The Top Easy Access Savings Discussion Area

quirkydeptless

Mr._H_2 said:

Section62 said:

RG2015 said:

veryintrigued said:

Can you clarify this point please?

Best if not, all things considered.  (There's already information/argument about this on the RS thread)

Is "RS" here an abbreviation of Regular Saver?

Yes it is

wiseonesomeofthetime

Tandem have today announced that the interest rate on their Instant Saver product will rise from 0.65% to 0.77%

Source: Tandem email

Great news! We've increased the interest rate on your Instant Saver to 0.77%, and we can't wait to help you save and hit your money goals. 

We've applied this higher rate to your account automatically, so you don't need to do anything and you don't need to contact us. The change will be made at midnight tonight so you'll see your new rate by the end of the day. Happy saving. 

cricidmuslibale

wiseonesomeofthetime said:

Tandem have today announced that the interest rate on their Instant Saver product will rise from 0.65% to 0.77%

Source: Tandem email

Great news! We've increased the interest rate on your Instant Saver to 0.77%, and we can't wait to help you save and hit your money goals. 

We've applied this higher rate to your account automatically, so you don't need to do anything and you don't need to contact us. The change will be made at midnight tonight so you'll see your new rate by the end of the day. Happy saving. 

Talk about over-egging the pudding! How can a tiny interest rate rise of 0.12% be possibly described as great news when the 'higher rate' of 0.77% is (a) still 0.23% below the leading easy access savings rate of 1% (Virgin Money's linked savings account) and (b) approx. one tenth of the current RPI rate of inflation?

[I've referred to the RPI inflation rate because I've always thought and still think it is a truer measure of inflation for many people than CPI, which e.g. crucially excludes housing costs and is calculated using a somewhat arbitrary range of products, at least some of which are luxury items not likely to be purchased as frequently by lower and middle income earners, who are most adversely affected by rising inflation, as by those with the highest incomes relatively speaking.]

wmb194

cricidmuslibale said:

wiseonesomeofthetime said:

Tandem have today announced that the interest rate on their Instant Saver product will rise from 0.65% to 0.77%

Source: Tandem email

Great news! We've increased the interest rate on your Instant Saver to 0.77%, and we can't wait to help you save and hit your money goals. 

We've applied this higher rate to your account automatically, so you don't need to do anything and you don't need to contact us. The change will be made at midnight tonight so you'll see your new rate by the end of the day. Happy saving. 

Talk about over-egging the pudding! How can a tiny interest rate rise of 0.12% be possibly described as great news when the 'higher rate' of 0.77% is (a) still 0.23% below the leading easy access savings rate of 1% (Virgin Money's linked savings account) and (b) approx. one tenth of the current RPI rate of inflation?

[I've referred to the RPI inflation rate because I've always thought and still think it is a truer measure of inflation for many people than CPI, which e.g. crucially excludes housing costs and is calculated using a somewhat arbitrary range of products, at least some of which are luxury items not likely to be purchased as frequently by lower and middle income earners, who are most adversely affected by rising inflation, as by those with the highest incomes relatively speaking.]

This is OT so I won't post again; I'm not sure how it's weighted but RPI also includes jewellery and watches e.g., "Various items of personal jewellery - solid gold ring, diamond solitaire ring, sterling silver earrings, fashion earrings, fashion necklace." There's plenty of cheap jewellery out there.

From 'Annex B' in the ONS' 2021 dataset https://www.ons.gov.uk/economy/inflationandpriceindices/datasets/consumerpriceinflationbasketofgoodsandservices

UncleK

Marcus just gone from 0.6% to 0.7% - I found out just as was about to move money from there

GalacticaActual

UncleK said:

Marcus just gone from 0.6% to 0.7% - I found out just as was about to move money from there

Thanks for the information!

Marcus have updated their website this morning. The new rate came into effect today, 9th March 2022.

intalex

I can't renew the Marcus bonus (last renewal was end of 2021)... "sorry there's been an error, please call" message...

Daliah

intalex said:

I can't renew the Marcus bonus (last renewal was end of 2021)... "sorry there's been an error, please call" message...

Seems a problem specific to your account. I have renewed mine fine just now. If they can‘t fix it for you if you call them, you can always consider an account with a better rate instead, or a Saga account if it has to be “Marcus flavoured”

intalex

Daliah said:

Seems a problem specific to your account. I have renewed mine fine just now. If they can‘t fix it for you if you call them, you can always consider an account with a better rate instead, or a Saga account if it has to be “Marcus flavoured”

Thanks, worked when I tried again from my mobile app

typistretired

I didn’t need to renew it they just updated my current interest rate.?
Tackkers we do not like rudeness on this site GalacticaActual was only trying to be helpful
At 0.70% I will only be keeping a £1 in there to keep account open