Tandem 3% fixed rate saver

Paul_01

Just to add a touch of balance, I applied for and have received the 3% account.
My only connection with Tandem was that I used to have a credit card with them, but closed it a few months ago.
They clearly got themselves in a pickle regarding this 3% rate by overpromising, but I do think that it was simply badly managed rather than anything more sinister.

PaoloWD

Paul_01 said:

Just to add a touch of balance, I applied for and have received the 3% account.
My only connection with Tandem was that I used to have a credit card with them, but closed it a few months ago.
They clearly got themselves in a pickle regarding this 3% rate by overpromising, but I do think that it was simply badly managed rather than anything more sinister.

Ditto re the 3% account. For further 'balance': as part of my beta waitlist application, Tandem did a check on my TransUnion credit file; and I funded my account to a Tandem Bank Ltd sort-code (which I checked beforehand on the Faster Payments website). 

Catslovelycats

I received the offer of a 1.2% fixed saver today

Catslovelycats

currently installing the app on my phone. getting lots of warnings about security issues 

Catslovelycats

Mmm. Tandem doesn't recognise co-op bank, so it's not letting me add my account.

PaoloWD

Catslovelycats said:

Mmm. Tandem doesn't recognise co-op bank, so it's not letting me add my account.

How are you getting on? FYI, I funded my Tandem 1 yr fixed saver from my uk current account, the beta app didn't require you to 'link' an account.

PaoloWD

PaoloWD said:

Catslovelycats said:

Mmm. Tandem doesn't recognise co-op bank, so it's not letting me add my account.

How are you getting on? FYI, I funded my Tandem 1 yr fixed saver from my uk current account, the beta app didn't require you to 'link' an account.

Further update: I just rang Tandem who confirmed my account balance and the % interest rate on my beta fixed saver. They are also posting me a statement for my records, as I asked them to.  I think Tandem are OK, but could be better communicators to give us consumers more confidence in their saving product(s).

matty_art

Update from me - Tandem has offered to honour the promotional 3% rate in response to my complaint.  

Their explanation for closing my 3% account was that because they could only offer a limited number of accounts at the promotional rate and the popularity of this offer was significantly higher than they had anticipated. I don’t fully understand that explanation when they said they only offered 100 accounts in the first place, but obviously they have seen they have made a mistake.

PaoloWD

matty_art said:

Update from me - Tandem has offered to honour the promotional 3% rate in response to my complaint.  

Their explanation for closing my 3% account was that because they could only offer a limited number of accounts at the promotional rate and the popularity of this offer was significantly higher than they had anticipated. I don’t fully understand that explanation when they said they only offered 100 accounts in the first place, but obviously they have seen they have made a mistake.

Nice one! Is the 3% now showing as the rate in your beta Fixed Saver app, instead of the 1.4% or whatever your 'old' rate was?

matty_art

PaoloWD said:

matty_art said:

Update from me - Tandem has offered to honour the promotional 3% rate in response to my complaint.  

Their explanation for closing my 3% account was that because they could only offer a limited number of accounts at the promotional rate and the popularity of this offer was significantly higher than they had anticipated. I don’t fully understand that explanation when they said they only offered 100 accounts in the first place, but obviously they have seen they have made a mistake.

Nice one! Is the 3% now showing as the rate in your beta Fixed Saver app, instead of the 1.4% or whatever your 'old' rate was?

No, apparently it will get added as adjustment at the end manually as they can’t do that.  I’ll have to obviously make sure it is.