The Top Easy Access Savings Discussion Area

Eirambler

boingy said:

gt94sss2 said:

For those of you hoping Chip is going to react: https://community.getchip.uk/t/when-will-chip-match-tandem/7066/16

I read that as "We'd love to match Tandem but we can't afford to".

Exactly, combined with "we've been bombed out of the top of the easy access market so now we're having to look at diversifying into other savings products".

If I was to guess I suspect they might launch a market leading easy access ISA, a growing market where the competition is much less fierce, but that's just a guess. If they launched an easy access ISA at their current 4.51% rate, they would go straight to the top of the rate table for that product.

dlevene

Yes that would be lovely. The EA ISA market needs a boost.

And yes, the response was very weak. If your only argument is "Tandem paused new applications for 2 days", you're not in a good place. 

SonOfPearl

For anyone with a Tesco Internet Saver, the underlying rate (without the bonus) has increased from 1.1% to 1.25%, so the latest rate with the 1-year bonus is now 4.5%. I keep a small amount in this account because transfers to my current account are instant.

https://www.tescobank.com/savings/flexible/internet-saver/

aaj123

SonOfPearl said:

For anyone with a Tesco Internet Saver, the underlying rate (without the bonus) has increased from 1.1% to 1.25%, so the latest rate with the 1-year bonus is now 4.5%. I keep a small amount in this account because transfers to my current account are instant.

https://www.tescobank.com/savings/flexible/internet-saver/

For those using Flexible ISAs, Virgin exclusive ISA serves the purpose of allowing instant transfers to current account alongwith the icing that it is anyway at the top of the bestbuy league on Flexible ISAs.

jaceyboy

boingy said:

gt94sss2 said:

For those of you hoping Chip is going to react: https://community.getchip.uk/t/when-will-chip-match-tandem/7066/16

I read that as "We'd love to match Tandem but we can't afford to".

They also mention restrictions etc, Tandem dont and have well and truely topped the market, well done to them

Rollinghome

Eirambler said:

boingy said:

gt94sss2 said:

For those of you hoping Chip is going to react: https://community.getchip.uk/t/when-will-chip-match-tandem/7066/16

I read that as "We'd love to match Tandem but we can't afford to".

Exactly, combined with "we've been bombed out of the top of the easy access market so now we're having to look at diversifying into other savings products".

If I was to guess I suspect they might launch a market leading easy access ISA, a growing market where the competition is much less fierce, but that's just a guess. If they launched an easy access ISA at their current 4.51% rate, they would go straight to the top of the rate table for that product.

If I were an investor in the company, rather than in their products, I'd be worried.  I've never seen their pitch, but while they seem to have lots of novel ideas, have no long term strategy.  Seem to be running around like headless chickens.  I had money with them for several months and still have no idea what products or services they're offering - and feel no need to find out. 

Their messy app once showed an EA account with a top rate, along with other accounts offering rubbish rates. They thought they could outbid other challenger banks, then found that they couldn't - in doing so likely losing the customers they gained. There's some mention of investment and a lottery thing, with no obvious details of the odds of winning.

Innovation is always interesting, but they really need to get the basics in place.

Bridlington1

@soulsaver
Santander Edge Saver now 7% (£4k max)

Expotter

Bridlington1 said:

@soulsaver
Santander Edge Saver now 7% (£4k max)

Wow, I was wondering when were they going to put the rate up, because the easy saver rate was already higher, but I was not expecting 7%! 

aaj123

Bridlington1 said:

@soulsaver
Santander Edge Saver now 7% (£4k max)

No way to get this without an Edge current account, is there? I really like my 123 current account. Sure, one could think of getting an effective 6.1% by paying the £36 for the year and maxing out the 4k.

Bridlington1

aaj123 said:

Bridlington1 said:

@soulsaver
Santander Edge Saver now 7% (£4k max)

No way to get this without an Edge current account, is there? I really like my 123 current account. Sure, one could think of getting an effective 6.1% by paying the £36 for the year and maxing out the 4k.

You don't really have to pay the £36/yr if I'm not mistaken. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overd

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee.