The Top Easy Access Savings Discussion Area

colsten

soulsaver said:

And there are some on here that say they don't have a problem.

As I implied, I wouldn't recommend PO on my experience, but I have multiple accounts and each with different linked accounts.

It may work if you're not breaking what some say are their rules.

I am not sure whether you are suggesting that I breached the PO rules / terms and conditions but just in case you are: I can assure you I did not. The only reason I had accounts with them was because they offered the leading AER at the time. 

soulsaver

@colsten Edited FTAOD... 

cosh25

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

wiseonesomeofthetime

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.

colsten

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.

I understand why you are a little reluctant, as Tandem can see all your current account transactions. However, they can only see these every time you have specifically launched your current account from within the Tandem app. You have to do this to initially register your current account, and you can use it if you want to to make deposits. As they give you a normal sort code and account number, you can also use the traditional bank transfer method (Faster Payment) to make your deposit. I am new to Tandem myself, so don't know which method is faster. The Open Banking one does look more convenient, and safe, as you don't need to worry about getting the Tandem account details correct. It doesn't look particularly fast, though - it certainly isn't instant. Not this time of night, anyway - may be it's faster during daytime. Faster payment from my current account is also not instant, so may be they have switched off their payment processor overnight (I am not terribly impressed with the lack of speed, as this is supposed to be the future......). I haven't yet been able to test withdrawals, so don't know how quick or otherwise these are.

I have used Open Banking before with Tesco Clubcard Pay, and was initially very reluctant, like yourself, as I didn't want them to "see" my current account transactions. I have, however, mellowed, and now don't care whether they see them or not. Good luck to them to make any sense out of the umpteen transactions that happen on my current account. Tandem do allow you to register more than one current account, btw.

Have a go yourself with a tenner or so, to get a feel for for it. Open Banking is the future, so we might as well get used to it.   


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.

wiseonesomeofthetime

Thanks for the above @Colsten

Can you schedule withdrawals from Tandem using the Open Banking or Faster Payments systems, do you know yet?

I don't have £10,000s to store, so the extra £1.50 interest per year, per £1,000 left in there for a year, doesn't really sway me yet.

Four fewer Costa coffees per year would just about cover the loss of extra interest, for me

colsten

wiseonesomeofthetime said:

Can you schedule withdrawals from Tandem using the Open Banking or Faster Payments systems, do you know yet?

They don't offer scheduled withdrawals. All withdrawals go immediately, at least on working days

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.