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Tandem tops fixed-rate savings tables, but move fast to bag new deal

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Challenger bank Tandem has increased the rate on its one- and two-year fixed term bonds, taking it to the top of both best buy tables.

The app-only bank pays 2.05% on its one-year fixed saver, 0.03% more than the next best deal from OakNorth.

It has also upped the rate on its two-year product from 2.25% to 2.30%, putting it on a par with Charter Savings Bank.

Anna Bowes, co-founder of rate monitoring site Savings Champion, said: “It’s such good news for savers to see this ongoing battle among the short-term fixed rate bond providers and it would be great to see some of the other prominent providers reacting.”

Tandem requires a minimum deposit of £1,000 and you can only make one lump sum deposit into the account.

Don’t hang around

If you like the sound of this deal, you’d be wise to move fast.

Bowes said: “With this bond topping the tables, savers shouldn’t hang around if they want to have a piece of the action – we’ve seen a number of best buy accounts withdrawn in record time recently, so those who hang around might miss out.”

Last month, Nottingham Building Society withdrew its market-leading instant access account after just two days due to demand.

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