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Tandem Money Limited has announced that it has signed an agreement to acquire Harrods Bank. The transaction is subject to regulatory approval. The Bank will remain authorised by the PRA and regulated by the PRA and FCA and will continue to operate its business and service its customers. The Bank’s deposits are also protected by the Financial Services Compensation Scheme, the UK's deposit protection scheme, and will remain protected once the acquisition receives regulatory approval.
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1 AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. This allows you to compare easily what return you can expect from your savings over time.
2 The Gross Rate is the rate of interest you would receive on a savings account before the deduction of Basic Rate Tax.