The Top Easy Access Savings Discussion Area

worriednoob

KevinG said:

worriednoob said:

Stargunner said:

worriednoob said:

Hey everyone.  I'm thinking of moving our savings from Chip to Tandem.  Once I've setup a Tandem account, can I directly transfer from Chip to Tandem?  Also has anyone had issues moving large amounts in or out of the Tandem account?

You can only withdraw money from Chip to your linked account.

Thanks for clarifying this for me.  What about when it comes to Chip vs Tandem accounts?  Are there any issues or restrictions with Tandem compared to Chip?

None that I've found, except that Chip does instant transfers and Tandem's take a little longer.

Thanks Kevin.  That's kind of put me off as I want to be able to move my money in/out instantly.  When you say Tandem takes a little longer, what do you mean?  Are we talking hours, days or weeks?  Also do Tandem do a lot more security checks or is it similar to Chip in terms of link an account and then easily move money around?

DeLaSole

It's a good spot but, as change said above, perhaps just be prepared that Santander act on such accounts that are effectively seeking out the Saver element. Even then, if that happens, so long as money put into the Edge Saver wasn't taken from a place it can now not be put back (ie, lump sum cashed out of a good regular saver to put into Edge, which only then allows £150 back pm, for example) it may be worth a shot? 

financialbliss

@worriednoob - about 10 to 20 minutes.

SirHugo

Bridlington1 said:

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.

I assume this is an incorrect statement on the MSE banking page then - 'To get the interest and cashback, you must pay in £500+/month and have 2+ direct debits'.

worriednoob

financialbliss said:

@worriednoob - about 10 to 20 minutes.

Oh is that it?  :

I thought Kevin meant longer, haha.  That's not too bad.  I assume they might be doing extra checks to ensure the transaction is legit.

Wheres_My_Cashback

Just a shame the savings account is restricted to 4K max so doesn't really give it any great 'edge' for me.

Malchester

KevinG said:

worriednoob said:

Stargunner said:

worriednoob said:

Hey everyone.  I'm thinking of moving our savings from Chip to Tandem.  Once I've setup a Tandem account, can I directly transfer from Chip to Tandem?  Also has anyone had issues moving large amounts in or out of the Tandem account?

You can only withdraw money from Chip to your linked account.

Thanks for clarifying this for me.  What about when it comes to Chip vs Tandem accounts?  Are there any issues or restrictions with Tandem compared to Chip?

None that I've found, except that Chip does instant transfers and Tandem's take a little longer.

The main thing I like about Tandem is that it allows for multiple linked accounts. I like that as it allows transfers to and from both my current accounts whereas Chip allows just one linked account and all transfers have to be through that account.

Transfers are instant as you receive a text to say they have received your money. The funds do not appear in your account instantly.

soulsaver

DeLaSole said:

It's a good spot but, as change said above, perhaps just be prepared that Santander act on such accounts that are effectively seeking out the Saver element. Even then, if that happens, so long as money put into the Edge Saver wasn't taken from a place it can now not be put back (ie, lump sum cashed out of a good regular saver to put into Edge, which only then allows £150 back pm, for example) it may be worth a shot? 

The same loophole has existed since 123 lite's introduction. I've had 3 for literally years and never paid a fee.

aaj123

soulsaver said:

DeLaSole said:

It's a good spot but, as change said above, perhaps just be prepared that Santander act on such accounts that are effectively seeking out the Saver element. Even then, if that happens, so long as money put into the Edge Saver wasn't taken from a place it can now not be put back (ie, lump sum cashed out of a good regular saver to put into Edge, which only then allows £150 back pm, for example) it may be worth a shot? 

The same loophole has existed since 123 lite's introduction. I've had 3 for literally years and never paid a fee.

But what saver with any decent interest rate did 123lite give access to? Just saying..they didn't have much reason to shunt out those not paying the fee on 123lite.

Malchester

pecunianonolet said:

aaj123 said:

Bridlington1 said:

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.

Whoa, good spot! Never occurred to me to be honest. I wonder what prompted them to put in such a strange conditional start of the £3 fee seeing as the fee continues once started even if you later fail the conditions.

So, basically open the current account, open the Edge saver and leave the current account dormant, maybe bounce a few quid through so it qualifies for yougov. 

"If the rate goes down, we’ll let you know around 2 months before the rate changes." is a rather long period as well in todays agile market.

If they would now introduce a switch bonus as well it would make the current account opening even more worthwhile. 

All I can quote in that instance....

"Dreams are my reality
The only kind of real fantasy
Illusions are a common thing
I try to live in dreams
It seems as if it's meant to be"

I opened an ordinary Santander Current Account and later changed it to an Edge account to get the Edge Saver Account when the rate was a good one. Overall the monthly fee alongside the interest and cashback gave me a plus. Then when other easy access accounts improved rates I switched my Edge Account to a non-fee account but the Edge Saver was allowed to run and gain interest. I have since switched back to Edge and filled the Edge Saver to its maximum for the 7% interest