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Tandem surpasses £3 billion in deposits

Tandem, the UK’s greener digital bank, is seeing a significant rise in those customers opting for socially responsible providers, with the fintech more than doubling its deposits and customer numbers for the second consecutive year, passing through £3bn – a significant milestone for fintechs.

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Savings pots live
Tandem has also announced two new features for savings customers live today: Savings Pots, allowing customers to split savings into separate pots to help them save for hobbies, gifts, travel, or specific goals; and regular transfers, allowing customers to set up an automatic recurring payment directly into their account via the Tandem app.

It follows a period of transformation for the bank over the past two years, pivoting to be a specialist green digital bank - focussing activity on helping more people to choose a greener lifestyle.

Over 68% of the bank’s loan book supports green initiatives, with further green products and propositions in development and the bank breaking into profitability as reported in its 2022 Annual Report. Tandem does not invest in fossil fuels or similar destructive industries. Instead, money held in Tandem savings accounts is used to fund its lending products, which include greener home improvement loans for energy efficient improvements, such as solar panels and air source heat pumps.

Award winners
Tandem’s offering has also seen external recognition with the bank winning two awards, including Best App-Based Savings Provider, at the Savings Champion Awards for the second year in a row.

The promotion of Tom Ellmers to Savings Director under the bank’s succession planning will also ensure that Tandem continues to evolve and growth its suite of savings products across fixed rate and instant access. The bank’s significant growth illustrates its leading proposition and the increase of climate-savvy savers.

Alex Mollart, Tandem Chief Executive, said: “It’s a pleasure to see our work have an impact. Savings is only one part of the Tandem family, but to see it push through expectations is brilliant. Under Ben Mitchell’s leadership, we’ve seen over significant growth and some exciting product developments brought to market - I’d like to thank him and the team for their hard work, but know more successes are in train with Tom taking the reins.”
Speaking about his new role, Tom Ellmers, Savings Director, Tandem, said: “Having joined Tandem in August 2022, I’ve been able to see the journey the bank is on as we focus on our green mission. Savings is no different and I’m delighted to step into my new role. As well as our usual fundraising in which Tandem is well set, it’s a pleasure to have such an impact in creating a truly market-leading proposition for savers. I’m proud of the significant growth we’ve seen already, but this is only the start. We have a full green roadmap in train to encourage savvy savers, including exciting product updates, enhancements to our app, and some exciting partnerships. But we’ll also continue to compete on price - offering a truly leading proposition. I can’t wait to bring each element to market.”

Sustainability is increasingly an important factor for consumers. A recent survey, published within Tandem’s Green Gap report, illustrated 59% of the UK believe a commitment to sustainability is important when considering financial products.

Benefiting customers’ pockets and the planet, Tandem offers greener ways to save, borrow, spend and share. From low emission motor loans, to lending for greener home improvements, to EPC discount mortgages and green savings, its products make it easier for more people to choose a greener lifestyle - helping save money, whilst reducing carbon footprints.

Tandem Bank is fully licenced and covered by the Financial Services Compensation Scheme (FSCS), covering up to £85,000.

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