The Top Easy Access Savings Discussion Area

orange-juice

colsten said:

wiseonesomeofthetime said:

cosh25 said:

Tandem Bank have upped the rate on their Instant Access Saver to 0.65%. Not bad as things go at the moment!

Not at all.

Same as my Skipton saver (for next month anyway).

However, for some reason, I wouldn't be comfortable leaving my savings in the hands of Tandem Bank.

Not sure why. Perhaps I read something negative about them 🤷‍♂️

Could be this Open Banking-led Instant Bank Transfers.

EDIT: just had texts from Tandem. Both, my pull and push deposits are now in Tandem, about 25 minutes after I made the transactions. Made a withdrawal now, which they say "usually arrives pretty quickly but can sometimes take 2 days". It certainly hasn't arrived instantly. Will keep an eye on my current account....EDIT 2: arrived 6 minutes later, so not too bad if they keep this up at weekends, too. Thinking I might replace my 0.7% Al Rayan account with that Tandem one if they do as I sometimes need the money at weekends.

  I was just about to ask a question about Tandem pay ins and seen your comment, so thank you.

If both methods work and are both just as quick, I take it that it's probably "better" to do a BACS from the connected bank's own app to pay in, rather than from within Tandem (or at least there's fewer downsides)?

colsten

I would say it depends how concerned you are if Tandem see all the transactions on your current account. I am not particularly bothered about it now. Using the pull method, you don't need to worry about using the correct sort code and account number, and assuming you use biometric login with your current account app on the same device, you don't have to faff about with logging into the current account. In the end, it comes down to personal preference.

BTW, you'd never do a BACS from your current account but a Faster Payment. BACS is for businesses, not for consumers.

Stompa

Stompa said:

Consumerist said:

pearl123 said:

. . . Could other banks also now raise their rates to match it? . . .

It's always possible. As the account is Easy Access you can always move it if something better comes along.

Edit

Mobile app required to log in.

Well it was pretty straightforward to open one, but the reviews of the mobile authenticator app look pretty dire. Hopefully it won't prove to be quite as awful as they suggest!

Well sadly it does appear that the authenticator app is very poor. It generates an authentication code alright, but most of the time it's not the correct authentication code. In fact I find it's only correct on around 1 attempt out of every 3 ( and I can't help wondering if you might get locked out if you enter too many incorrect codes).

I had been thinking of transferring an ISA to Cynergy, but am now having second thoughts.

Consumerist

You'd think that MSE would add a warning about this company when showing it as a best buy.

colsten

Consumerist said:

You'd think that MSE would add a warning about this company when showing it as a best buy.

MSE generally only look at rates, and referral links.

Stompa

Stompa said:

Well sadly it does appear that the authenticator app is very poor. It generates an authentication code alright, but most of the time it's not the correct authentication code. In fact I find it's only correct on around 1 attempt out of every 3 ( and I can't help wondering if you might get locked out if you enter too many incorrect codes).

A quick update on this. I think I've found a way of making it much more reliable. All you have to do is zoom the screen prior to using the Authenticator app to scan the code.

Wheres_My_Cashback

Stompa said:

Stompa said:

Consumerist said:

pearl123 said:

. . . Could other banks also now raise their rates to match it? . . .

It's always possible. As the account is Easy Access you can always move it if something better comes along.

Edit

Mobile app required to log in.

Well it was pretty straightforward to open one, but the reviews of the mobile authenticator app look pretty dire. Hopefully it won't prove to be quite as awful as they suggest!

Well sadly it does appear that the authenticator app is very poor. It generates an authentication code alright, but most of the time it's not the correct authentication code. In fact I find it's only correct on around 1 attempt out of every 3 ( and I can't help wondering if you might get locked out if you enter too many incorrect codes).

I had been thinking of transferring an ISA to Cynergy, but am now having second thoughts.

I've had no issues using the authenticator and never been locked out.

Had accounts with them pre Cynergy when they were Bank of Cyprus UK, no problems then, nor now. 

Easy to use online banking, quick (a few minutes) to transfers funds, simplicity itself when opening new accounts, particularly ISAs and transferring.

Yes the authenticator is dated, but a banking APP is coming quite soon.

UncleK

Never had any trouble with the Cynergy App. Just closed one account and opened another so had to reset the App and that was dead easy as well.

DireEmblem

On the off chance people have access to Chip, they might be releasing a 0.7% account with interest paid daily, on balances up to 30k.  None of the usual faff they normally have other than I think* you need to have a paid account.

In which sense, its possibly only worth it if you already have an account.  If you are new, and top up the full 30k, then you will still need to pay their £1.50 every 28 days platform fee.  Thats roughly £19.5 a year, or 0.065%, so all in you would get back 0.645% annually with the full deposit.

colsten

DireEmblem said:

On the off chance people have access to Chip, they might be releasing a 0.7% daily interest account shortly

That is definitely not going to happen. Did you mean 0.7% AER?