The Top Easy Access Savings Discussion Area

friolento

Santander are a bit like marmite. They aren't my most favourite bank but I do have an old 123 Lite there, and my application for the Edge current account sailed through, as did the one for the Edge Saver. There was a small wait for my £4k to arrive from Tandem but it was all done and dusted within 20 minutes.

Bazzalona13295

lcooper said:

Santander are a bit like marmite. They aren't my most favourite bank but I do have an old 123 Lite there, and my application for the Edge current account sailed through, as did the one for the Edge Saver. There was a small wait for my £4k to arrive from Tandem but it was all done and dusted within 20 minutes.

Amazingly after playing a little hokey cokey with my money, the Tandem>Santander transaction went through quicker than the reverse one.

Foxhouse

kjs31 said:

My nephew signed up to Tandem on Monday. He only got the email accepting him this morning and it says that the 0.35% is not available to new customers. That sucks TBH. I understand them withdrawing the top up for customers who signed up after they withdrew the top up but not for those that they were slow to process. 

just opened a Tandem this evening and I got the .35% - it needs a press on a button but it was there for me

masonic

Foxhouse said:

kjs31 said:

My nephew signed up to Tandem on Monday. He only got the email accepting him this morning and it says that the 0.35% is not available to new customers. That sucks TBH. I understand them withdrawing the top up for customers who signed up after they withdrew the top up but not for those that they were slow to process. 

just opened a Tandem this evening and I got the .35% - it needs a press on a button but it was there for me

That's very fortunate. They aren't advertising it as being 5% any more. Others who applied this afternoon have already missed the cut, so perhaps you somehow slipped through the net due to a glitch?

PixelPound

Rollinghome said:

Doesn't seem to be great excitement over the Chip Wealth Codes as per email, or did I miss it?  But then £20 on £5k-£10k to £200 on £85k for effecively turning your account into a 6 month fixed term isn't too exciting without a decent rate increase to go with it.

Not when it doesn't beat 5%.

CheekyMikey

EA rates will rise again soon imo so anyone who missed the Tandem boat will likely not have to wait long to get 5%, according to the Times today

masonic

Bazzalona13295 said:

When companies do this sort of 'limited time' offer, such as the Tandem 5% one, do they pull the offer quickly......

a) because they have reached their targets and don't need any further investors

b) because they potentially could lose money the more people join up

c) they are cynical opportunists?

There was no need for them to jump up to 5% if they just wanted to attract some more money gradually. They must have been targeting a lot of money fast. Now they have it, and have just been promoted in the MSE weekly email, they will want to stem the tide. They must have been close towards the end of last week, as they didn't want to risk an uncontrolled number of signups over the weekend. They have to match savers' money with lending opportunities, and presumably they have run out of road on the opportunity that they were willing to pay 5% to secure funds for.

grumbler

nic_c said:

Rollinghome said:

Doesn't seem to be great excitement over the Chip Wealth Codes as per email, or did I miss it?  But then £20 on £5k-£10k to £200 on £85k for effecively turning your account into a 6 month fixed term isn't too exciting without a decent rate increase to go with it.

Not when it doesn't beat 5%.

Well, £20 on £5K does beat 5%. Effectively it's about 0.8% bonus on top of the current 4.51%, thus making it about 5.31% (in fact higher as we are talking about 180 days).

And it's closer to a notice account as you can make withdrawals forfeiting the bonus.

The question is, if you still have some balance there, can you withdraw it and re-deposit £5K with a code?

Other codes, of course, cannot beat 5%.

Bazzalona13295

masonic said:

Bazzalona13295 said:

When companies do this sort of 'limited time' offer, such as the Tandem 5% one, do they pull the offer quickly......

a) because they have reached their targets and don't need any further investors

b) because they potentially could lose money the more people join up

c) they are cynical opportunists?

There was no need for them to jump up to 5% if they just wanted to attract some more money gradually. They must have been targeting a lot of money fast. Now they have it, and have just been promoted in the MSE weekly email, they will want to stem the tide. They must have been close towards the end of last week, as they didn't want to risk an uncontrolled number of signups over the weekend. They have to match savers' money with lending opportunities, and presumably they have run out of road on the opportunity that they were willing to pay 5% to secure funds for.

I wonder how many signed up.
Seems quite random, I got in immediately but some seem to have had delays and missed the 0.35% extra.

pecunianonolet

Could be that even existing customers will get the rate cut, although with 30 days notice.

If you applied for your account, got stuck due to Tandem reviews or being unable to access the app for any other reason I would give them a call as they state in the T&Cs. Maybe they have some sort of grace they apply to accounts applied up until today when the rate was still available at the point you applied. Worth a try imho