Tandem and Snoop announce partnership

Tandem Bank has announced its partnership with money-saving fintech Snoop.

The collaboration will provide Snoop customers with access to Tandem’s savings product offering, including the innovative and newly launched Top Up Instant Access account, as part of Snoop’s product comparison services.

Snoop is a customer-focused business that uses payments data to provide data-driven, personalised insights to help consumers take charge of their finances and save them time and money.

The announcement follows a series of letters to the big banks from the Treasury Select Committee noting that despite rising BoE interest rates, from 0.25% in January 2022 to 4% today, the banks are failing to pass on better rates to customers – with Barclays, Lloyds, HSBC and NatWest all offering less than 1% on their easy access accounts.

Commenting on the partnership, Paul Lloyd, Snoop’s Co-Founder and CMO, said “Billions of pounds are sitting in savings accounts paying pathetic rates of interest to customers. We are confident that we can help consumers get a much better return on their money – and working with Tandem will be an important part of that.
“Harriet Baldwin, Chair of the Treasury Committee, recently noted that the most powerful tool consumers have is to take their money elsewhere, and she’s right. The big banks are unlikely to change their ways, so it’s our job to point and nudge people to act and take control of their money.”

Tandem Bank’s Director of Savings, Ben Mitchell, said “While the big banks take their savings customers for a ride, Tandem’s focus is all about rewarding customers and competing at the top of the best buy tables to give savers a good return on their hard-earned money.”