and all was well.
 However, a few days later when I tried to transfer in a sizeable ammount, Santander blocked my on line account.  

Long story short…Santander asked me what steps I had taken to ensure that Tandem-was cosher? I explained the MSE connection, but they weren’t happy. I then spoke to Tandem and they explained that Tandem Bank, wasn’t affiliated to the ‘ Confederation of P E Scheme’.   In other words….other banks don’t recognise them. 

Tandem are seeking to join the Scheme…but not yet. Consequently,….it’s made me jittery, ..so sounds dodgy. ??

What do you think??

Just had the exact same experience with HSBC.  Initial small payments to Tandem were OK, then blocked payment to Tandem, interrogation by the fraud dept.

Sensory

Joeysmall said:

Opened a Tandem bank account for savings, following seeing it on MSE @2.55% interest. Put £10 in as a test, received an account and sort code …and all was well.
 However, a few days later when I tried to transfer in a sizeable ammount, Santander blocked my on line account.  

Long story short…Santander asked me what steps I had taken to ensure that Tandem-was cosher? I explained the MSE connection, but they weren’t happy. I then spoke to Tandem and they explained that Tandem Bank, wasn’t affiliated to the ‘ Confederation of P E Scheme’.   In other words….other banks don’t recognise them. 

Tandem are seeking to join the Scheme…but not yet. Consequently,….it’s made me jittery, ..so sounds dodgy. ??

What do you think??

Always check the FCA register, then input the Firm Reference Number (FRN) on FSCS's Protection Checker.

https://register.fca.org.uk/s/firm?id=001b000000MfJwxAAF

https://www.fscs.org.uk/check-your-money-is-protected

Quote the FRN to Santander too, and explain you obtained the sort code and account number from within the Tandem app (installed from the official app store after verifying the app's history, author and reviews).

chipsmum

I have just had the same experience with Santander. I followed the link from MSE, downloaded the app but as soon as I tried to transfer money from my Santander account, it was blocked. Three calls to Santander and 40 minutes later, my account is still blocked. Santander suggesting that this is a scam and that it's a cloned website. I explained the link was on MSE site so I am sure it has been thoroughly checked but they are not willing to let me do anything further until I have confirmed I have done appropriate checks myself. In the meantime, my account is still blocked and I can't do any Christmas shopping 😭

I appreciate Santander's efforts to keep my money safe but starting to feel they just want me to leave my savings in their measly interest paying account.

Can anyone help ?

Band7

If your Santander account is blocked, all you can do is wait until they unblocked it. You might be able to speed up the process by filing a formal complaint - though this might also have the opposite effect. Or may be go to a Branch with 2 forms of ID and ask them for help? I wouldn't mention MSE as a justification why Santander should unblock your account. There is no connection between MSE and Santander and MSE don't assume any of Santander's risks, so it's not surprising Santander won't unblock accounts by the sheer mention of MSE. Your justification is simply that you want to make a deposit to your Tandem account, and that you are satisfied that your Tandem account is an FSCS protected account with a bank authorised by the FCA. Give Santander the Tandem FCA registration number 204479 if they are still difficult. You can find the reg number in the Tandem T&Cs which are in your app.

For the future: It sounds as if you tried making the payments from Santander to Tandem - right? Have you tried "Pay in using Open Banking" from the Tandem app instead? This should work w/o any hold ups or blocks by Santander.

Band7

Santander’s systems do recognise the Tandem sort code when you set up a payee. They just can’t check the account number account holder name as Tandem don’t participate in COP yet.

Note that even if Santander (or any bank) can verify payee information, this is no guarantee that a payment won’t get blocked or delayed.

Bigwheels1111

Tandem are fine, had a payout from last years fixed in August.
Now have a 5 year fixed at 5% with them.
Keeping the savings under FSCS limit.
I use First Direct to fund all the other accounts and savings as a call sorts out any issues.
Plus they don’t block the account.

xylophone

Long story short…Santander asked me what steps I had taken to ensure that Tandem-was cosher?

Wouldn't it be rather alarming if they were?

garyelder

I’ve got fixed accounts in tandem, no problem I’m sure the big banks just don’t want you to move monies out or they just make it harder 
ive just topped up gatehouse which the banks recognise 4.89 3 year fix that’s now dropped