Saving with tandem

Funqi

This is the 1st time we've ever started saving.

We've been living with my parents for a while now. We used our mortage worthiness to get a re-mortgage on their house (they're too old), just 65k. Luckily we got it fixed until 2029 before the interest rates went bonkers.

With rates being so high and house prices coming down, we decided to stay put for now, put the money we have in a savings account and keep adding to it until we have enough buy a house hopefully ever closer to here. We're in London, so at best, we're hoping to buy a wreck that I can refurbish myself, somewhere within 2hrs drive.

The money is split between mine and my wife's accounts, so we both downloaded the tandem app recommended here. I'm just so nervous about depositing such large (to me!) sums into an app. Just need some reassurance I suppose that they're not gonna disappear with my one & only change to get a house!

Bigwheels1111

I’ve been with Tandem for over 2 years, Never had any issues at all.
Before I fixed last year I had 84k in their easy access account.
As long as the bank is FSCS protected you will be fine.
When I join a new bank or take out savings I like to ring them with a few questions.
That way you see how long they take to answer, how helpful and knowledgeable they are.
I suspect you will have more trouble with your own bank than Tandem, as they don’t like to send large balance transfers.

Funqi

Thanks, that's good to know. I have read a lot that their customer service is good.

It's just that I had never heard of them until yesterday, but all that I've searched about them says it's all good, otherwise they wouldn't even be on this site.
I'm just really nervous about putting a lot of money into a bank I'd never heard of, that's only on an app.
Like you say, I have found a few good reasons in the past to be less trusting of the high street names!

safe_hands2

I've been with Tandem for a while. Had their credit card (which I still miss!) and have had a fixed rate savings account and now ready access. Never had any problems with reliability of app, customer service, etc.

wmb194

Funqi said:

Thanks, that's good to know. I have read a lot that their customer service is good.

It's just that I had never heard of them until yesterday, but all that I've searched about them says it's all good, otherwise they wouldn't even be on this site.
I'm just really nervous about putting a lot of money into a bank I'd never heard of, that's only on an app.
Like you say, I have found a few good reasons in the past to be less trusting of the high street names!

In the 'about - shareholders' link on the homepage of its website it has an annual report-like document that goes into what it does and its finances.

https://assets.website-files.com/62a364a1705cce548303c9aa/64940dc0c32a3c2b9fd791c7_Tandem%20Shareholder%20Annual%20Review_June%202023.pdf

jaceyboy

Tandem very good, had all my money with them until Chip came along and beat their rates, currently waiting for Chip to beat them or I shall return to Tandem.

dgpur

Funqi said:

This is the 1st time we've ever started saving.

We've been living with my parents for a while now. We used our mortage worthiness to get a re-mortgage on their house (they're too old), just 65k. Luckily we got it fixed until 2029 before the interest rates went bonkers.

With rates being so high and house prices coming down, we decided to stay put for now, put the money we have in a savings account and keep adding to it until we have enough buy a house hopefully ever closer to here. We're in London, so at best, we're hoping to buy a wreck that I can refurbish myself, somewhere within 2hrs drive.

The money is split between mine and my wife's accounts, so we both downloaded the tandem app recommended here. I'm just so nervous about depositing such large (to me!) sums into an app. Just need some reassurance I suppose that they're not gonna disappear with my one & only change to get a house!

As much as we can ever know these things Tandem are safe. Been with them for ages, easy access and fixed rate, and never had an issue. Don’t forget, as well, that as a couple you are covered up to £170,000 should they ever go under.

Zaul22

Apparently they don't make profit but they are good enough that it's only a matter of time until they start to. You should never need FSCS with Tandem but it's there if you do. 

jimroy

Tandem are a good, profitable and ethical bank. I’ve been with them for years. Even as a credit card customer. I read this interesting article about them recently.
https://www.altfi.com/article/tandem-bank-on-the-hunt-for-london-home

They also won the Savings Champion 2023 award for Best App Based Savings Provider. 

And unlike Chip (who I’ve been with for years too), you can set up more than one account to transfer money in and out of via Open Banking, without leaving multiple footprints. 

VNX

Been with Tandem for about six months, I too had reservations as app only but they have been faultless great customer service, good rate (an increase wouldn’t go amiss 😉) 

simple easy app quick withdrawals and deposits if they fall behind (for me this is about 0.5% difference) I’ll move but up to 0.5% I’ll stick 

VKE

Been with Tandem for a while now and have no complaints; adding funds or withdrawing funds is easy and quick