The Top Easy Access Savings Discussion Area

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accrued paid on the monthly anniversary of opening the Tandem app or do you lose it as all funds have since been withdrawn?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)

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.