The Top Easy Access Savings Discussion Area

Rollinghome

Freedommm said:

Is Santander ever planning to increase rate from 3.69% on that ESaver Special Edition? Special because it's stuck in time? 

Sort of, in that they've craftily resurrected their Cahoot brand offering 4.60%, so that they're in the market without having to increase the rate for their Santander customers..... yet.

BTW The rate for the Special Saver v1 is 3.75% I believe.

refluxer

In terms of potential fraud checks and transaction speed, for paying larger (4-5 figure) amounts into the Tandem Instant Access Saver, is it better to 'pull' via TrueLayer or make the payment directly from the source bank... or doesn't it matter ? A test 'pull' took about 20 minutes for me, earlier.

TiVo_Lad

refluxer said:

In terms of potential fraud checks and transaction speed, for paying larger (4-5 figure) amounts into the Tandem Instant Access Saver, is it better to 'pull' via TrueLayer or make the payment directly from the source bank... or doesn't it matter ? A test 'pull' took about 20 minutes for me, earlier.

Open Banking still uses the Faster Payments system to facilitate the transaction so it shouldn't matter which you use. Tandem take about 20 mins either way to/from my NWBS FlexAccount, but are in effect instant with CHIP which suggests that it's Tandem that are "responsible" for the 20 minutes delay.

jaypers

refluxer said:

In terms of potential fraud checks and transaction speed, for paying larger (4-5 figure) amounts into the Tandem Instant Access Saver, is it better to 'pull' via TrueLayer or make the payment directly from the source bank... or doesn't it matter ? A test 'pull' took about 20 minutes for me, earlier.

I’ve done both today but they recommend transfers from your Bank for larger amounts rather than open layer. Not sure why. 

Bridlington1

Well what a day this has been. I shall now close the Santander Regular Saver and Principality Christmas 2023 Regular Saver and empty the contents into Tandem.

Malchester

TiVo_Lad said:

refluxer said:

In terms of potential fraud checks and transaction speed, for paying larger (4-5 figure) amounts into the Tandem Instant Access Saver, is it better to 'pull' via TrueLayer or make the payment directly from the source bank... or doesn't it matter ? A test 'pull' took about 20 minutes for me, earlier.

Open Banking still uses the Faster Payments system to facilitate the transaction so it shouldn't matter which you use. Tandem take about 20 mins either way to/from my NWBS FlexAccount, but are in effect instant with CHIP which suggests that it's Tandem that are "responsible" for the 20 minutes delay.

When I pull funds into Tandem I get a text immediately saying they have the funds and they will show in my account shortly. Transfers out have always been very quick, certainly less than 20 minutes. One big advantage for me with Tandem is that you can link several accounts to transfer funds to and from Tandem.

gwapenut

Am I right in thinking that Tandem maintain the same rate for all customers, and don't mess around with different issue numbers, so that their account is unlikely to be withdrawn and NLA, but more likely to have its competitiveness fluctuate with time?

Zaul22

I wonder if the reason Tandem were able to go so high is that this is their final rate, pricing in the 5.5% base rate in September already. It also has the advantage of putting them at the top of MoneyFacts, despite them using the underlying rate. Maybe a large % of customers bonus rate will be expiring soon and they are not renewing them. 

Very interesting to see what Chip do. I suspect they might go a bit lower and just say 'well our transfers are 15 mins faster'. 

It kinda sucks for anyone with a 60-95 day access account which will have been left in the dust by an easy access now. 

CheekyMikey

Unable to open Tandem account for my wife as it won’t let her link our joint Santander current account…keeps telling her she has to connect an account in her name and to try another account I imagine the problem is at Santander’s end but can’t be bothered trying to go through the hoops with them to resolve it.

jimexbox

gwapenut said:

Am I right in thinking that Tandem maintain the same rate for all customers, and don't mess around with different issue numbers, so that their account is unlikely to be withdrawn and NLA, but more likely to have its competitiveness fluctuate with time?

Correct. No daft new issues.