Tandem
Last Rated in Sep 2024
We love Tandem! The bank has no commercial lending, it is measuring all of its greenhouse gas emissions, has a clear policy on not lending to the fossil fuel sector as well as credible climate targets.
Tandem's greener marketplace helps consumers understand how sustainable their homes, transport and lifestyles are, and ultimately access suitable financing solutions.
Have you opened an account with Tandem since visiting Bank.Green?
Key Facts
Type: Bank
Mobile Banking: Yes
Environmental Policy: No
Founded: 2014
Serving: Consumers
Local Branches: No
Products
Checking Accounts: No
Savings Accounts: Yes
Credit Cards: No
Mortgages or Loans: Yes
Business Lending: No
ISAs: No
Fees
Overdraft Fee: Yes
Account Maintenance Fee: Yes
Free ATM Network: No
Impact
• Its acquisition of the green loans specialist Allium in 2020 allows Tandem to offer home loans for renewable energy or energy efficiency upgrades. For example, loans are available for solar panel installation, loft and wall insulation and energy-efficient windows.
• In partnership with the carbon-tracking firm Cogo, Tandem helps its customers to monitor purchase-associated greenhouse gas emissions, although the merit of personal carbon footprint calculations is debatable.
• Tandem is a member of the Green Finance Institute’s Coalition for Energy Efficiency of Buildings (CEEB), which aims to develop the UK’s net zero and climate-resilient buildings market.
Security
• Tandem is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
• Tandem is registered with the Financial Services Compensation Scheme, so your money is insured against loss up to £85,000 in total.
• The Tandem app harnesses biometric security technology, such as the option to log in with a fingerprint.
• Tandem’s Open Banking functionality requires customers to verify their accounts by linking to a non-Tandem account, which has raised fraud/scam concerns; Tandem counters that this is a one-time link and Open Banking can be side-stepped by concerned customers.
• Some customers have complained that the app’s SMS verification processes can be overly restrictive and repetitive.
Service
• Tandem’s customer service line is open Mon-Fri, 9am-5pm, or customers can use email or the app’s live chat function to get in touch.
• As of April 2023, the majority of online reviews suggest that Tandem’s helpline and live chat tools are fast, efficient and effective.
• Tandem is active on social media, replying promptly to Twitter queries during office hours.
• Tandem doesn’t have a publicly stated complaints resolution process.
• The app is compatible with Talkback screen readers.
Accessibility
• Tandem’s app is predominantly reviewed as easy to use.
• Tandem offers savings accounts only and all customers must be at least 18 years old.
• Tandem’s phone line is only open during traditional office hours, which some customers may find inconvenient.
• Tandem is a member of the Open Banking network, which facilitates fast transfers to and from 75+ financial institutions. Conversely, arranging transfers with non-Open Banking members is slow, because it requires contacting customer services. Furthermore, account holders can only arrange transfers with UK banks.
• Being an industry newcomer can impact upon Tandem’s service quality. For example, as of February 2023, Tandem was yet to join the UK Payment Systems Regulator’s Confirmation of Payee service, which monitors whether or not a payee names matches its associated account number. This can trigger delays and pauses on interactions with other banks that are already using the service.
Curious about switching to a green bank?
See how easy it is to make the switch.
Give a free donation to Bank.Green by allowing us to help.
Learn more about the impact your switch could have.