How do you rate these savings institutions? Smartsave, Zopa, Investec, Charter, Tandem?

fleemkt

I've used Shawbrook, Aldermore, Paragon and Atom, so wondered what peoples' opinions are of the following:

Smartsave

Zopa

Investec

Charter Savings

Tandem

With Tandem, I guess it';s similar to Atom being App based, so are there any downsides / risks of it insisting being on 'Open Banking'?

I think Investec and Charter are more established in the savings market?

fleemkt

I should have stated I'm looking at 1 year fixed rate accounts.

I'm likely to strike Smartsave off the list having skim-read a post.

OldScientist

I've had money with Charter Savings for a couple of years (90 day notice rather than 1 year - currently considering opening a one year account with them - at 1.3% not quite the best, but as you say reasonably well established). Website is functional and I've not had any problems with adding or removing money (and so, consequently, have never had to contact their customer support).

I too would be happy to hear about Zopa savings since we are considering them for a two year fixed account.

DireEmblem

First concern should be are they all FSCS protected, in which they should be.
Second given that you will be holding funds for at least a year/two, would be the rate of interest.
Thirdly is probably the convenience factor of the user interface.

How have you shortlisted these companies already, as for example Hargreaves have their 'Active Savings' Product, not sure if any of these are 'suitable', or have you maxed out the 2% interest on a Virgin bank account up to £1000.

ColdIron

I'd put Investec and Charter Savings in the same box as Shawbrook, Aldermore or Paragon, all good. Never used the other 3

masonic

I don't know anything about Investec or Smartsave, but I'm happy to take the plunge with any unfamiliar provider as long as they meet key criteria such as having clear FCA authorisation and FSCS protection (tend to avoid complex chains of counterparties providing the services), and reasonable terms.

Charter is fairly standard

Tandem works well, and you need only give them a snapshot of one of your current accounts at the time of making your first deposit

Zopa is also fairly standard, one thing that is a bit different is that you can make deposits for 14 days after applying and the term starts at the end of those 14 days (interest is earned from the date of deposit). The application process is one of the best I've encountered.

bristolleedsfan

masonic said:

Zopa is also fairly standard, one thing that is a bit different is that you can make deposits for 14 days after applying and the term starts at the end of those 14 days (interest is earned from the date of deposit).

Most of these types of Banks operate that policy, Cynergy Bank rare exception they require funds within 2 days of application, however they allow 14 day cooling off period within which if cancel they pay interest for the time they had the funds

wiseonesomeofthetime

My main annoyance with Tandem atm is the fact that they raised the rate on their 1 year saver, just six days after I locked money in at the 1.31% rate. And likewise their 3-year fixed saver.

Thankfully, I was only putting a grand away in each for specific future purposes and not relying on the amount of interest it actually earns, but imagine doing that with £30k or so.

Those are the risks at locking funds in atm though, as there does appear to be an upward curve in rates for the moment.

masonic

bristolleedsfan said:

masonic said:

Zopa is also fairly standard, one thing that is a bit different is that you can make deposits for 14 days after applying and the term starts at the end of those 14 days (interest is earned from the date of deposit).

Most of these types of Banks operate that policy, Cynergy Bank rare exception they require funds within 2 days of application, however they allow 14 day cooling off period within which if cancel they pay interest for the time they had the funds

My experience has been different, but then again over the past few years I've tended to go with the Sharia banks like BLME, Al Rayan, Gatehouse etc. where the rates were highest. All of these require the amount of funds stated in the application (which can be spread over more than one transfer if you are subject to a transaction limit), and more funds cannot be added once this balance has been received.

bristolleedsfan

masonic said:

bristolleedsfan said:

masonic said:

Zopa is also fairly standard, one thing that is a bit different is that you can make deposits for 14 days after applying and the term starts at the end of those 14 days (interest is earned from the date of deposit).

Most of these types of Banks operate that policy, Cynergy Bank rare exception they require funds within 2 days of application, however they allow 14 day cooling off period within which if cancel they pay interest for the time they had the funds

My experience has been different, but then again over the past few years I've tended to go with the Sharia banks like BLME, Al Rayan, Gatehouse etc. where the rates were highest. All of these require the amount of funds stated in the application (which can be spread over more than one transfer if you are subject to a transaction limit), and more funds cannot be added once this balance has been received.

I have been looking at terms and conditions of several  best buys fixed rates over the course of last 3 weeks

masonic

wiseonesomeofthetime said:

My main annoyance with Tandem atm is the fact that they raised the rate on their 1 year saver, just six days after I locked money in at the 1.31% rate. And likewise their 3-year fixed saver.

Thankfully, I was only putting a grand away in each for specific future purposes and not relying on the amount of interest it actually earns, but imagine doing that with £30k or so.

Those are the risks at locking funds in atm though, as there does appear to be an upward curve in rates for the moment.

For larger sums it is advisable to spread over a ladder of term accounts. I tend to roll over accounts at 3-4 month intervals, so I get another bite of the cherry in a few months time and I have accounts maturing at regular intervals in case I should need the money.