Tandem savings account.

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Deleted_User said:

Had an email today from Tandem saying my savings had gone up to 1.1%. Sadly for them I'd already moved my money and have done so again several times since, I'm now with Chase. Still, nice to know the account is still open should circumstances change.

That is because how do you close the account. Other app base banks i have there is a tab to close account. So now thay can pry in to my linked bank account and if you want to close the account i guess you have to call them. This is not very forward thinking is it...They got-ya.

Daliah

JGB1955 said:

I opened a Tandem account, then Nationwide stopped me in my tracks because they couldn't verify their account details.  End of relationship with Tandem...

This sounds like yet another Confirmation of Payee (COP)issue. Lots and lots of savings account providers don't participate in that scheme, so the likes of Nationwide can't verify them. This doesn't mean that there is anything wrong with the savings account provider. Nor would a successful COP check be a guarantee that you are dealing with a reliable provider. FSCS protection is all that matters, and this is not checked by any sending bank or building society. You can, however, easily check that yourself.

If the COP check fails, you can still proceed, and do what we did for the last couple of decades when making online payments. All that matters is that you get the sort code and account number right, and if the receiving organisation needs a Reference number, you obviously need to specify this as well. If you are unsure you got the right number, just make a test payment with a small amount (£1 will do) and only make further payments once the test payment has arrived.

Daliah

Thumbs_Up said:

Can you set up the account and delete all the authorsation at the end of the same day?

Not sure, and it probably varies from bank to bank, and it's not necessarily easy to find.

In Santander, for instance, it's hidden under "My details and settings", and then "Open Banking connections". Any existing ones can be deleted instantly. Beware, though, if you use Chip or Claro or some other "robo saver" as they will stop working if you cancel the OB connection.

k_man

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Deleted_User said:

Had an email today from Tandem saying my savings had gone up to 1.1%. Sadly for them I'd already moved my money and have done so again several times since, I'm now with Chase. Still, nice to know the account is still open should circumstances change.

That is because how do you close the account. Other app base banks i have there is a tab to close account. So now thay can pry in to my linked bank account and if you want to close the account i guess you have to call them. This is not very forward thinking is it...They got-ya.

Sorry, not clear what you are saying here?

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k_man said:

Sorry, not clear what you are saying here?

How do you close the account with Tandem ? Other app based accounts there is a option clear as day - close account.

With so called open banking Tandem is linked to your host bank account, they don't hide the fact they can monitor your day- to - day transactions with your host account. I once cancelled a phone contract it took 30 minutes for the person on the other end of the phone to understand no means no.

k_man

Closing account often involves some steps HSBC require a printed form to be completed and posted). Most of us leave them open, but with low balance, just in case.

However, did you ask them (via phone or email contacts)?

If you are worried about the Open Banking based access to the linked account for the 90 days until it expires, then either don't choose that open initially, or revoke at the linked bank end.

E.g for Nationwide:

Log into the Banking app

Choose the menu button in the top right of the screen

Choose Details & Settings

Choose Open Banking Data Sharing

Stop sharing

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k_man said:

Closing account often involves some steps HSBC require a printed form to be completed and posted). Most of us leave them open, but with low balance, just in case.

However, did you ask them (via phone or email contacts)?

If you are worried about the Open Banking based access to the linked account for the 90 days until it expires, then either don't choose that open initially, or revoke at the linked bank end.

E.g for Nationwide:

Log into the Banking app

Choose the menu button in the top right of the screen

Choose Details & Settings

Choose Open Banking Data Sharing

Stop sharing

Ok, thanks, to answer your points. This is a savings account i can understand why you might leave open a current account.

I opened the account after 5pm so no telephone support.

To be honest i did not understand what open banking entails, but because of chase bank shenanigans my arm was slightly twisted.

I have found out via my host account how to stop sharing i thought i would find the setting on the Tandem app. Question - if i stop sharing does this mean i can no longer use Tandem?..

Nb, if any Tandem reps are looking in, i am happy with the account.

Daliah

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k_man said:

Sorry, not clear what you are saying here?

How do you close the account with Tandem ? Other app based accounts there is a option clear as day - close account.

With so called open banking Tandem is linked to your host bank account, they don't hide the fact they can monitor your day- to - day transactions with your host account. I once cancelled a phone contract it took 30 minutes for the person on the other end of the phone to understand no means no.

I don't know how you close a Tandem account but there's no reason to panic if you have set up an OB link and don't like it.

For starters, an OB link only lasts for 90 days

And as we discussed earlier, you can delete the link in your linked account earlier - possibly even on the same day / immediately after you have set it up.

Most importantly, though, they can't take any money from your linked account without your permission.

So nothing bad can happen - but something good might, if Tandem come up with a market leading rate, for instance. You don't have to use OB, either, as you can still make deposits in the traditional way (which would be my personal preference, as I don't like the snooping, either). I am keeping my Tandem account with £1, just in case they come up with something useful. 

gt94sss2

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gt94sss2 said:

Thumbs_Up said:

Can you set up the account and delete all the authorsation at the end of the same day?

Once you set up the Tandem account, you can get rid of the authorisation if you want too.

The Tandem app includes the sort code and account number of your account with them.

I can see what open banking is all about, takes 10 minutes to open up account. Spent another 10 minutes to find where i can deselect the authorisation settings, surprize surprize it's hidden away. Can you folks give me a hint.

You have to deselect the open banking authorisation via the bank app you linked the account too - not from the Tandem app

Bigwheels1111

I’ve left £1 in my Marcus, Ford money, Atom and Tandem account to keep them open.
Stuck it all in chase easy access savings @ 1.5%.
Overnight tandem went from 0.77 to 1.1 %.
If anyone beats chase off I will go.