The Top Easy Access Savings Discussion Area

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

cwep2

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.

Email I just got half an hour ago says new rate as of 8th August. 

Maybe new accounts for today? Existing accounts tomorrow?

Eirambler

nic_c said:

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.

In the week or so before the BoE announcement some banks put up rates to 4.5%+, once the announcement some that hadn't upped theirs. Some banks take longer to announce (or announce a rate rise that won't happen for a couple of weeks)

Just seemed strange to give 8 days for an announcement. Most likely they'll do it some point over the next few weeks, so you either decide to move out straight away to a higher rate and possibly move back later, or stick it out.

Yes it is possible Tandem decide they aren't chasing the highest rate anymore, but when often it takes some banks a few weeks before caving in, 8 days seems soon if you are preferring to stay.

In light of today's events I would suggest that my strategy (which was little more than an educated guess) was appropriate in this case.

But FWIW the basic thinking was that it has been rare recently for Tandem to fall as far behind the top easy access rate as it had fallen as of this morning. So the guess/strategy was that, if they had not gone for a rate increase by the end of this week, that would suggest that they were doing a Marcus/Zopa/Al Rayan esque strategy shift and weren't going for the top rate anymore. Obviously now we know that they still are, so - as someone who doesn't want to be constantly moving money about if I can avoid it - it was the correct decision to hold on for a few more days.