The Top Easy Access Savings Discussion Area

Zaul22

With all the other banks now going to 4.8%, it's fairly safe to say Chip will probably go to 4.82% or maybe 4.85% any day soon. 

Rollinghome

Justsayit7 said:

Cynergy not doing monthly interest are missing a trick. 4.80%

Could be, but with banks like Cynergy offering new accounts after 11 days, any serious rate hoppers opting for monthly interest would be losing a smidgeon if they kept switching accounts.  

When an annual account is paying 4.80%, a monthly version would only pay 4.70% after a month.  The monthly rate will only match the annual rate if closed on an anniversary.

But then I never understood why anyone would want monthly interest from an easy access account. For a one or more years fixed term I do understand.

Rollinghome

pecunianonolet said:

SeriousHoax said:

TiVo_Lad said:

Cynergy Easy Access Issue 65 @ 4.8% now available

https://www.cynergybank.co.uk/personal/online-easy-access-account/online-easy-access-account/

@soulsaver

All done & dusted with fast-track.😀

I am getting fed up with all their issue related nonsense and reopening. It's down to minimum balance anyway but thinking of closing mine and OH account. Can't be that difficult to just increase the existing account instead of making me to login each and every time. No app either so for me another disadvantage. 

Looks like a cunning plan that they might want to rethink.

Bazzalona13295

searching4bestrates said:

BestSeagull said:

gt94sss2 said:

BestSeagull said:

gt94sss2 said:

BestSeagull said:

Trying to pay into Tandem from Santander, the transaction was blocked and they've locked me out of online banking and the app. 
Test transfer went through, then £5k payment but was shut down trying to make another payment.

For info - You can make individual payments of up to 25k from the Santander app - so the £5k payment could have been larger reducing the number of transactions.

Thanks. So I would have been better sending £10k in the first place? I thought smaller transactions might be less likely to be blocked... not so.
I'm up and running again now but that's the best part of two hours of my life that I won't get back again.

Multiple transactions are more likely to be blocked. So the fewer there are the better to reduce the risk of having your account blocked.

Santander allow customers to make £100k of faster payments in 24 hours (per Santander account).

So you can do 4 * £25k via the app - or call them up to do a single larger one 

Well that didn't go so well. I sent another 10k to Santander this morning en route to Tandem. Thought I'd try via the app today, rather than the website but they have declined the transfer and blocked me AGAIN! 
Really can't be bothered with this. Now waiting to talk to someone, again.

I've had accounts with many banks over the years and have never come across a bank as bad as Santander.

Their overzealous algorithm and penchant for blocking accounts that requires calling them up to be put on hold for hours, followed by being quizzed regarding the transaction, is horrendous.

I went back to them when they released their (at the time) market leading eSaver, but after several hours of phone calls trying to extract my money back to the same account where it had been deposited from I emptied the eSaver, closed the account and vowed never to return to Santander under any circumstances.

I've since understood you can claim compensation for the time, bother and effort they've caused, so it might be worth exploring that avenue?

More on topic, I've had no issues transferring money to Tandem from other banks, so it does seem to be a Santander issue, as usual.

Apologies if this is a naive question but why exactly should one bank be noticeably worse for this type of issue?

My first transfer into Tandem from Santander went ok but I've had issues with them ref : Yougov.

flobbalobbalob

Rollinghome said:

Justsayit7 said:

Cynergy not doing monthly interest are missing a trick. 4.80%

Could be, but with banks like Cynergy offering new accounts after 11 days, any serious rate hoppers opting for monthly interest would be losing a smidgeon if they kept switching accounts.  

When an annual account is paying 4.80%, a monthly version would only pay 4.70% after a month.  The monthly rate will only match the annual rate if closed on an anniversary.

But then I never understood why anyone would want monthly interest from an easy access account. For a one or more years fixed term I do understand.

4.8% AER pays exactly the same per day as 4.7% monthly . Both accrue the same interest daily and nothing to do with an aniversary.

linz

Is anyone else having issues with linking their funding account with the Tandem app? Their fingerprint log in is proving to be a nightmare and it's not linking to HSBC, i'm just getting the whirl.

tg99

Turns out I was able to open the Ulster bank account without needing a current account - did via app this time. Assume therefore that what the customer service person told me was incorrect and there’s a bug in their system that is preventing the application proceeding if you try and login online and do it that way.

Rollinghome

flobbalobbalob said:

Rollinghome said:

Justsayit7 said:

Cynergy not doing monthly interest are missing a trick. 4.80%

Could be, but with banks like Cynergy offering new accounts after 11 days, any serious rate hoppers opting for monthly interest would be losing a smidgeon if they kept switching accounts.  

When an annual account is paying 4.80%, a monthly version would only pay 4.70% after a month.  The monthly rate will only match the annual rate if closed on an anniversary.

But then I never understood why anyone would want monthly interest from an easy access account. For a one or more years fixed term I do understand.

4.8% AER pays exactly the same per day as 4.7% monthly . Both accrue the same interest daily and nothing to do with an aniversary.

You clearly don't understand what AER means do you?  I'll give you a clue, it means annual equivalent rate, not daily equivalent rate.

An account paying 4.7% interest monthly will pay a daily applied rate of 4.7%. Compounded each month that will give you the equivalent of 4.8% (AER) after 12 months, and only after 12 months.  If you close the account at one month there will be no compounding so you will only get 4.7%.  You will only get 4.8% AER if held for a full year or following anniversaries.

 '4.8% annual' will pay a daily applied rate of 4.8%  No matter when the account is closed, you will still get 4.8% AER.
If that isn't clear, you need to try googling.

Wheres_My_Cashback

Futuristic said:

allegro120 said:

Futuristic said:

Tandem is great and I've had no issues (had account for years), they even manually added my Chase acc since many places doesn't have open banking for it still. 

You can also have multiple "linked" accounts. 

I didn't know you can link an account that's not on the list.  How did you do this?

You can contact support, they will pass it on and you should get email asking to verify yourself + statement proof.

Proof not required, just give them a/c details, they can check in the background that it does belong to you, all sorted within an hour.

masonic

flobbalobbalob said:

Rollinghome said:

Justsayit7 said:

Cynergy not doing monthly interest are missing a trick. 4.80%

Could be, but with banks like Cynergy offering new accounts after 11 days, any serious rate hoppers opting for monthly interest would be losing a smidgeon if they kept switching accounts.  

When an annual account is paying 4.80%, a monthly version would only pay 4.70% after a month.  The monthly rate will only match the annual rate if closed on an anniversary.

But then I never understood why anyone would want monthly interest from an easy access account. For a one or more years fixed term I do understand.

4.8% AER pays exactly the same per day as 4.7% monthly . Both accrue the same interest daily and nothing to do with an aniversary.

Where can I find an account that pays 4.7% monthly please?