The Top Easy Access Savings Discussion Area

13zero8

The Post Office joins the party at 4.7%. Haven't seen them around for a while. 

pearl123

refluxer said:

Post Office Online Saver (Issue 68) @ 4.70% (includes a bonus rate of 3.15% for 12 months)

I'm presuming this is pretty recent, as it isn't showing on the comparison sites yet.

https://www.postoffice.co.uk/savings-accounts/online-saver?

Wow, that's a surprise. 

DjangoUnchained

nic_c said:

linz said:

linz said:

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.

Think I've solved this. Gave them a call & they said their app isnt compatible with biometric log in so for anyone who hasnt done it switch it off for Tandem app.

I use biometric login for tandem no issue whatever 

me too, i have an easy access with them and 2 fixed terms, i log on and i can see all three accounts, with biometric

europa

Rollinghome said:

grumbler said:

Rollinghome said:

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.

I'm not convinced. Can you google and post a reliable proof, preferably with an example of calculation?

And even if what you say is true, I don't see any significant difference for 4.7% and 4.8%.

1.048^(1/12) = 1.00391

4.7/12 = 0.392

Nope sorry. I've wasted enough time on this already.  It's your money and if you still don't get it, you don't get it. DYOR.

Andy's point above is completely right too.  If you open the Cynergy account with 4.8% AER annual interest, you'd get more than that if you closed the account and so compounded early. Always assuming the new account paid the same rate or better.

We aren't talking big numbers here, unless a very large sum is held in the account.  The applied rate for monthly is just 0.10% lower, but interest received will be a little bit lower if held for less than 12 months or another anniversary of the account.  Annual Equivalent Rate means you get that rate if held for a year.

This is incredibly useful info. I am relatively savvy with these things, and even i thought monthly interest (with the same AER) was equivalent regardless of when the money is withdrawn. So many thanks for alerting me and others to this important anomaly !

bundoran

refluxer said:

Post Office Online Saver (Issue 68) @ 4.70% (includes a bonus rate of 3.15% for 12 months)

I'm presuming this is pretty recent, as it isn't showing on the comparison sites yet.

https://www.postoffice.co.uk/savings-accounts/online-saver?

It's just a shame that they are so utterly useless. 

martinm1

Does anyone know how on android as soon as i move away from the tandem app without logging out, i need to request a new code by manually putting in my phone number in each time

Stargunner

martinm1 said:

Does anyone know how on android as soon as i move away from the tandem app without logging out, i need to request a new code by manually putting in my phone number in each time

It also logs you out on Iphone, but because I log in by Face ID it only takes a couple of seconds for the app to log back in. It is the same for the Santander app, but other apps like Nat West keep you logged in if you move away snd go back to the app.

gsmh

Stargunner said:

martinm1 said:

Does anyone know how on android as soon as i move away from the tandem app without logging out, i need to request a new code by manually putting in my phone number in each time

It also logs you out on Iphone, but because I log in by Face ID it only takes a couple of seconds for the app to log back in. It is the same for the Santander app, but other apps like Nat West keep you logged in if you move away snd go back to the app.

@martinm1 is referring to how his phone doesn't do that, it goes back to the first stage when you need an SMS code. I use Android and mine does what your iPhone does, @Stargunner, it allows me back in with the usual biometrics - in your case FaceID, in my case a fingerprint.

@martinm1 try going to App Battery Usage for the Tandem app and verify it is 'optimised' rather than 'restricted'. What you see shouldn't be happening. Which Android phone do you have?

fotow

I just go back. Do not need to enter mobile each time. 

gsmh

fotow said:

I just go back. Do not need to enter mobile each time. 

Yes, that's the normal behaviour. Pretty much everyone will see that. @martinm1 clearly has a problem with his phone.