Challenger financial institution Tandem to shop for Harrods Financial institution – what it approach for you

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A challenger financial institution is about to shop for Harrods Financial institution, in a transfer which might see present consumers of the posh retailer’s spin-off moved throughout to the Tandem logo.

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The deal, so that it will lead to £eighty million of capital to app-primarily based financial institution Tandem, continues to be watching for approval from the Monetary Behavior Authority and the Prudential Law Authority, so complete main points are but to be introduced.

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Tandem hit a stumbling block in advance this yr while a considerable funding from the corporate at the back of Space of Fraser used to be withdrawn, resulting in it dropping its banking licence. If authorized, this new deal may see Tandem achieve Harrods’ licence. Approval may just come within the subsequent couple of months, although there is not any set timeline.

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What if I am a Harrods Financial institution consumer?

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Harrods Financial institution lately gives financial savings debts, mortgages, global cash transfers and gold bullion, and has prior to now featured in our best possible buys for simple-get entry to and glued-fee financial savings bills.

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If the deal is authorized, all of Harrods Financial institution’s consumers will probably be moved to the Tandem logo.

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If you are in the course of a hard and fast financial savings deal, Harrods Financial institution says the phrases and stipulations will stay the similar, together with the rate of interest – we now have requested if you are able to shut your account early if you do not want to be moved to the Tandem logo, however actual main points would possibly not be finalised till the deal’s authorized.

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Any cash you’ve stored with Harrods is lately safe as much as £eighty five,000 by way of the Monetary Products and services Repayment Scheme, and if the deal is going in advance, it is going to remain safe beneath the Tandem logo.

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Without reference to whether or not the deal is going in advance, Harrods Financial institution will close its most effective department in its Knightsbridge retailer, prevent providing industry and private present debts and shut a few older financial savings debts. Affected consumers are being despatched letters, and a spokesperson for Harrods Financial institution stated those adjustments were agreed sooner than the Tandem deal.

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