The Financial Services Compensation Scheme (FSCS) is a government-backed scheme that is in place to protect your money if the financial institution holding it fails and is unable to pay it back to you.
The scheme applies to banks, building societies, credit unions and other financial institutions, that are authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA).
It protects the first £85,000 you have saved, per authorised firm. The limit applies to individuals and companies, not accounts. This means that for joint accounts the limit applies to each named account holder.
Always check if your financial provider is FSCS protected before opening an account or depositing money. You can use the FSCS checker.
If you have over £85,000, consider spreading it across multiple FSCS-protected institutions to keep your money safe.
Some banks share the same license, so the £85,000 limit may apply to both. Check this before moving money to a new account.
Yes! In the unlikely event of Tandem facing difficulties, the FSCS will compensate you (up to £85,000) if we are unable to pay back your money.
You can find out more about how the Deposit Guarantee Scheme works and how much of your savings are protected in the FSCS information sheet available in the Tandem app or online here.
You can double check Tandem is protected using the FSCS bank and
savings protection checker.
Available on both the App Store and Google Play.
Open an account and start saving in seconds.
