The Tandem thread

Just received this email. I’ve looked at the information required fields in-app.

They want employment status, sector and salary band, seemingly in order to satisfy regs, avoid fraud and provide a better service.

On the face of it, no big deal……but salary band?

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How bizarre. Why not just ask for gross salary?

I’m wondering why ask at all?

Good point - the Chase application is still in my mind but this is a savings account, isn’t it?

Yep, that’s all it is, these days.

I suppose they still have to consider money laundering and the more information you give, the more they can check against your credit records.

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I wonder why they come asking so far down the line. Almost as if they didn’t realise it was sensible to ask up front.

I don’t recall, though, be asked for income info with previous savings providers.

I’ve been asked when applying to investment platforms but I think they might have a duty of care to consider.

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Got the same email today. Wonder what happens if I ignore them? I don’t use my Tandem account anyway so wouldn’t mind closing it

Just checked my Tandem app, as had not received an email, and noticed that I must have completed it on application as it’s already in there.

Doesn’t ask for specific income, just which band you fall in. Probably why I didn’t give it a second thought tbh

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Just received an email from Tandem about them taking over a lender, Oplo:

We are pleased to announce that Tandem is completing the purchase of a consumer lender called Oplo https://www.myoplo.co.uk/. You may see this mentioned in the media. We have also announced this on our website https://www.tandem.co.uk.

You do not need to do anything
There is no change to your terms and conditions with Tandem. Your interest rate and the contact channels you have for us remain the same. If you have savings with us, they remain safe and protected, subject to financial limits, by the Financial Services Compensation Scheme.

If you have any questions, please get in touch with us via the in-app chat, using [email protected] or call on 0203 3700 970.

Meanwhile, thank you for choosing Tandem.

Tandem

Email from Tandem, 20 May 2022:

Great news! We’re just about to increase the interest rate on your Instant Saver to 1.24% gross / 1.25% AER, and we can’t wait to help you save and hit your money goals.

We’ll apply this higher rate to your account automatically, so you don’t need to do anything and you don’t need to contact us. Your account will update and you’ll see your new rate in the app by the end of the day on Monday the 23rd May 2022. Happy saving.