Tandem Bank chat

Ah, email now received – it’s happening tomorrow.

I was really looking forward to supporting a local building society and green local initiatives but 0.45% is 0.45%!

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I sent all of my liquid savings off to Tandem. I hate non-instant Faster Payments, feel like fainting while I’m waiting!

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My barclays rainy day saver will soon not be worth it at 5.12% :eyes:

At this rate the RBS/NatWest Digital Regular Savers have something to worry about, too! They should up their interest rates. Though regular savers don’t seem to be getting any love these days.

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Decided to open an Instant Access Savings account and transfer out of my Marcus for now. Payments via TrueLayer and the lack of parity in my balance across the small UI can be quite jarring.

What do you mean?

Tandem isn’t a great experience overall but then I don’t look at it other than maybe once a month to count my pennies.

For a short while, the “Saved so far” portion of the UI showed £0 but I could see my pay-ins within the timeline. Indeterminate stuff like that always makes me feel a bit anxious.

However, after leaving the app and getting the first “all good” text message an hour or so later, I agree, it’s a non-issue and I know that I can wait for the text in future.

The pay ins show because they were successful but Tandem don’t process Faster Payments instantly which is why the money takes a while to clear. Not great but we’re spoiled by all the instant FPs and forget that 2 hours is the advertised time.

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That’s exactly it, I’d set myself some sort of false expectation. Looking back this morning, their communication is clear as day, to be fair.

I’ve closed my Tandem account in favour of the Santander limited saver. In all honesty, I don’t know why I’m rate chasing because my savings are tied up in other tax efficient savings accounts. It’s nice to have just in case, I suppose.

I digress. They won’t close accounts over email but, to their credit, the queue to use their live chat and get through to a human this morning was minimal.

Why close it though why not just keep £1 in? Next week they could become market leaders again but by then it will be too late, no bonus rate for you.

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I’m at the personal savings allowance so I’ll be better off continuing to max out this year’s ISA allowance as planned and, for anything extra, sticking it in Premium Bonds.

FWIW, asking to close your account won’t actually close your profile and only closes the (savings) account you have open. D’oh.

I understand you’d like to have your details removed from our system. We can submit a Right to be Forgotten request on your behalf to arrange this. However, I need to make you aware that if we complete this, you will not be able to open any products with us in the future for at least 6 years.

What! 6 years 🫨

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Right?! :exploding_head: At least they’re upfront about it…? :sweat_smile:

Any fixed saver users here?

Haven’t checked but I heard they had reduced their fixed rates. I still have an instant access presence, and do periodically transact on it.

Yes it’s gone down to 5.25% and a max of three years (they brought in and removed the 5 year option in a matter of months). Still good but not competing with the leaders now. As a returning customer they let me lock in some funds at 5.65% over 5 years and I have some at 5.85% over 2/3.

I wish they had better interest options (such as compounding or monthly) as annual paid out seems the worst of both worlds, apart from in terms of simplicity of the original capital value perhaps. I also wish they showed the accounts linked to each fixed saver in the app, as with my habits I could easily forget which one I used!

Tandem Easy Access Savings accounts (account pays 5% interest) just landed a Pots feature.

Any money paid into pots is seen as part of your main balance - so interest is paid on it, and compounds :grin:

For those of us with large amounts in Monzo pots for long term budgeting - eg, annual family holiday / Christmas / saving for a new roof… etc, I think it’s a good option.

Would be nice if it was possible to have your Tandem account in Monzo

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