Tandem Easy Access Saving account

almanak

Has anyone used it? Any experiences? Website looks a bit mysterious.

There are interests 0.65% and  a limit up to £250,000 . Does it mean  assuming you pay in £20000 you get £130 annually?

wiseonesomeofthetime

There are a few threads appearing asking same question.

Check answers on this one - https://forums.moneysavingexpert.com/discussion/6289997/tandem-instant-access-saver-anyone-got-one-worth-opening

Rate is variable. so no guarantee on the interest earned in 12 months.

almanak

wiseonesomeofthetime said:

There are a few threads appearing asking same question.

Check answers on this one - https://forums.moneysavingexpert.com/discussion/6289997/tandem-instant-access-saver-anyone-got-one-worth-opening

Rate is variable. so no guarantee on the interest earned in 12 months.

yes thanks I have read some and already resigned. Too much ambiguity to believe anything there can be 'safe'

colsten

almanak said:

wiseonesomeofthetime said:

There are a few threads appearing asking same question.

Check answers on this one - https://forums.moneysavingexpert.com/discussion/6289997/tandem-instant-access-saver-anyone-got-one-worth-opening

Rate is variable. so no guarantee on the interest earned in 12 months.

yes thanks I have read some and already resigned. Too much ambiguity to believe anything there can be 'safe'

The Tandem account is FSCS protected, so exactly as safe as any other account with FSCS protection. 
 

almanak

colsten said:

almanak said:

wiseonesomeofthetime said:

There are a few threads appearing asking same question.

Check answers on this one - https://forums.moneysavingexpert.com/discussion/6289997/tandem-instant-access-saver-anyone-got-one-worth-opening

Rate is variable. so no guarantee on the interest earned in 12 months.

yes thanks I have read some and already resigned. Too much ambiguity to believe anything there can be 'safe'

The Tandem account is FSCS protected, so exactly as safe as any other account with FSCS protection. 
 

yes, I meant more your own well being

wiseonesomeofthetime

Happy with mine, and opened a couple of Fixed Rate offerings as well, at twice the easy access rate.

janusdesign

installed the app today - didn't like it, too much hassle to transfer money using app on phone rather than web site... impossible to close account via app/chat or email, you need to phone them... now done... app uninstalled.

if others find it fine, good luck to them - possibly I might look again next with regards to fixed rate savings (and therefore limited app use), but for instant access to savings, not a chance I would personally use the app... for me, there are better short-term alternatives.

almanak

yesjanusdesign said:

installed the app today - didn't like it, too much hassle to transfer money using app on phone rather than web site... impossible to close account via app/chat or email, you need to phone them... now done... app uninstalled.

if others find it fine, good luck to them - possibly I might look again next with regards to fixed rate savings (and therefore limited app use), but for instant access to savings, not a chance I would personally use the app... for me, there are better short-term alternatives.

yes, thanks for sharing this info so I don't have to experiment myself

colsten

janusdesign said:

installed the app today - didn't like it, too much hassle to transfer money using app on phone rather than web site... impossible to close account via app/chat or email, you need to phone them... now done... app uninstalled.

if others find it fine, good luck to them - possibly I might look again next with regards to fixed rate savings (and therefore limited app use), but for instant access to savings, not a chance I would personally use the app... for me, there are better short-term alternatives.

You have come to exactly the opposite conclusion I came to. The app is basic, has no bells and whistles, probably because it doesn't need any. Depositing money by pulling it in (via Open Banking) is way simpler than pushing it it from a current account, but if you prefer the latter, that can be done, to. I tested out both methods and slightly prefer the pull-in.

Withdrawals are straight forward, too, and quick.

I am a prolific user of banking apps - I use a total of 45 on a regular basis, in preference to online banking. I'm no spotty young computer nerd but a mature pensioner.

janusdesign

colsten said:

The app is basic, has no bells and whistles, probably because it doesn't need any.

yep the app is basic.

colsten said:

Depositing money by pulling it in (via Open Banking) is way simpler than pushing it it from a current account, but if you prefer the latter, that can be done, to. I tested out both methods and slightly prefer the pull-in.

it was a pain for me to do it on the phone - when a task takes far far longer for me to do than it would via a website, then

the additional interest rate just isn't worth the hassle.

i'm no mug with phone apps - don't have 45, but i'm not a newbie... this just wasn't for me.

I will say that the guy at the call centre was helpful, though I will have paid for that call, so have effectively lost money closing the account (but no point just uninstalling the app, I wanted the account closed).

colsten said:

Withdrawals are straight forward, too, and quick.

I would have no issue with funding via my nominated account's own site, but simply don't need the hassle of trying to use the app when I want/need to withdraw money (especially as it possibly might have been over £5k).

I was only going to put £9k in and that will have been gone in less than 12 months, so for me, i'd prefer a stress-free option and that's not Tandem... i'm happier getting a couple quid less in interest rather than use that app again... hell, i'd put it in a current account getting no interest rather than Tandem.

colsten

janusdesign said:

 so for me, i'd prefer a stress-free option and that's not Tandem..

Goodness me, how did that app cause you stress?