Tandem Bank Limited Credit Rating
Tandem Bank Limited does not currently have a public long-term credit rating from the major agencies, so no rating is shown here. That is common among smaller and newer UK banks and is not in itself a sign of financial weakness — ratings are typically sought by institutions that raise debt in wholesale markets. Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately.
Rating History
Service record: complaints, incidents and customer survey
Complaints: in the FCA's 2024 H2 file (July 2024 to December 2024), Tandem Bank received 88 banking and credit-card complaints. The bank upheld 60% of those it closed and closed 30% within three days. Compare all banks.
Latest News
Is Tandem safe? What the record shows
Tandem has no public credit rating, so there is no agency opinion to report. What follows is the verifiable record instead: each statement is taken from the source named beneath it, last checked 15 October 2026. It is information, not advice.
Banking licence
Tandem Bank Limited (FCA firm reference 204479, company number 00955491) is the former Harrods Bank, a deposit-taker incorporated in 1969 and authorised under that name until Tandem completed its purchase of Harrods Bank in January 2018 with PRA and FCA approval. The purchase gave Tandem a banking licence, a £375 million mortgage book, over £400 million of deposits and £80 million of capital. It trades as Tandem.
Source: Financial Reporter: Tandem gains banking licence as Harrods Bank purchase completes, 11 Jan 2018Ownership and funding
Tandem is privately owned. Its parent, Tandem Money Limited, has been majority-owned since January 2022 by investment vehicles of Pollen Street Capital, a London private-equity firm, which led Tandem's January 2022 acquisition of the lender Oplo and has two partners on the board. The group raised £20 million of Tier 2 capital from Quilam Capital in June 2023, and the parent injected £5 million of equity into the bank in 2024 and £8 million in 2025.
Source: Tandem Money Limited annual report and accounts 2025 (notes 16, 23 and 33), 31 Dec 2025Size
At 31 December 2025 Tandem Bank Limited held £2.26 billion of customer deposits, down 22.5% from £2.92 billion a year earlier (and £3.6 billion at the end of 2023), with £1.28 billion of loans on its balance sheet and total assets of £2.49 billion. The group's assets under management, including securitised second-charge mortgages, were £1.68 billion. Tandem last gave a total customer figure of over 300,000 in June 2024; its 2024 report cited over 155,000 savings customers.
Source: Tandem Bank Limited annual report and accounts 2025 (Companies House), 31 Dec 2025Profitability
Tandem Bank Limited, the licensed bank, made a statutory profit before tax of £5.5 million in 2025, down from £11.6 million in 2024, which was its first statutory profit after losses of £2.8 million in 2023 and £9.5 million in 2022. The wider group, Tandem Money Limited, reported a statutory loss before tax of £8.7 million for 2025 (2024: profit £4.4 million) after £12.1 million of amortisation of acquired goodwill and a £3.4 million provision for motor-finance redress; its underlying operating profit was £17.4 million. The "first full-year profit" announced for 2022 and 2023 was on the group's underlying basis, not statutory.
Source: Tandem Bank Limited annual report and accounts 2025 (Companies House), 31 Dec 2025Capital strength
At 31 December 2025 the Tandem group's Common Equity Tier 1 (CET1) ratio was 15.53% (2024: 17.40%) and its total capital ratio 18.11% (2024: 20.21%), against an overall capital requirement of 14.30%; its leverage ratio was 9.04% and its 12-month average liquidity coverage ratio 443%. The bank entity's CET1 ratio was 16.2% and total capital ratio 18.8%. The accounts say capital generated from profit was outweighed by growth in risk-weighted assets, which is why the parent injected £8 million of equity during the year.
Source: Tandem Money Limited Pillar 3 disclosure 2025, 31 Dec 2025Regulatory record since 2020
No FCA final notice or PRA enforcement action against Tandem Bank Limited or Harrods Bank since 2020 was found; an FCA final-notice search for "Tandem Bank" returns no results. The group has provided £3.4 million for the FCA's industry-wide motor finance commission redress scheme, which started on 31 March 2026, and notes the final cost may be higher or lower.
Source: FCA news search, final notices, "Tandem Bank", 15 Oct 2026Credit ratings
No public rating from S&P, Moody's, Fitch or any other agency was found for Tandem Bank Limited or Tandem Money Limited; the annual report and Pillar 3 disclosure refer to agency ratings only for the treasury securities the bank holds. Tandem funds itself from customer deposits, securitisation, private equity and privately placed Tier 2 debt.
Source: Tandem Money Limited annual report and accounts 2025, 31 Dec 2025Deposit protection
Eligible deposits with Tandem Bank Limited are protected by the FSCS up to £120,000 per depositor, applied separately to each holder of a joint account. Tandem's FSCS information sheet lists Tandem Bank Limited as the only trading name under the licence; its Oplo and motor-finance lending businesses do not take deposits.
Source: Tandem FSCS information sheet (December 2025), 1 Dec 2025Operational incidents
No press-reported outage, data breach or ICO action involving Tandem since 2020 was found. Tandem closed its cashback and Journey credit cards on 2 November 2020, having introduced a £5.99 monthly fee on the previously free card earlier that year, and gave cardholders until February 2021 to repay balances. Its chief executive changed in June 2025 (Neil Chandler replacing Alex Mollart) and its chair in March 2026 (Stephen Jones replacing Paul Pester).
Source: Which?: Tandem and Asda cashback credit cards close, 9 Sep 2020Frequently asked questions about Tandem Bank Limited
Is Tandem Bank Limited safe?
Tandem Bank Limited has no public long-term credit rating from the major agencies, so there is no rating to assess here. A missing rating is not evidence of weakness — many smaller and newer UK banks simply do not seek one. Separately, Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. This page is information about published credit ratings, not financial advice.
What is Tandem Bank Limited's credit rating?
Tandem Bank Limited does not have a publicly available long-term issuer credit rating from S&P, Moody's or Fitch.
Is Tandem Bank Limited covered by the FSCS?
Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. Tandem Bank Limited is recorded with FCA reference 204479. Because protection follows the banking licence rather than the brand, check the current position and which brands share a licence on the FSCS website before relying on it.
Who owns Tandem Bank Limited?
Tandem Bank Limited is owned by Private (VC-backed). Ownership matters for credit ratings because agencies often factor in the likelihood of support from a parent group, and because brands under the same banking licence share a single FSCS limit.
Is Tandem a real bank?
Tandem Bank Limited (FCA firm reference 204479, company number 00955491) is the former Harrods Bank, a deposit-taker incorporated in 1969 and authorised under that name until Tandem completed its purchase of Harrods Bank in January 2018 with PRA and FCA approval. The purchase gave Tandem a banking licence, a £375 million mortgage book, over £400 million of deposits and £80 million of capital. It trades as Tandem.
Is Tandem profitable?
Tandem Bank Limited, the licensed bank, made a statutory profit before tax of £5.5 million in 2025, down from £11.6 million in 2024, which was its first statutory profit after losses of £2.8 million in 2023 and £9.5 million in 2022. The wider group, Tandem Money Limited, reported a statutory loss before tax of £8.7 million for 2025 (2024: profit £4.4 million) after £12.1 million of amortisation of acquired goodwill and a £3.4 million provision for motor-finance redress; its underlying operating profit was £17.4 million. The "first full-year profit" announced for 2022 and 2023 was on the group's underlying basis, not statutory.
Has Tandem been fined by the FCA?
No FCA final notice or PRA enforcement action against Tandem Bank Limited or Harrods Bank since 2020 was found; an FCA final-notice search for "Tandem Bank" returns no results. The group has provided £3.4 million for the FCA's industry-wide motor finance commission redress scheme, which started on 31 March 2026, and notes the final cost may be higher or lower.
Who owns Tandem?
Tandem is privately owned. Its parent, Tandem Money Limited, has been majority-owned since January 2022 by investment vehicles of Pollen Street Capital, a London private-equity firm, which led Tandem's January 2022 acquisition of the lender Oplo and has two partners on the board. The group raised £20 million of Tier 2 capital from Quilam Capital in June 2023, and the parent injected £5 million of equity into the bank in 2024 and £8 million in 2025.