The Top Easy Access Savings Discussion Area

happybagger

That's what they do, if it becomes too expensive to run they first make it NLA, then if it still costs a lot close them to further deposits to existing customers (like Hanley's Branch account did recently) so the balances naturally reduce over time as customers withdraw.

I remember a Shepshed BS account paying BBR +3% in the past...

There's no guarantee Skipton's tracker won't do the same.

1spiral

RosieRooBear said:

KevinG said:

1spiral said:

I had a Newcastle tracker a few years back which tracked 0.7% above base rate. At the point in time it became too competitive, they closed it to new funding. The account had already been long withdrawn but they reached a point where they wouldn't let even existing holders add new funds.

Below, not above. I still have mine with about £1 in it, paying 4.55%, 0.7% below 5.25%.

@KevinG, 1spiral is referring to a Newcastle Tracker they had a few years back at 0.7% above the base rate, not the most recent one which is tracking 0.7% below the base rate 😊

Exactly, I think when BR was 0.5, they closed it to new deposits. When BR was 0.1, they were still paying 0.8 whereas the best you could get elsewhere was 0.5.

patpalloon

I was able to auto renew my top up with Tandem - so have 5% for another 12 months.

Futuristic

patpalloon said:

I was able to auto renew my top up with Tandem - so have 5% for another 12 months.

Where can you renew the top up bonus? Thx

KevinG

RosieRooBear said:

KevinG said:

1spiral said:

I had a Newcastle tracker a few years back which tracked 0.7% above base rate. At the point in time it became too competitive, they closed it to new funding. The account had already been long withdrawn but they reached a point where they wouldn't let even existing holders add new funds.

Below, not above. I still have mine with about £1 in it, paying 4.55%, 0.7% below 5.25%.

@KevinG, 1spiral is referring to a Newcastle Tracker they had a few years back at 0.7% above the base rate, not the most recent one which is tracking 0.7% below the base rate 😊

OK, my mistake.

where_are_we

patpalloon said:

I was able to auto renew my top up with Tandem - so have 5% for another 12 months.

 " The Top Up of 0.35% AER1 (variable) on your Instant Access Savings Account will expire on 19-Jan-24 and your rate will reduce to the underlying rate of 4.65% AER1 (variable).

Check the Tandem app to see if you can top up your rate again.The Top Up of 0.35% AER1 (variable) on your Instant Access Savings Account will expire on 19-Jan-24 and your rate will reduce to the underlying rate of 4.65% AER1 (variable).

Check the Tandem app to see if you can top up your rate again.

Log into your app and look for the 'Renew Top Up’ button:"

Got the above email today and renewed my top up. I then got the following reply email:

"Your rate of 5.0% AER1 (variable) including a top up of 0.35% AER1 (variable) will be applied to your account from 19-Jan-24 until 19-Jan-25."

However their wording above is ambiguous and I think "patpallon" is mistaken thinking that they "have 5% for another 12 months". My reading of it is that the 5% is variable and can change at any time, most probably in a downward direction.

refluxer

Yep - the only bit of the Tandem Instant Access Saver rate that is fixed (and therefore guaranteed) is the 0.35% bonus, unfortunately.

...or so i presumed ! (see comments below)

patpalloon

where_are_we said:

patpalloon said:

I was able to auto renew my top up with Tandem - so have 5% for another 12 months.

 " The Top Up of 0.35% AER1 (variable) on your Instant Access Savings Account will expire on 19-Jan-24 and your rate will reduce to the underlying rate of 4.65% AER1 (variable).

Check the Tandem app to see if you can top up your rate again.The Top Up of 0.35% AER1 (variable) on your Instant Access Savings Account will expire on 19-Jan-24 and your rate will reduce to the underlying rate of 4.65% AER1 (variable).

Check the Tandem app to see if you can top up your rate again.

Log into your app and look for the 'Renew Top Up’ button:"

Got the above email today and renewed my top up. I then got the following reply email:

"Your rate of 5.0% AER1 (variable) including a top up of 0.35% AER1 (variable) will be applied to your account from 19-Jan-24 until 19-Jan-25."

However their wording above is ambiguous and I think "patpallon" is mistaken thinking that they "have 5% for another 12 months". My reading of it is that the 5% is variable and can change at any time, most probably in a downward direction.

Fair point, but I was happy to see the top up could be renewed as I seem to remember they limited this when first launched. Remember how they were miles ahead wh3n they brought out 5% EA?

flobbalobbalob

refluxer said:

Yep - the only bit of the Tandem Instant Access Saver rate that is fixed (and therefore guaranteed) is the 0.35% bonus, unfortunately.

Unfortunately the 0.35% is a top up and the terms say is also variable. 30 days notice for a reduction.

Zaul22

I would still expect Tandem to go down because the people who use Zopa value the pot system so much they accept low rates to get it. All Tandem has to do is be slightly higher than Zopa. Maybe when the bonus expires that will be it effectively going down though.