Harrods calls time on bank after 125 years

HARRODS Bank, a brand that has been around since 1893, has disappeared, following its sale to newcomer Tandem bank.

The banking arm of one of the world’s most famous department stores — based in Knightsbridge, London — had some £400million in 10,000 savings accounts, which have been transferred to the new digital bank.

Ex-Harrods customers can still run accounts by post or phone (020 7225 6789). Tandem is writing to them about changes. Account terms and conditions remain the same, including the interest rate on the fixed-rate bonds.

Tandem will also alert those with the popular Harrods fixed-rate bonds as they approach their maturity date, to spell out options.

Savers with Tandem are covered up to £85,000 under the UK compensation scheme if the bank runs into trouble, in the same way as they were at Harrods Bank.

The bank plans to offer new savings accounts, which will be on sale through its app.

The launch of its one and twoyear fixed-rate bonds is imminent.

The current best deal for one year is 1.8 pc from Aldermore Bank, available online, or 1.9pc at Atom Bank, through its app.

For two years, online Masthaven pays 2 pc and Atom 2.1 pc.