The Top Fixed Interest Savings Discussion Area

wiseonesomeofthetime

Tandem - Notice of Variation - Fixed savers

We’re writing to you to let you know about some changes to your Contract for your Fixed Saver. These changes were made effective on 10 July 2022.

What's changed?

Under the previous Terms & Conditions, when your fixed rate term came to an end, we would have automatically paid your maturity proceeds to your linked account.Following these changes, if we don’t hear from you before your fixed term ends, your account will stay open and the following will apply:Your money will stay in the account, however we'll pay interest at the same rate as our Instant Access Saver at the time. This will usually be a lower rate of interest than your Fixed Saver;You will not be able to make any deposits into the account;We’ll contact you at least 14 days before your fixed term is due to end to ask you what you’d like to do with the money.

What do I need to do?

You can read a summary of the changes and your new Contract by opening the Tandem app and navigating to ‘Important Documents’. 
You don’t need to do anything, these changes will apply automatically on 10 July 2022.

If you have any questions about these changes, please feel free to contact us on 020 3370 0970.

ZeroSum

RG2015 said:

ZeroSum said:

Atom have increased their 6month fix to 2% but have reduced their 2 - 5 year deals from 2.9% to 2.7%

Are Atom expecting interest rates to fall in two years time?

Possibly just that they've got enough cash in over that period.

Shawbrook did something similar with their 6 month fix. Was 2% for a few weeks, then dropped it to 1.75%

RG2015

ZeroSum said:

RG2015 said:

ZeroSum said:

Atom have increased their 6month fix to 2% but have reduced their 2 - 5 year deals from 2.9% to 2.7%

Are Atom expecting interest rates to fall in two years time?

Possibly just that they've got enough cash in over that period.

Shawbrook did something similar with their 6 month fix. Was 2% for a few weeks, then dropped it to 1.75%

I can understand Shawbrook for 6 months, but 2 -5 years is a long time out to have enough cash in.

Expotter

Charter Savings Bank via Hargreaves&Lansdown now offering 2.3% fixed for a 9 month bond. Do they know something we don't or are they anticipating a 0.5% increase in base rate? It seems to me like a pretty decent rate, hmmm...tempting. I'll probably wait until after the next rate announcement anyway.

ZeroSum

Expotter said:

Charter Savings Bank via Hargreaves&Lansdown now offering 2.3% fixed for a 9 month bond. Do they know something we don't or are they anticipating a 0.5% increase in base rate? It seems to me like a pretty decent rate, hmmm...tempting. I'll probably wait until after the next rate announcement anyway.

Atom are offering 2% on 6 month & 2.6% on 1 Yr. So this is bang in the middle 

SJMALBA

FYI, Coventry Building Society has pulled its (just over) 2 year Loyalty bond.

The (just over) 1 year bond @ 2.7% is still there, but for how much longer?

RG2015

SJMALBA said:

FYI, Coventry Building Society has pulled its (just over) 2 year Loyalty bond.

The (just over) 1 year bond @ 2.7% is still there, but for how much longer?

I either missed it or ignored it as it was for 2 years.

3.00% was actually quite an attractive rate, and I guess there was a high take up which in turn resulted in them pulling it.

Cammie50

RG2015 said:

SJMALBA said:

FYI, Coventry Building Society has pulled its (just over) 2 year Loyalty bond.

The (just over) 1 year bond @ 2.7% is still there, but for how much longer?

I’m considering opening this account. It pays out annually or monthly. Regarding the tax implications on Personal Savings, would it be better to take interest monthly, splitting it over 12 months (and 2 tax years) rather than having it paid out annually in one tax year. End of term interest would be paid out next August 2023, which added on to other interest would take me over the £1K allowance. I’m thinking this subject has been discussed before but cannot find the link in the forum. Thanks. 

garyelder

Kent reliance 3% 2 years
1 year 2.61 % 
slightly lower for monthly interest I’ve got both 

ScarletBea

But should we be fixing for 3 years now? Even 2 years feels too much, the max I've done recently is 18 months...