The Top Easy Access Savings Discussion Area

BestSeagull

Thanks @Stargunner. I would have wasted even more time procrastinating and feeling indignant, but it's in the post box now, waiting for collection first thing tomorrow morning.

masonic

Bazzalona13295 said:

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.

It won't all be new customers. I've had a Tandem account since 2019. It's been empty most of that time, but I shift money to it when it is the top payer.

BestSeagull

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. 

I'd definitely have him call and see if anything can be done about that. No idea if they will help or not but I wouldn't be happy in that situation either.

Rollinghome

grumbler said:

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%.

Other factors are, positive, that it may not be taxable, and negative, there will be no FSCS protection for the bonus element with a non-bank that may not be profitable. It has to be new money and bonus won't be paid until after 21 Feb 24.

masonic

grumbler said:

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

For those who had already emptied their Chip accounts before midday today, that wouldn't be a problem, but any balance will reduce the effective rate below 5.31%ish, and there are options in the notice account market paying more than that without restricting the amount it can be earned on.

flobbalobbalob

My Tandem bonus expires next February. I'm sure they just wanted an amount of money then removed the bonus to in effect make all accounts a 6 month fix and hoping competition will hold back now.

masonic

flobbalobbalob said:

My Tandem bonus expires next February. I'm sure they just wanted an amount of money then removed the bonus to in effect make all accounts a 6 month fix and hoping competition will hold back now.

Mine is valid until 2nd March, one year after I activated it. So it will be more than a 6 month fix for some if Tandem don't do anything to it in the mean time.

SavingsBoo

masonic said:

flobbalobbalob said:

My Tandem bonus expires next February. I'm sure they just wanted an amount of money then removed the bonus to in effect make all accounts a 6 month fix and hoping competition will hold back now.

Mine is valid until 2nd March, one year after I activated it. So it will be more than a 6 month fix for some if Tandem don't do anything to it in the mean time.

Mine is valid til 7th August 2024, so same as Masonic, a year after activation. They could decrease the underlying rate of course.

flobbalobbalob

SavingsBoo said:

masonic said:

flobbalobbalob said:

My Tandem bonus expires next February. I'm sure they just wanted an amount of money then removed the bonus to in effect make all accounts a 6 month fix and hoping competition will hold back now.

Mine is valid until 2nd March, one year after I activated it. So it will be more than a 6 month fix for some if Tandem don't do anything to it in the mean time.

Mine is valid til 7th August 2024, so same as Masonic, a year after activation. They could decrease the underlying rate of course.

Forget that conspiracy theory then 😂

allegro120

dekkard said:

With Tandem, when paying in from your connected bank account and when not using the Truelayer option, do you put your own name as the payee or 'Tandem'? Does it matter what you put in the Reference field? Tks.  

It doesn't matter, your Tandem account number is your own account.