Savings FAQs

Applying for a Fixed Saver

How do I apply?
Head to our Fixed Saver page to read all about it and sign up.
Who can open a Fixed Saver?
In order to apply for a Fixed Saver, you must:
• be at least 18 years old
• currently have an address, and three years address history in UK
• have a UK current account
What are the products and rates currently available? 
We currently offer a 1, 2 and 3 year Fixed Saver, please check the Fixed Saver page for the current rates. 
How much can I deposit?
The minimum deposit is £1,000, and you can deposit up to a maximum of £2,500,000. We’ll ask you how much money you’d like to deposit with Tandem during the application process. When transferring money to your Fixed Saver, you’ll need to ensure it’s for the amount you pledged during the application process, if you send more than your pledged amount we will return your payment.
What is my linked current account?
During your application, we’ll ask you to link a current account.
This is the account you must use to make your payment into your Fixed Saver. It is also the account we will pay interest into, and where we’ll return your money to at the end of your fixed term if you’ve decided not to re-invest your money with Tandem.
It must be a UK current account, held by you.
How many payments can I make into my Fixed Saver?
You can only make one single payment in from your linked current account. You can’t top up the account afterwards.
The deposit must be the amount you pledged when you signed up for the account, if you send more than your pledged amount we will return your payment.
How long do I have to fund my Fixed Saver?
You have 14 days from account opening to fund your account. If you don’t make a payment to fund your account during this time, we’ll close your account.
How is my money protected? 
Eligible deposits that you hold with Tandem Bank Limited are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme.
The total value eligible for protection is up to £85,000. This limit applies to each individual and to the total of any deposit balances you have (across all account types) with Tandem Bank Limited. Any deposits that you hold which exceed this figure are not covered by the scheme.
Most depositors (including individuals and small businesses) are covered by the scheme. Larger companies are generally excluded. For more information, please visit: https://www.fscs.org.uk/.
Can I open more than one Fixed Saver? 
Yes, you can open more than one account. 
Can I open a joint account?
We currently only accept single applicants for new Fixed Saver customers. 

Managing your Fixed Saver

How will I receive my interest? 
You start to earn interest on your savings from the day your deposit clears.
We pay interest annually to your linked current account on the anniversary of your deposit.
How can I manage my Tandem Fixed Saver?
You can see your account balance in the Tandem app. For anything else, please call us on 0203 370 0970, 8am-6pm Monday to Friday. We’re happy to help.
What happens when my Fixed Period ends?
We’ll contact you at least 30 days before your fixed period is due to end to ask you what you’d like to do with the money. You can ask us to move all the money (not part of it) to your linked current account or to another Tandem account. If we don’t hear from you before your fixed period ends, your account will remain open, but you will earn interest at the same rate as on our Instant Saver account. This will usually be a lower rate of interest.
Can I withdraw money?
You can’t take any money out of a Fixed Saver account until the end of the product term.
Will I receive a statement of my account?
We send you a statement annually and at the end of the fixed period. You can also request a statement at any time - just call us on 0203 370 0970 and we’ll sort it out 8am-6pm Monday to Friday.
Will I receive a certificate of interest?
We send you a certificate of interest annually, the letter is issued shortly after the closure of the tax year. The letter confirms the interest you’ve earned within the previous tax year.
You can also request a copy of your certificate of interest for the previous tax year at any time - just call us on 0203 370 0970 and we’ll sort it out 8am-6pm Monday to Friday.
What’s included in the certificate of interest?
The letter confirms the interest you’ve earned from your Tandem savings account within the previous tax year. We don’t take any tax off the interest we pay you.
Your Personal Savings Allowance is the amount of interest you can receive tax free and depends on your taxable income. You may have to pay additional tax. You can find more information by searching Personal Savings Allowance on www.gov.uk.
I need to change my name. What do I need to do?
Give us a call on 0203 370 0970 and we’ll run you through the process, 8am-6pm Monday to Friday. Once we’ve spoken to you, we’ll ask you to send us a certified copy of one of the following documents as proof of your change of name. We accept three types:
• a copy of your Marriage Certificate
• a copy of your Decree Nisi/Decree Absolute
• a copy of your Deed Poll Notice
I need to change my address or phone number. What do I need to do?
Give us a call on 0203 370 0970 and we’ll sort it out 8am-6pm Monday to Friday. We’ll need to ask you some questions to confirm your identity.

If you opened your Savings account with Harrods Bank

What happens when my Fixed Period ends?
We’ll contact you at least 30 days before your fixed period is due to end to ask you what you’d like to do with the money.
If we don’t hear from you before your fixed period ends your funds will be paid to your Call Deposit Account in line with the terms and conditions of your product.
If you have any other questions about your legacy Harrods products or the acquisition, please click here .