The Top Easy Access Savings Discussion Area

Band7

devansuk said:

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

This is not correct. If you leave your CHIP account open, you will not lose any interest. It will be paid on the day the next interest payment is due - 4th working day of a month.

janusdesign

flaneurs_lobster said:

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.

I assumed it was to potentially save Tandem some money, e.g if they increase the rate to 3.2%, they have to pay that to everyone.... whereas, if they make it an opt-in, they know that some won't know about it (even though its mentioned in the app) and so they have less interest to pay out (3.2% to those that opt-in and just 2.85% to those that don't).

I think as an account holder, there is no obvious reason not to opt-in.

grumbler

flaneurs_lobster said:

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.

What makes no sense to you, makes sense to them. Some people forget to opt in. Some forget that it expired after 12 months. For Tandem it's no-lose situation.

flaneurs_lobster

grumbler said:

flaneurs_lobster said:

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.

 For Tandem it's no-lose situation.

I don't agree, it makes Tandem look like a cheap, underhand brand. Why try to make it "difficult" for your existing customers to enjoy your best rates? Certainly doesn't make me more likely to want to be a customer. 

flobbalobbalob

janusdesign said:

• it lasts for 12 months.

Only if you are not currently opted in. I have the new rate applied automatically and it uses the opt in date that applied for my last opt in. Your date is shown in the "info" option above your transaction list.

grumbler

I think this is very common for UK and was even more prominent in the past. Only proactive customers get the best deals. My friend all his life has been with the same insurer and the same two banks. I switch insurers every year. The same with broadband and mobile.

Tandem wants to get to the top lines - and they are there.

S_uk

flaneurs_lobster said:

grumbler said:

flaneurs_lobster said:

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.

 For Tandem it's no-lose situation.

Why try to make it "difficult" for your existing customers to enjoy your best rates?

You could apply that principle to loads of companies, car breakdown, TV packages, mobile, which often have different prices given to different people.

At least in this case you aren't having to sit on a phone to haggle and can just tap a button in an app.

ChaskhaChaia

flaneurs_lobster said:

PloughmansLunch said:

Bridlington1 said:

2010 said:

ERM92 said:

2010 said:

cricidmuslibale said:

jak22 said:

YBS still havent announced changes after the Feb 2nd BoE

Worse still, Nationwide have yet to announce any interest rate increases in response to either that Feb B of E base rate increase of 0.5% or even the previous mid Dec B of E base rate rise of 0.5%!

I gave up with Nwide and Marcus a month ago and switched everything to Paragon.

It seems Nationwide are using their temporary ‘current account 5% cashback on shopping’ offer instead of paying reasonable interest.

Yes, big deal !!!
Limited to £10 a month, only certain retailers, runs for 2 months and you need to spend £400 to get £20.
Also not paid until six weeks after the end of each month.

On your side, no shareholders to pay, looking after members blah, blah, blah !

Though to be fair I am getting a 5% regular saver out of them so they do at least serve some purpose. 

Start to Save T&Cs are a bit odd - max pay in is £50 a month, but max balance is £5m, so that'll take a while to fill.

Can't you do about 20 trillion round-ups on your debit card?

 I think that's NatWest/RBS not Nationwide.

AmityNeon

janusdesign said:

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.

Tandem support also confirmed it lasts 12 months, but it's not information that can be ascertained from advertising and T&Cs. New customers would have to download the app and open an account, and assuming a Top Up is available -- as it's currently advertised now "3.20% AER (with Top Up rate)" -- the duration of 12 months will then be made known to the customer individually.

flobbalobbalob said:

janusdesign said:

• it lasts for 12 months.

Only if you are not currently opted in. I have the new rate applied automatically and it uses the opt in date that applied for my last opt in. Your date is shown in the "info" option above your transaction list.

The Top Up lasts for 12 months, but the rate doesn't last for 12 months, because it's variable.

AmityNeon

flaneurs_lobster said:

grumbler said:

flaneurs_lobster said:

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.

For Tandem it's no-lose situation.

I don't agree, it makes Tandem look like a cheap, underhand brand. Why try to make it "difficult" for your existing customers to enjoy your best rates? Certainly doesn't make me more likely to want to be a customer.

It's not really any different to new issues of savings accounts being released and relying on customer inertia to avoid paying out more than necessary. Banks aren't acting in our best interests.