The Top Easy Access Savings Discussion Area

fabsaver

Bye Chip 

Wheres_My_Cashback

Well Tandem have certainly put the cat amongst the pigeons now. Will be interesting to see the response from elsewhere.

Are Tandem good, quick deposits/withdrawals, any time restrictions, 24/7, Open banking I think, constant wealth checks?

Eirambler

Wheres_My_Cashback said:

Well Tandem have certainly put the cat amongst the pigeons now. Will be interesting to see the response from elsewhere.

Are Tandem good, quick deposits/withdrawals, any time restrictions, 24/7, Open banking I think, constant wealth checks?

Open banking required, though you can also transfer money the traditional way (which is what I do). Have never had a transaction take longer than 20 minutes. Interest paid monthly.

5% unrestricted easy access with monthly interest makes Premium Bonds in particular look a very poor investment right now. 

Worth noting though that the amount saveable by a basic rate taxpayer in easy access without paying tax is down to £20k at a 5% interest rate.

Chip to 5.01% in the next few days a safe bet now, or does Tandem going this close to the BoE rate leave Chip unable to compete?

st2011

I've never had any issues with Tandem, deposits have usually shown in around 10 minutes, sometimes slightly longer. I've never had any wealth checks or payments in blocked and I've been moving large sums in and out over the past few months as other providers' rates have changed.

intalex

Tandem 5.00% just in time to close my Paragon double access 4.60% before the 2pm deadline for same-day transfer...

jaypers

Had a query and had to phone them. Got through to a human in less than a minute. Great sign. I’m signed up and funding started. Hello Tandem.

jak22

The open banking is really just needed for verification - the additional access is optional and off by default - but it makes transfers easier although its likely Tandem becomes a normal payment destination in the current account app after the first transfer.

jaceyboy

Rate of 5% from 8th August for Tandem

wiseonesomeofthetime

Closing in on Barclays Rainy Day Saver.

I wonder if Barclays will react. Been no sign this far.

PixelPound

Rollinghome said:

nic_c said:

Eirambler said:

Right Tandem, you're on the clock. You have until Friday morning...

Why? Either you're happy with your money being with them at 4.36% and know they'll raise at some point, or you're not as there is better elsewhere. What happens if they raise Friday afternoon?

It appears that Eirambler has decided to wait a few days to see if Tandem will improve their rate.  That doesn't seem so unreasonable to me.

Could you clarify what it is you think they should do?  Is it that they should have jumped the instant a higher rate was offered elsewhere?  Or that they should stay with Tandem indefinitely regardless of the rate being paid?  (Would that equally to banks such as AlRayan who were once top payers but seem to have shifted from that policy and currently pay an expected profit rate of just 4.00% on EA account?) Or do you have a far better approach?

Could it be that you've calculated a specific differential between rates for when it's right to move and when it's not? I'm puzzled.

It's not for me to clarify, as each have their own triggers and priorities. Some will chase the highest payer even if it's 0.1% differential, others may be happy if their rate is within 0.2% or so.

I guess the threat worked, as the rate is going up