The Top Easy Access Savings Discussion Area

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

SaveTheEuro

An impressive move by Tandem. Knocks everyone else out of the water. 

Wheres_My_Cashback

New customer to Tandem, just opened, took about 2 mins and now set up.

Test deposit made via open banking, arrived in seconds.

pecunianonolet

I guess they will have to expect an influx of several hundred million in cash. Wonder how they will deal with that or will a 0.25% spread be enough between what they pay and what they get for deposits with BOE? 

I guess a few emergency meetings to happen this afternoon at various banks and building societies on how to react to this with easy access but more importantly with bonds. Quite some disruption this is going to cause. Expecting a busy week here and in the market.

SavingsBoo

Can anyone with Tandem let me know what form the ID check takes?  Reason I'm asking is I've lost my driving licence photocard and I don't have a current passport ...

CooperSF

Waiting to be verified from Tandem.

Catch you later, Chip!

jaypers

SavingsBoo said:

Can anyone with Tandem let me know what form the ID check takes?  Reason I'm asking is I've lost my driving licence photocard and I don't have a current passport ...

Didn’t ask for any of that. Just seemed to do a soft search on Name, DOB and Address. 

DeLaSole

SavingsBoo said:

Can anyone with Tandem let me know what form the ID check takes?  Reason I'm asking is I've lost my driving licence photocard and I don't have a current passport ...

Hi SavingsBoo,

Name, DOB, nationality, country born in, address and how long lived there was all I was asked when opening an account just now. And you need a valid number to receive their texted code.

Best wishes.

fabsaver

jaceyboy said:

Rate of 5% from 8th August for Tandem

Where have you seen that the new rate applies from tomorrow? I thought it was with immediate effect.

AndyTh_2

fabsaver said:

jaceyboy said:

Rate of 5% from 8th August for Tandem

Where have you seen that the new rate applies from tomorrow? I thought it was with immediate effect.

I just got the email and that states it's as of 8th August

Old Rate New Rate as of 8 Aug  2023 Underlying  Rate 4.01% 4.65% Top Up 0.35% 0.35% Total 4.36% 5.00%

We'll apply this higher rate to your account automatically, so you don't need to do anything and you don't need to contact us. Your account will update and you'll see your new rate in the app by the end of the day tomorrow