Tandem fixed rate saving maturity

sallyr

I put £8k into a fixed rate saving account with Tandem last November following information on this site, and it’s due to mature in November. I’m looking to reinvest it at the best rate I can get for a 1 year fix and they are offering 1.41%. However, this doesn’t appear on MSE, and the best rate showing is 1.34% with Smart Save, but their minimum investment is £10k. I can’t see anything at all on MSE about Tandem apart from on the forum, and nothing since February this year. I also can’t find much by googling except the fact that they’ve got a low rating on Trustpilot, though the bad ratings seem to be mostly about how the app works and other administrative issues rather than anything about their products.  Any thoughts?

masonic

Rates tend to be updated very rapidly these days and comparison sites are often not up to date. It pays to trawl around the usual suspects when renewing as you might find something better than what is listed in the tables. It is less hassle going back to a provider you have used before vs signing up with a new one, so if you are happy with Tandem I wouldn't be concerned that MSE isn't currently listing them.

Daliah

1.41%  for a 1 year fix appears to be special deal for maturing accounts as their published rate for this is 1.15%, which is nowhere near the top of the league table.

Are you sure the offer is for a 1 year fix? As the Tandem rate for 2, and for 3, years is 1.41%. 

I would not hesitate to save with Tandem if the rates are what I am after. They have FSCS protection, which is more or less all I would be concerned about. I do have an instant access account with them and am very happy with the speed of deposits and withdrawals, and with their app.

refluxer

One-year fixed rate accounts topped out at 1.5% with Atom last month which, as far as I can recall, is the highest they've been in a long time - possibly since around the time the pandemic started (March 2020). Rates have slipped a little since though and seem to have settled around 1.3%+ in the last month or so. 

If that is a reward rate for a 1 year re-investment with Tandem, then that's pretty generous based on what they're currently offering to new customers. My 'reward rates' with Paragon were identical to those for new customers and the bonus with OakNorth was a measly additional 0.02% ! As neither of those gets them close to the current market leaders, then I can only presume that they don't need my money and/or don't necessarily need to retain customers.

sallyr

Definitely 1.41% for 1 year, 1.76% for 2 years and 1.81% for 3 years. I’m always suspicious of things that look too good to be true, but I can’t see a catch on this one. The rate is guaranteed as long as I opt in before maturity on 27/11 so I’m going to hang fire for a couple more weeks and if nothing bad comes out of the woodwork I’ll take it, I’ve had no problems with them, though all I’ve done is leave the money in the account.  

Thanks all for your input

Daliah

Seems a brilliant offer (ignoring that keeping cash in savings accounts is eroding the purchasing power).