The Top Easy Access Savings Discussion Area

TwiceNightly

Thanks, yes I have a current account with them that I don’t use at the moment and am looking around various banks for a daily spending/spending abroad account and came across this.

Seems like it might be a good fit for that? I’d transfer some money into the account and use it for spending, taking advantage of boosts where I can and get access to the savings account.

MichaelAP

I don’t know why some of our members think their Tandem bonus is safe just because it does not expire until a year from accepting it
Tandem only have to give you 30 days notice to remove it.

Bazzalona13295

MichaelAP said:

I don’t know why some of our members think their Tandem bonus is safe just because it does not expire until a year from accepting it
Tandem only have to give you 30 days notice to remove it.

Cue a Tandem exodus.

BestSeagull

MichaelAP said:

I don’t know why some of our members think their Tandem bonus is safe just because it does not expire until a year from accepting it
Tandem only have to give you 30 days notice to remove it.

It wouldn't be a good look for them if they did that any time soon.

jpsman

Just opened a Santander Edge Saver and as interest is paid monthly to the max balance of 4k, is it possible to have the interest paid out of the account? Has anyone tried? (I'm new to Santander)

Zopa_Trooper

I've a further question in regard Santander Edge account. Does the 12 month bonus on the saver end a year after you open the current account or a year after you open the savings part?

jpsman

Zopa_Trooper said:

I've a further question in regard Santander Edge account. Does the 12 month bonus on the saver end a year after you open the current account or a year after you open the savings part?

The bonus is 12 months upon opening the Edge Saver

Stargunner

jpsman said:

Zopa_Trooper said:

I've a further question in regard Santander Edge account. Does the 12 month bonus on the saver end a year after you open the current account or a year after you open the savings part?

The bonus is 12 months upon opening the Edge Saver

You can’t have it paid away, so best to transfer it out as soon as it has been paid.

jpsman

Stargunner said:

You can’t have it paid away, so best to transfer it out as soon as it has been paid.

In that case I think I'll save myself the bother, put in £3738.50 and just let it compound.

ETA: thanks to @Nick_C for pointing that out in an earlier post!

masonic

Zopa_Trooper said:

But it does happen in other walks of life so why not banking?

It doesn't happen in all other walks of life. It tends to happen in less efficient markets where retailers have inbuilt margins to allow them to come down in price or at the opposite end of the spectrum, retailers that are in distress. In your example of the high street retailer, they are operating in an inefficient physical market with high overheads. They are constrained by footfall and under a lot of pressure due to the overheads of physical premises. They will have observed countless instances of customers inspecting an item in store and then going online to complete a purchase for a lower price. The number of such businesses that have gone into administration of late is an indicator that they do not have the upper hand when it comes to price negotiations. 

That is quite different to a savings bank, which may or may not have a physical presence on the high street, but can reach millions of potential customers online and through comparison websites, and just by setting its rate, can control the flow of money to and from its accounts via a huge efficient market. Engaging in individual negotiations with customers on that scale is hardly going to register. The sort of customer that is willing to haggle is probably the sort of customer that will be least profitable for them over the long term, so it makes most sense for them to target cash at the lowest market price they can get away with and make those that drive a hard bargain a problem for their competitors.