Tandem Fixed rate advertised at 1.4% - is it a scam?

ike39

Brief timeline of my attempt to open their advertised 1.4% saver, which I emailed them about in early October 2020:

16 October I received an email from them stating: “Your 1.4% AER* Fixed Saver download link was sent to you and is ready for download! You must follow the steps outlined below to open your account.”   This was not true, as I had not received the download link.

I emailed to say  I'd had not received the download link and would they please resend it. 

17 October, my email acknowledged.

18 October received email: “Thanks for contacting Tandem. I'd like to apologise for your wait here, we've had a large volume of contact recently. I'll pass this to our back office team so they can resend the link.”  No link came.

18 October I rang them twice and was assured that the link would be resent.  I also received an email confirming that it was for a fixed rate of 1.4%

Later on18 October I received another email saying that they had alerted the “back office” and they would resend the link to me.

26 October, nothing received so I rang again and was told that there were delays, but the link would be sent.

2 November, no link, I rang again, over 12 minutes was kept on hold so that he could speak to people about the problem.  Was then told links were sent out in batches, but that he had arranged that my link would be sent as soon as possible.  However, in the time between my first request and that date the rate was now down to 1.2%, and a 1.4% saver account was no longer available.  He also stated that I had a justifiable complaint to make about this, and he would raise it for me. The case was so strong that, although the link I would be sent “very soon” would say it was a 1.2% account, I should apply for that, and when the complaint was processed I would then be switched to 1.4%.

5 November I duly received an email saying that a complaint had been raised, and giving me a reference number.

13 November: I have heard nothing more, no download link, and now the newsletter says the Tandem fixed rate is now 1.05%

Is this rate a scam?   Has anyone actually managed to put money in at 1.4% please?

Thrugelmir

Interest rates are falling. When lenders reach target tranches they'll revise accordingly. Offers are opening and closing very rapidly. With billions of pounds looking for a home after NSI's dramatic cut. 

fwor

ike39 said:

Is this rate a scam? 

You ask a question that's pretty easy to answer. Provided you are dealing with the real Tandem bank and not a clone or other sort of copy operation, the answer is No, what you describe doesn't meet any conventional definition of the word "scam".

Perhaps they have not handled you application in the best way that they could have, but I don't see any evidence of a scam at all.

masonic

No, failure of email is not a scam. It might even be your email provider's fault.

What exactly was the link for? So you could download and install the app?

penners324

The app is available in the app store, don't see the need for a link

Aretnap

A financial scam usually involves you handing your money over to someone, and that someone not returning it. If you being unable to hand your money over to a bank in the first place now counts as a scam, the word has lost any semblance of meaning.

As above it's quite normal for interest rate offers, especially best buy ones, to be time-limited. The bank will have a fixed amount of money that it wants to accept at 1.4%, and once it has accepted that amount it will change the interest rate it offers to new customers. (Usually downwards, as it now has plenty of cash to lend out, and it doesn't really want to attract much more in the way of savings until the amount it is lending catches up). So the falling rate is perfectly normal, and not in any way a sign of anything untoward.

If you applied in good time for the 1.4% interest rate, but were prevented from depositing money at that rate by a technical error on the bank's part, then you do have grounds for complaint, and the bank should certainly put that right. However technical errors, poor customer service and being placed on hold for longer than you'd like are not the same as being scammed. Also be aware that a formal complaint is not always a quick process even in non-COVID times - the Financial Ombudsman gives companies 8 weeks to respond to a formal complaint before they'll accept an escalation from the customer.

I assume you've checked your spam folders for the download link?