When deciding between Revolut and Tandem, it’s important to evaluate which features best align with your financial needs.
This comparison will highlight key differences, from mobile banking capabilities to specific benefits, helping you make an informed choice.
Revolut
Tandem
How do Revolut and Tandem compare?
Revolut and Tandem are two mobile banks that offer digital financial services, each with its own focus and target market. Both platforms provide innovative features, making it easier for customers to manage their finances on the go.
Revolut, a UK-based digital bank, is known for its global approach to banking. It offers international services, including multi-currency accounts, free overseas ATM withdrawals, and cryptocurrency trading and investment options. Revolut’s mobile app allows users to manage their finances seamlessly, especially for those who need to handle multiple currencies or travel frequently. While Revolut provides a free basic account, premium services, such as unlimited foreign exchange and travel insurance, come with a fee.
Tandem, also based in the UK, focuses on offering a comprehensive range of banking products to local residents. It provides personal loans, credit cards, savings accounts, and cashback rewards for credit card purchases. Tandem’s approach is more centered on providing traditional banking services, but with a digital twist, making it easier for UK residents to access everyday financial products. The platform generates revenue through interest on loans, credit cards, and overdrafts, as well as fees for credit card transactions and balance transfers.
In terms of features, both Revolut and Tandem offer virtual and physical debit cards, mobile payments, and budgeting tools. However, Tandem stands out with its credit card offerings, which include cashback rewards, and its variety of financial products, including loans and savings accounts. Revolut, on the other hand, differentiates itself by offering a more robust set of international banking features, such as currency exchange and cryptocurrency services.
Overall, Revolut is a great choice for frequent travelers or individuals who need to manage multiple currencies and international transactions. Tandem, however, is better suited for UK residents who are looking for a full range of banking services, including personal loans, credit cards, and savings accounts, along with the added benefit of cashback rewards. Both banks offer unique advantages depending on customer needs.
Founded: 2015
Headquarters: London, UK
Users: +45 million
Countries available: 35
Account plans: 5 plan options
Go to Revolut
Founded: 2013
Headquarters: London, UK
Users: +2 million
Countries available: United Kingdom
Account plans: savings accounts
Go to Tandem
Other comparisons about Revolut and Tandem
Why use a digital bank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Neobanks offer highly accessible, user-friendly mobile apps designed for a smooth, modern banking experience. Unlike traditional banks, which rely on complex processes and paperwork, neobanks provide a streamlined interface where users can manage finances, track transactions in real-time, and set up alerts with ease. This straightforward, app-based experience appeals to tech-savvy users and businesses alike, offering a practical solution for efficient financial management.
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.