The Top Easy Access Savings Discussion Area

jimexbox

Freedommm said:

Signed up with Tandem. 
This is a very different experience to Coventry. Only took minutes, completely electronically, zero hassle.
One thing I don't understand is why they insist on accessing info on your existing bank accounts elsewhere. Wny is it any of their business to snoop on you? 

You have to agree to open banking?

soulsaver

Found the Top Up, so called, terms (My bold):

"T O P  U P
A Top Up interest rate may be applicable to your account. This rate is also variable and as per your interest rate, if we decide to increase your Top Up, we may do so with immediate effect and inform you afterwards. If we decide to reduce your Top Up, we’ll give you at least 30 days’ notice before the change comes into effect. If we do offer a Top Up, you will need to add the Top Up to your account either in the app, or by giving us a call.

We will provide you with details of the relevant terms applicable to that Top Up, including the applicable rate, how this will be calculated, and the length of time for which the Top Up will apply.   If you have topped up your rate, we will automatically apply any changes to the rate to your account until your top up expires. We will write to you with 30 days’ notice to let you know when your Top Up is expiring."


No clarity in what circumstances the Top Up may not be applicable? In what circumstances you may not be offered the Top Up?

They'll going in the ToTP 'Odd Balls' until they make their terms clear(er). 

soulsaver

janusdesign said:

soulsaver said:

Back on Tandem: What is it that you're opting into to get the Top Up? Does it say how long the opt in lasts? Is it clear that you can renew it? 

ASAICS None of these are clarified in their web pages atm.

• it's just a boost to the interest rate - I treat it the same as Marcus.
• it lasts for 12 months.
• "Once their Top Up period has come to an end, if there’s a Top Up being offered at the time, customers will be able to add the new Top Up to their account."
  
• https://www.tandem.co.uk/newsroom/tandem-rewards-savings-customers-with-top-up-launch

'It lasts for 12 months'. It's not what the terms say, see above. 

grumbler

I think, by 'applicable' they mean that it can be applied if you opt in, not automatically.

flaneurs_lobster

I'm missing the point somewhat about this Tandem Top Up having to be activated by the account holder.

Are there any circumstances where someone would not want to activate this? Why make it optional? It's a change to the terms so notice has to be given anyway so just do it.

AmityNeon

soulsaver said:

No clarity in what circumstances the Top Up may not be applicable? In what circumstances you may not be offered the Top Up?

The Top Up rate won't be applicable if you haven't opted in. Whether a Top Up is available (for opting in) is dependent on whenever they decide to offer one (like Marcus' bonus rate), so it's just down to a business decision. What's not prescriptively clear is how long Top Up periods last for; it seems like a case of finding out when you decide to opt in.

SickGroove

My Tandem account is now showing the increased 3.20% rate with top up applied.

Just a quick question for anyone who's had a Tandem easy access account for over a month...I only joined on 7th Feb 2023

If you have say 10K in there for a couple of weeks then withdraw all the funds to say Zopa, do you still get the interest accrued paid on the monthly anniversary of opening the Tandem app or do you lose it as all funds have since been withdrawn?

janusdesign

soulsaver said:

janusdesign said:

soulsaver said:

Back on Tandem: What is it that you're opting into to get the Top Up? Does it say how long the opt in lasts? Is it clear that you can renew it? 

ASAICS None of these are clarified in their web pages atm.

• it's just a boost to the interest rate - I treat it the same as Marcus.
• it lasts for 12 months.
• "Once their Top Up period has come to an end, if there’s a Top Up being offered at the time, customers will be able to add the new Top Up to their account."
  
• https://www.tandem.co.uk/newsroom/tandem-rewards-savings-customers-with-top-up-launch

'It lasts for 12 months'. It's not what the terms say, see above. 

much like @Amityneon, when I activated it, it was to last 12 months - so my email says until 6th Feb 2024.

Jmc85

devansuk said:

Anyone who's moving from chip to tandem remeber to transfer once interest is paid otherwise you will lose it

Can you not just leave a small balance with Chip and not close that account?

PloughmansLunch

SickGroove said:

My Tandem account is now showing the increased 3.20% rate with top up applied.

Just a quick question for anyone who's had a Tandem easy access account for over a month...I only joined on 7th Feb 2023

If you have say 10K in there for a couple of weeks then withdraw all the funds to say Zopa, do you still get the interest accrued paid on the monthly anniversary of opening the Tandem app or do you lose it as all funds have since been withdrawn?

You still get the interest pro-rata'd for the days you had a balance. I cleared mine out mid-December then got an interest payment on Boxing Day (26th is my opening date)