Tandem Bank Instant Saver up to 1.64% gross / 1.65% AER,

itm2

Had an email to inform me of this. I'm currently using the Chase Saver account for my cash float but this looks like a better bet. Has anyone got any views re. Tandem vs Chase? The Chase app was down for a couple days last week, making it impossible for me to withdraw funds, so it would be good to have an alternative option.

RobfromCornwall

I moved away from Tandem a while ago when the rate was no longer competitive, but am moving funds back to it since I noticed the increase.  I personally prefer the UI of Chase, and haven't had any problems with the app.  Transfers are immediate and slightly less clunky than Tandem.  I think there's room for both at the moment.  

itm2

Any idea how quick transfers are into/out of the Tandem account?

RobfromCornwall

itm2 said:

Any idea how quick transfers are into/out of the Tandem account?

In my experience it's measured in minutes - something like 10-30 if I remember correctly.  I'm pretty impatient though, so anything other than instant and I get irritated! 

MrFrugalFever

Have been with Tandem a while now, they increased this rate the next day after BoE announcement- unlike others who drag their heels. Transfers are generally 20 minutes or so, text notifications of deposits etc.
I actually initiated an online app chat with them on the 5th (they had an agent available within 1 minute) to thank them for the increase and being so quick off the blocks. 

itm2

20 minutes sounds fair enough (even if Chase is only a couple of minutes - when it's up and running, anyway). Responses from Chase support were very slow when I messaged them from the app last week - several hours to respond. But that's probably because they were having issues with the app and there were alot of angry puinters.

itm2

Hmmm...I've just tried to transfer a small amount from my Chase account to the Tandem account and the payment was not accepted by Tandem. I got this message via SMS: "We're sorry, your recent payment has failed because the account you are trying to fund could not be verified. There’s no need to get in touch, we’re already processing your refund which will arrive back in your account within the next 2 hours."

Has anyone else had this problem?

k_man

itm2 said:

Hmmm...I've just tried to transfer a small amount from my Chase account to the Tandem account and the payment was not accepted by Tandem. I got this message via SMS: "We're sorry, your recent payment has failed because the account you are trying to fund could not be verified. There’s no need to get in touch, we’re already processing your refund which will arrive back in your account within the next 2 hours."

Has anyone else had this problem?

Tandem only accept fast payment/bank transfer payments from verified accounts.

Have you added and verified your Chase account at the Tandem end?

Daliah

This is because Chase don't participate in CoP, and they don't support Open Banking, either. Until they do, you will have to go via another current account in your name.

I quite like Tandem's pull-in functionality, which you can use with most UK current accounts (not Chase for now), and which can be even faster than faster payment. Only potential minor downside is that they can read all your current account transactions.

k_man

Daliah said:

This is because Chase don't participate in CoP, and they don't support Open Banking, either. Until they do, you will have to go via another current account in your name.

I quite like Tandem's pull-in functionality, which you can use with most UK current accounts (not Chase for now), and which can be even faster than faster payment. Only potential minor downside is that they can read all your current account transactions.

Are you sure about that last bit?

AIUI the OpenBanking payments method is different to transaction viewing. I have made open banking  payments and the prompt about transactions is not displayed (as it is when enabling budgeting apps etc), and Tandem aren't listed in Open Banking connections on the sending account.

itm2

Have just been trying to transfer funds from Chase to Tandem via my Santander 123 account. A bit of a pain in the neck - the maximum transfer value from Chase is £35k, and the maximum transfer value from Santander is £25k. And to add insult to injury, the Santander outbound payment was blocked and my account was suspended.
I'm loving the mobile banking experience :0(