Keeping track of your spending and saving money can both be a chore but there are apps out there to make your life easier. Take a look at this Tandem review to see how technology could help you. Plus, you can earn a free £10 Amazon voucher using my referral code.
One of the advantages for me writing about money is keeping up with all the latest apps. I love my phone (probably too much) and couldn’t believe my luck when several years back, Santander brought out their own app. Although it was quite limited, it allowed me to keep a closer eye on my balance.
But technology has come on a fair amount, even in such a short time. Open Banking has meant that you can link your current account to 3rd party apps. These apps can then analyse your spending and even work out how much you can save.
This is where Tandem comes in.
What is Tandem?
Taken from their website:
Tandem is rethinking banking. We’re starting with an app that helps you manage your money.
We automatically show you how much you can spend each month. We alert you when we notice your bills increase or a payment comes in. We help reduce your bills by finding you better deals to save you money.
But don’t think that Tandem stops there. They also offer fixed saver rates and credit cards.
Is my money safe with Tandem?
Unlike some other similar apps, Tandem is covered by the Financial Services Compensation Scheme (FCSC). That means that if something should happen to Tandem, you are covered by up to £85,000
Before I touch on the good and the bad, I’ll briefly explain the extra services that Tandem offers.
The fixed-rate saver allows you to put money away for a fixed term of between 1-3 years. The advantage is that you will earn more interest compared to a current account or most cash ISA’s. However, that money is there for that period and you cannot withdraw it.
There are also 2 credit cards on offer. One is aimed at people with poorer credit ratings and has a lower limit.
The other card has higher limits and gives 0.5% cashback on all your spending. This is competitive compared to some other cashback credit cards. However, it’s only worthwhile if you pay off the balance each month.
My favourite feature of the Tandem app is that it works out how much your upcoming bills are and whether you have enough money to cover them. You can customise this feature, by selecting a start date (for example payday) and adding or deleting expected bills. Tandem handily lists your most common bills, so it’s just a matter of checking or unchecking a box.
You can also find out a useful summary of your current account, which gives you a breakdown of your merchant spending and whether you have spent more or less compared to previous months.
There are also several options when it comes to automatically saving money. You can set up an amount of your choosing to be transferred out of your current account each week.
Or you can use ‘Round Ups’. As it sounds, it rounds to the nearest £ every time you make a purchase and transfers the money to your Tandem account. For example, if a coffee costs £2.20, at the end of the week Tandem rounds this up to £3 and will transfer 80 pence from your current account.
Finally, there is ‘Safe To Save’. With this turned on, Tandem works out how much you can afford to save judging by your weekly activity.
You can use all of these options or none if you would prefer.
The upcoming bill’s section is a little hit and miss at first. The app struggles slightly to determine some regular bills compared to one-off payments. So it’s best if you manually edit this part.
The interest rates you receive aren’t great. Your Tandem account pays 0.5%, which is a little low when you consider one of its rivals Chip pays 1%.
The fixed savings rates are competitive, but you can find better value if you shop around. Plus the minimum deposit amount is £1000, whilst companies like the Post Office only ask for £500.
My Tandem review conclusion
I like this app but… it’s not particularly groundbreaking. There are plenty of similar apps out there that do exactly the same job. The upcoming bills feature is very useful but the interest rates let it down slightly.
I like that Tandem offers a cashback credit card, which can be incredibly useful if used wisely.
When looking at which finance app is best for you, you need to weigh up which features are most important.
But, there is no harm in trying these apps for yourself. And, if you use my Tandem referral link, we both earn a £10 Amazon voucher!
Click the link and follow the simple steps to set up your Tandem account and switch on Autosavings to start saving too. Don’t worry, this only takes a few minutes and they will just need their current account and debit card information to hand.
If my Tandem review has you interested in finance apps, why not take a look at my Plum review? An app that has helped me save over £1000!