The Top Easy Access Savings Discussion Area

mebu60

Middle_of_the_Road said:

I have the issue 1, and also the recent issue 3. I don't see any benefit in closing the previous issue. I'm just leaving it at zero balance and unused. As i've never had any issues with outward transactions being blocked from the account, I will probably use it to make withdrawals to my nominated account, rather than from the new issue. Also it serves as a record of all previous activity through the account, which is easier than having to search individual c/a pdf statements.

One benefit of closing the Issue 1 is that the accrued interest is now earning 5.2% in the Issue 3 :-) 

Stargunner

mebu60 said:

Middle_of_the_Road said:

I have the issue 1, and also the recent issue 3. I don't see any benefit in closing the previous issue. I'm just leaving it at zero balance and unused. As i've never had any issues with outward transactions being blocked from the account, I will probably use it to make withdrawals to my nominated account, rather than from the new issue. Also it serves as a record of all previous activity through the account, which is easier than having to search individual c/a pdf statements.

One benefit of closing the Issue 1 is that the accrued interest is now earning 5.2% in the Issue 3 :-) 

Savvy savers wouldn’t still have money in Issue 1, as they could of got  better rates elsewhere

Middle_of_the_Road

mebu60 said:

Middle_of_the_Road said:

I have the issue 1, and also the recent issue 3. I don't see any benefit in closing the previous issue. I'm just leaving it at zero balance and unused. As i've never had any issues with outward transactions being blocked from the account, I will probably use it to make withdrawals to my nominated account, rather than from the new issue. Also it serves as a record of all previous activity through the account, which is easier than having to search individual c/a pdf statements.

One benefit of closing the Issue 1 is that the accrued interest is now earning 5.2% in the Issue 3 :-) 

Fair enough, if the account was set up with annual interest, that could be quite a bit of interest due. Mine is monthly and was around £200p/m when the account was competitive. I've not had more than a few hundred in the account since January, so less than £40 total interest since.

sturgeon

I thought tandem interest was meant to be paid yesterday. I can’t see anything as of today? Opened the account 9th august. 

MisterMotivated

Stargunner said:

Savvy savers wouldn’t still have money in Issue 1, as they could of got  better rates elsewhere

I'm savvy, but I still have money in issue 1.  A grand total of £1.53

RosieRooBear

sturgeon said:

I thought tandem interest was meant to be paid yesterday. I can’t see anything as of today? Opened the account 9th august. 

@sturgeon, the interest is paid on the anniversary (monthly or yearly depending on what you chose) of the date you opened the account so it will be paid on 9th September 😊

callum9999

granta said:

callum9999 said:

granta said:

Steve_xx said:

granta said:

CHIP

I've moved most of my funds to Santander today but left the account open.
Today I received a bonus payment direct to my linked account. It's not the monthly interest so I can't work out what it is as I've not had that in previous months or paid direct to my linked account. 
Any ideas??

granta said:

CHIP

I've moved most of my funds to Santander today but left the account open.
Today I received a bonus payment direct to my linked account. It's not the monthly interest so I can't work out what it is as I've not had that in previous months or paid direct to my linked account. 
Any ideas??

Possibly. A while back Chip were offering joining bonus' if you deposited and kept varying amounts in your account for 6 months, I think.

Thanks for the suggestion. I don't think it can be that as I didn't opt in as knew it would be likely a better rate would come along.
Also odd that it was paid direct to my linked account when I didn't request it!

You likely did (unknowingly) request it.

It is a hangover from when Chip was paying a "bonus" instead of "interest". If you check your records you'll see the amount you initially received in the linked account when you withdrew was less than what you requested. This bonus will make up the difference.

Thanks, that must be what it is. I just didn't understand why I have been receiving 'interest' over the last few months rather than the monthly bonus payment of previous months. Not sure why it crept in this month!

You've been receiving interest because they changed to paying interest instead of a bonus a while ago. It didn't creep in this month - the only reason you've seen a bonus payment is because (from memory) the bonus is only paid after the rest of your money is withdrawn.

Frogletina

MisterMotivated said:

Stargunner said:

Savvy savers wouldn’t still have money in Issue 1, as they could of got  better rates elsewhere

I'm savvy, but I still have money in issue 1.  A grand total of £1.53

More than me! I've just got £1, but hoping to get that back tomorrow with some interest, as I'd opted for annual interest.

allegro120

sturgeon said:

I thought tandem interest was meant to be paid yesterday. I can’t see anything as of today? Opened the account 9th august. 

You should get it on 9th of September.  The interest is paid on the monthly anniversary of funding the account.

cadguy77

allegro120 said:

sturgeon said:

I thought tandem interest was meant to be paid yesterday. I can’t see anything as of today? Opened the account 9th august. 

You should get it on 9th of September.  The interest is paid on the monthly anniversary of funding the account.

Tandem pay interest on the monthly anniversary of when the account was.opened, at least that's the case for me.