The Top Easy Access Savings Discussion Area

pecunianonolet

Recent rate changes by Tandem in case it's of interest.

Interest changes
2nd February 2023	2.85% + 0.20% Top Up
3rd March 2023	2.85% + 0.35% Top Up
4th April 2023	3.15% + 0.35% Top Up

t1redmonkey

I don't understand the Tandem 'Top up rate'...do they give you one interest rate for the initial deposit and then a different rate for any subsequent top ups?

Futuristic

t1redmonkey said:

I don't understand the Tandem 'Top up rate'...do they give you one interest rate for the initial deposit and then a different rate for any subsequent top ups?

No. Its more like a bonus that’s valid for a year similar to Marcus

fabsaver

Podseas said:

ForumUser7 said:

Sainsbury’s Bank Defined Access Saver Issue 41

1.15% paid at £1, 3.22% paid at £1K, 1.00% paid at £500001

I think it may now be TOTP no.10 @soulsaver

If you have say £10k then its an effective rate of 3% as the first £1k only earns 1.15%.

 

That's not how I understand it. If your balance is less than £1,000 then the AER is 1.15%. If your balance is £1,000 or more the AER is 3.22%. There is a lower rate above £500k but unlikely to be relevant to anyone, due to the £85k FSCS limit.

https://www.sainsburysbank.co.uk/savings/support/support_definedaccess

S_uk

t1redmonkey said:

I don't understand the Tandem 'Top up rate'...do they give you one interest rate for the initial deposit and then a different rate for any subsequent top ups?

The Top Up rate is just a bonus rate. The full 3.50%AER will apply to your full deposit and all deposits until the top up rate expires.

janusdesign

fabsaver said:

Podseas said:

ForumUser7 said:

Sainsbury’s Bank Defined Access Saver Issue 41

1.15% paid at £1, 3.22% paid at £1K, 1.00% paid at £500001

I think it may now be TOTP no.10 @soulsaver

If you have say £10k then its an effective rate of 3% as the first £1k only earns 1.15%.

 

That's not how I understand it. If your balance is less than £1,000 then the AER is 1.15%. If your balance is £1,000 or more the AER is 3.22%. There is a lower rate above £500k but unlikely to be relevant to anyone, due to the £85k FSCS limit.

https://www.sainsburysbank.co.uk/savings/support/support_definedaccess

I agree... the site says the following:

"The interest rate applied to your account will depend on your balance and the number of withdrawals you have made in each 12 month period. The interest rate earned will apply to the whole balance in your account."

Expotter

jaypers said:

Just read that Tandem are paying 3.5% Easy Access. Never used Tandem before……any pros/cons? 

I haven't used them either, do they ask for photo ID to open an account and do you have to sign up for open banking?

janusdesign

Tandem's 3.50% now showing as the current rate in the app.

ToastLady

Expotter said:

jaypers said:

Just read that Tandem are paying 3.5% Easy Access. Never used Tandem before……any pros/cons? 

I haven't used them either, do they ask for photo ID to open an account and do you have to sign up for open banking?

Yes to both.

jak22

Photo ID isnt a given. The Open Banking happens as part of the account linking which might be part of the ID check. There should be an option in your bank app to then remove the open banking authorisation but this method of funding - rather then entering savings account details as a payee in the bank app and then making a test transfer etc - actually works OK.