Tandem - Open Banking with unused bank

c129876

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)

phillw

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? 

The default for Tandem is to not authorize balance or transaction history anyway.
What issue do you think there could be?

I don't keep money in any current account anyway.

flaneurs_lobster

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 only

                         .

Wheres_My_Cashback

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)

                         .

Suggested banks by Tandem are all Open Banking, but that doesn't mean you can't use non-OB banks.
They just have to be manually connected on request.

refluxer

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.

Khaderbhai

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)

                         .

Suggested banks by Tandem are all Open Banking, but that doesn't mean you can't use non-OB banks.
They just have to be manually connected on request.

How do you do the manual request? Thanks

BarGin

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)

                         .

Suggested banks by Tandem are all Open Banking, but that doesn't mean you can't use non-OB banks.
They just have to be manually connected on request.

How do you do the manual request? Thanks

Use chat to make your request. Give them your bank's details. They will probably ask you to send them a statement to prove the account is yours.

Wheres_My_Cashback

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)

                         .

Suggested banks by Tandem are all Open Banking, but that doesn't mean you can't use non-OB banks.
They just have to be manually connected on request.

How do you do the manual request? Thanks

As above, app chat or phone, just supply account details, no statements required. Mine was set up and ready to use in about an hour.

Millyonare

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?

phillw

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?

Whenever you want to use the app it will decide you need to re-authenticate and get a text message, it often sends you to the lock screen after about 30 seconds and sometimes when you unlock it then it will just be back at the main screen & you have to start again doing whatever you were doing.

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.

morgmonster

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?

Is that on Android? In the app store on my iphone I see 4.3/5. Having said that, scrolling through by most recent the latest reviews aren't great, but there are very few, I only count 12 since Jan 2023?! If only 12 users this year have had experiences bad enough to moan about on the app store it is pretty good going! FWIW I've been a customer for about a year and have had no problems in either setting up or using the app. I have 2 fixed rate savers (counting down the days til my 3.30% one ends on September 5th  ) and an instant saver.