The Top Easy Access Savings Discussion Area

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. 

Stargunner

I opened a Tandem account  today and accepted the  top up and  my interest rate in the app now shows 5%.

With easy access savings rates regularly increasing more and more regular savings accounts are becoming less attractive or not worth having. It will be interesting to see how the big banks react

fabsaver

AndyTh_2 said:

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%

Thanks. I'm an existing account holder but no email yet.

AndyTh_2

fabsaver said:

AndyTh_2 said:

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%

Thanks. I'm an existing account holder but no email yet.

Mass email is the new snail mail due to mail providers rate-limiting

Futuristic

I just got the Tandem email, glad I didn't bother shifting around this time. 

happybagger

SaveTheEuro said:

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

On rate, yes. For now. Happy for those solely using a smartphone.
I have no doubt a less restrictive account will be up there soon enough, especially if large withdrawals come from app people into Tandem. 

Bigwheels1111

Chip empty, Tandem Full.

What a day.

SAC2334

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 ...

i ve just opened a Tandem account via the App but so far they have not asked for ID other than usual name address etc plus a quick fingerprint confirmation.Did a small test transfer which was a little slower than Chip but I expect they are a little busy at moment 

SAC2334

Bigwheels1111 said:

Chip empty, Tandem Full.

What a day.

Chip will respond . I m expecting an interest rate rise email any time today  , so my funds are staying there for now but Tandem is waiting for my Shawbook 6 monthly which ends next week.By then both accounts should be 5 % easy access