The Top Regular Savers Discussion Thread

flaneurs_lobster

 So I'm fairly sure that the Tembo app must have opened this account for me without me having indicated agreement to the terms… eek!

Can't check, existing customer.

There's usually a check box in online applications to indicate acceptance of T&Cs but it doesn't have to be. Wording like "If you continue this application you agree…." or similar will do it.

where_are_we

Yes - bin it after a year unless the underlying 3% interest rate has increased. Strange that it`s a 24 month maturity account. They will probably catch some people out after 12 months.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82179203#Comment_82179203

Think the account is open-ended, but the bonus is only for the first 365 days.

There's an example of interest earned after 24 months in the Summary but nothing I've seen says 2 year duration.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82179210#Comment_82179210

It's not a 24 month maturity account - the interest is paid monthly.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82179166#Comment_82179166

Tembo

The bonus runs for 365 days from application and after this time is paid on the next interest payment date, which is the eighth working day of the (next) month.
I’m thinking I will reduce the balance to £1 on c.20/10/27 to have the money back in time for the weekend - Tembo states withdrawals can take two working days - and when the bonus is paid on c.10/11/27 I’ll close it.

From the T&Cs: “Interest is earned daily and paid monthly on the 8th working day of the month.

You earn the bonus for 365 days from the date you apply to open the account, and it's paid into the account on the first interest payment date after that 365-day period ends”

jaypers

Tembo……it’s nice to see another high paying RS on the market. I’ve got so many now that simply funding these things starts to cause a cash flow issue as I’ve opened so many close together. Thinking as ESBS and Monmouthshire are £500pcm and only 6% I may as well reduce one of those to £250 and open Tembo. What are others doing in a similar position.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82179212#Comment_82179212

That was the way I understood it, they just decided to include months 13-24 in the illustration (unless they are obliged to illustrate that the rate will be dropping.)

So this Tembo RS is more akin to the Santander one, with the difference being that with Santander you can theoretically bin it after a year and get another to keep the 8% but with Tembo, you can't.

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/82179216#Comment_82179216

Surely your bonus will be paid around 10/11/27, not 10/12/27?

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82179221#Comment_82179221

Yes, typo. I corrected it before seeing your comment.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/82179218#Comment_82179218

Or you could reduce both by £125 to reduce spread the risk of one of them going down as both are variable. You may want to keep Monmouthshire fully funded as the withdrawal restrictions aren't as restrictive as the ESBS if you want to withdraw in the future.

This is what I take into consideration if having cash flow issues. You could also consider funding accounts towards the end of the month rather than the beginning - even the 8% ones, to save withdrawing money if you know you'll have funds by the end of the month.