Tandem and Hodge Bank

jimroy

I opened a Tandem Instant Saver a week ago and made my first deposit via their app and Open Banking from my FD account. You can set up a payment from the other end if you wish instead. I went with the former because it sets up a payment the other end for future reference either way which saves you the trouble I thought. The only other bank I've experienced this with before is Monzo.

I was concerned that it set it up the old way, whereby the account type is first and the account name is as a reference. I was sure this had changed with legislation a few years back whereby a payment should be set up with your account name first at the top then a reference of choice second. When I brought this up with FD they refuted that. They'd made me change all my regular payments to reflect that a few years back after all.

Not this time. There was a half hour delay with Tandem's checks. They texted me to let me know the funds had been deposited too. I also transferred two times funds after that with the same set up from FD and they went through fine no issue; though with a half hour delay again. It's not as fast as FP with Marcus for example. Again Tandem texted me to let know they'd been deposited.

A few weeks prior, I'd had an issue with transferring funds from Chip Financial to FD for the first time ever, where FD declined the transfer and referred me back to Chip saying it was an issue with their systems (?) Seeing how fussy it had been 'instantly' transferring funds same day from Chip (before 11am) I was glad that a better alternative came along.

StayinAlive

I've just opened a Hodge Account and all went fine until I tried to transfer in from my Lloyds current account. The amount of hoop jumping at lloyds is unbelievable. One of the reasons I chose Hodge is because they are part of the CoP system but that didn't cut any ice with Lloyds. Has anyone paid into Hodge from a linked current account from any Bank without these anti-fraud obstacles?

Daliah

StayinAlive said:

I've just opened a Hodge Account and all went fine until I tried to transfer in from my Lloyds current account. The amount of hoop jumping at lloyds is unbelievable. One of the reasons I chose Hodge is because they are part of the CoP system but that didn't cut any ice with Lloyds. Has anyone paid into Hodge from a linked current account from any Bank without these anti-fraud obstacles?

What are the hoops and anti-fraud obstacles you encountered?

janusdesign

refluxer said:

Fortunately, most Fixed Saver accounts allow you to make multiple payments within a week or so, but it definitely pays to make payments ASAP, rather than pushing the deadline.

the counter argument to that is if their rate increases and it's a bank that won't change the rate even during the opening 14 day window, then you're locked into those opening rates... yes Zopa i'm looking at you!

obviously depends how much you're putting in and how quickly you can do it, but there are potential downsides to funding early... though i'm not suggesting that one is better than the other as I can see the merits in each... it comes down to your own choice and the fluidity of the rates at the time of opening.

masonic

janusdesign said:

refluxer said:

Fortunately, most Fixed Saver accounts allow you to make multiple payments within a week or so, but it definitely pays to make payments ASAP, rather than pushing the deadline.

the counter argument to that is if their rate increases and it's a bank that won't change the rate even during the opening 14 day window, then you're locked into those opening rates... yes Zopa i'm looking at you!

obviously depends how much you're putting in and how quickly you can do it, but there are potential downsides to funding early... though i'm not suggesting that one is better than the other as I can see the merits in each... it comes down to your own choice and the fluidity of the rates at the time of opening.

I would agree that in a rising rate environment, it is better to wait until the end of the funding period to make your deposit, since you are not obliged to do so if something better comes along in the mean time. Of course with a fixed term savings account, there will always come a point of no return, and nothing to stop a better product coming out the day after your funds had to be committed.

Malchester

Opened Hodge 1 Yr fixed account on Monday this week and, after a test transfer sent 4 payments from Nationwide of £10000 each. All went through no problem and appeared in Hodge account instantly. Very impressed. What was better was that between opening the account and funding it the interest rate on their 1 year fixed rate account increased. Hodge applied the new rate to my account automatically. Very impressed 

StayinAlive

Malchester said:

Opened Hodge 1 Yr fixed account on Monday this week and, after a test transfer sent 4 payments from Nationwide of £10000 each. All went through no problem and appeared in Hodge account instantly. Very impressed. What was better was that between opening the account and funding it the interest rate on their 1 year fixed rate account increased. Hodge applied the new rate to my account automatically. Very impressed 

Yes, I was impressed with the Hodge side of things - it was just getting the money there that was a problem. I'm looking to get away from Lloyds because this is a regular problem. Can I assume you've never had an anti-fraud problem using Nationwide and, if you don't mind, which one of their current accounts do you use for this purpose?

refluxer

StayinAlive said:

Yes, I was impressed with the Hodge side of things - it was just getting the money there that was a problem. I'm looking to get away from Lloyds because this is a regular problem. Can I assume you've never had an anti-fraud problem using Nationwide and, if you don't mind, which one of their current accounts do you use for this purpose?

I wouldn't be too quick to move away from Lloyds in an effort to reduce the chances of security checks as they can be random by their very nature and there is no guarantee that your experience with a new bank will mirror someone else's.

I was starting to have similar feelings about Barclays because they were a pain for me when trying to make transfers to Atom, but more recent transfers to Shawbrook weren't questioned at all.

Bigwheels1111

Got FD account as my main bank.
Tandem,Atom,Chase bank and savings accounts.
Moving money from FD is an issue on the first transfer.
After that smooth as butter.

Malchester

StayinAlive said:

Malchester said:

Opened Hodge 1 Yr fixed account on Monday this week and, after a test transfer sent 4 payments from Nationwide of £10000 each. All went through no problem and appeared in Hodge account instantly. Very impressed. What was better was that between opening the account and funding it the interest rate on their 1 year fixed rate account increased. Hodge applied the new rate to my account automatically. Very impressed 

Yes, I was impressed with the Hodge side of things - it was just getting the money there that was a problem. I'm looking to get away from Lloyds because this is a regular problem. Can I assume you've never had an anti-fraud problem using Nationwide and, if you don't mind, which one of their current accounts do you use for this purpose?

I have Nationwide FlexDirect and have had Nationwide current account for 34 years. Never had any problems with anti-fraud measures and have transferred significant amounts in and out, including a lot over the last two weeks. In fact transfers have never, to my knowledge,  been delayed. Not sure whether that's a good thing or not. I am financially savvy and with it and am unlikely to get caught out- famous last words!