By Oliver Smith on Monday 1 August 2022
The bank aims to tap into a more diverse source of deposits via Raisin.
Tandem Bank is looking to diversify its deposit-raising channels via a partnership with savings marketplace Raisin UK.
The tie-up will see Tandem’s fixed-term and instant access saving accounts listed on Raisin, but the bank says it hopes to list more products on Raisin in the future.
Raisin’s distribution partnerships also mean that Tandem’s products will end up on Aviva’s Save platform and AJ Bell’s Youinvest hub.
“With the cost of living crisis, Brits are understandably keen to look for the best rates for their hard-earned cash, and they now have the choice of coming to Tandem direct, or accessing Tandem’s savings products through the Raisin marketplace,” said Ben Mitchell, director of savings at Tandem Bank.
Tandem is in the midst of a transformation from credit card provider to green lender, with the acquisition of green property lender Allium and consumer lender Oplo.
The bank will launch on Raisin with rates including a one-year fix at 2.75 per cent and a five-year fix at 3.15 per cent.
“Many of our savers are seeking a savings provider with commitments to providing fairer and greener financial choices complemented by an exceptional online experience and Tandem fits the bill beautifully,” said Kevin Mountford, co-founder of Raisin UK.
