Tandem - Open Banking with unused bank

c129876
Forumite Posts: 33
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Thinking of opening a Tandem account at 5% but saw they use open banking which I'm not too familiar with.
If I have a bank account that I don't really use (has zero balance unless I move money to it for a specific purpose), is there any issue with linking this bank to them? Then I can move savings to that account in order to fund Tandem as and when?
Also, presumably they do not hard credit check? (trying to minimise this due to mortgage application in unknown amount of time)
If I have a bank account that I don't really use (has zero balance unless I move money to it for a specific purpose), is there any issue with linking this bank to them? Then I can move savings to that account in order to fund Tandem as and when?
Also, presumably they do not hard credit check? (trying to minimise this due to mortgage application in unknown amount of time)
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Comments
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c129876 said:If I have a bank account that I don't really use (has zero balance unless I move money to it for a specific purpose), is there any issue with linking this bank to them? Then I can move savings to that account in order to fund Tandem as and when?
What issue do you think there could be?
I don't keep money in any current account anyway.
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c129876 said:Thinking of opening a Tandem account at 5% but saw they use open banking which I'm not too familiar with.
If I have a bank account that I don't really use (has zero balance unless I move money to it for a specific purpose), is there any issue with linking this bank to them? Then I can move savings to that account in order to fund Tandem as and when?
Yes this is fine, as long as the linked bank allows open banking (most do)
Also, presumably they do not hard credit check? (trying to minimise this due to mortgage application in unknown amount of time)
Soft check only1 -
flaneurs_lobster said:c129876 said:Thinking of opening a Tandem account at 5% but saw they use open banking which I'm not too familiar with.
If I have a bank account that I don't really use (has zero balance unless I move money to it for a specific purpose), is there any issue with linking this bank to them? Then I can move savings to that account in order to fund Tandem as and when?
Yes this is fine, as long as the linked bank allows open banking (most do)
They just have to be manually connected on request.
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I've was able to connect my Tandem account to a secondary, little-used current account without any issues and have already used it to make some payments. I've got all the optional Open Banking settings turned off.
The reason I had to resort to this was that I wasn't able to connect it to my main current account, despite it being on the list of suitable banks and one of the biggest high-street banks in the country. It opened the bank's app but didn't take me to the Open Banking approval screen I was expecting - it simply logged me in to the main page in the app. Switching back to the Tandem app showed it waiting for a response. While I rarely have an issue using this current account as a nominated account for almost every savings account I have, I did have one issue with Charter recently which flagged up the possibility that the fact that I've had the account for so long (since the 1990s) might actually cause problems for some banks. Essentially, it's too old for certain banks to verify, although that may not necessary explain this issue with Tandem of course. The phone is new and running the latest version of Android with all apps updated so I'm happy it's not a technical issue, from my end at least.1 -
Wheres_My_Cashback said:flaneurs_lobster said:c129876 said:Thinking of opening a Tandem account at 5% but saw they use open banking which I'm not too familiar with.
If I have a bank account that I don't really use (has zero balance unless I move money to it for a specific purpose), is there any issue with linking this bank to them? Then I can move savings to that account in order to fund Tandem as and when?
Yes this is fine, as long as the linked bank allows open banking (most do)
They just have to be manually connected on request.0 -
Khaderbhai said:Wheres_My_Cashback said:flaneurs_lobster said:c129876 said:Thinking of opening a Tandem account at 5% but saw they use open banking which I'm not too familiar with.
If I have a bank account that I don't really use (has zero balance unless I move money to it for a specific purpose), is there any issue with linking this bank to them? Then I can move savings to that account in order to fund Tandem as and when?
Yes this is fine, as long as the linked bank allows open banking (most do)
They just have to be manually connected on request.0 -
Khaderbhai said:Wheres_My_Cashback said:flaneurs_lobster said:c129876 said:Thinking of opening a Tandem account at 5% but saw they use open banking which I'm not too familiar with.
If I have a bank account that I don't really use (has zero balance unless I move money to it for a specific purpose), is there any issue with linking this bank to them? Then I can move savings to that account in order to fund Tandem as and when?
Yes this is fine, as long as the linked bank allows open banking (most do)
They just have to be manually connected on request.0 -
Tandem has appalling low ratings in the app store. Just 2 stars (out of 5). What is wrong with its app? Anyone care to share a few pointers, from experience?0
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Millyonare said:Tandem has appalling low ratings in the app store. Just 2 stars (out of 5). What is wrong with its app? Anyone care to share a few pointers, from experience?
I'm trying to get money into the account, but the open banking method only seems to work randomly.
Even when it works, the money doesn't show up for a couple of hours. I've received a notice from my bank that a withdrawal was requested, but a failure from Tandem.
For now the rest has gone back to chip and I'll deal with it tomorrow.
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Millyonare said:Tandem has appalling low ratings in the app store. Just 2 stars (out of 5). What is wrong with its app? Anyone care to share a few pointers, from experience?
) and an instant saver.
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