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Santander esaver 5 interest up?
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Thanks Opinion4U for pointing out the BM account - was quite interested until i spotted that it's sole account only, not joint so won't work for us.0
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It doesn't work for me. I get so far in the application form and the next page is just blank. Santander also annoys me to hell in that it won't accept my email address so I keep having to use another one and each time I open something with them they want a different one and won't let me use one I've used before. When I run out of email addresses I'll have to find another bank.0
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I am another mse who is having problems getting tax deduction certificates for the last tax year for closed accounts. Need to send another secure message to them asking what the problem is for something simple. With regard to issue 5 when do you get the interest paid when you close issue 4 and where do you look? Sorry to be thick!0
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According to the information table on their website for this account, the interest paid is 3.20% AER, monthly equivalent 3.15% gross. So, I was going to apply for monthly interest, ok so far. However, when you log on to apply for it, the interest description is different, it states:
Annual interest 3.20% gross/AER
Monthly interest 3.15% gross/AER
Surely the monthly interest should read 3.15% gross (3.20% AER). Which is the whole point of using the term AER. Unless Santander really do mean that if you left the interest in to compound, you still wouldn't receive 3.20% AER?
I did ring them to double check on this, but wasn't given a very satisfactory explanation.
Can anyone confirm for me, please?0 -
According to the information table on their website for this account, the interest paid is 3.20% AER, monthly equivalent 3.15% gross. So, I was going to apply for monthly interest, ok so far. However, when you log on to apply for it, the interest description is different, it states:
Annual interest 3.20% gross/AER
Monthly interest 3.15% gross/AER
Surely the monthly interest should read 3.15% gross (3.20% AER). Which is the whole point of using the term AER. Unless Santander really do mean that if you left the interest in to compound, you still wouldn't receive 3.20% AER?
I did ring them to double check on this, but wasn't given a very satisfactory explanation.
Can anyone confirm for me, please?
3.15% gross paid monthly is equivalent to 3.20% gross paid yearly because
(1+0.0315/12)^12= 1.0320 (i.e. 3.2%)
So has to be 3.2% AER for both the annual and monthly options.
Looks like just confusing wording on their part.I came, I saw, I melted0 -
3.15% gross paid monthly is equivalent to 3.20% gross paid yearly because
(1+0.0315/12)^12= 1.0320 (i.e. 3.2%)
So has to be 3.2% AER for both the annual and monthly options.
Looks like just confusing wording on their part.
You have the right calciulations snowman.
It is either just confusing (illegal) wording on their part, or they really don't know what AER means. 50/50 I'd say.0 -
3.15% gross paid monthly is equivalent to 3.20% gross paid yearly because
(1+0.0315/12)^12= 1.0320 (i.e. 3.2%)
So has to be 3.2% AER for both the annual and monthly options.
Looks like just confusing wording on their part.
Many thanks for confirming that. Could you just expand on the calculation above, please? I don't know what the symbol after the bracket means.0 -
Just applied for the new account thanks for the heads up. I had the old version at 3.1%, but it only took minutes to set the new one up.
Does anybody know how I can get the interest paid to date, ie by closing the old account? I can only see 'remove' as an option which just removes it from the online screen. I want to close it fully.
Thanks.0 -
You need to contact them by phone, letter, in branch or as someone above mentioned it can be done by secure message.0
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Newbie2saving wrote: »Does anybody know how I can get the interest paid to date, ie by closing the old account? I can only see 'remove' as an option which just removes it from the online screen. I want to close it fully.
When you are logged in to online banking > go to secure massaging > in secure messaging select 'Account closure' from the drop down menu in the subject line >
Just tell Santander to close the old account and transfer the balance and any outstanding interest to date over to your new eSaver 5.
P.S. Also may be worth you having a look at post #37 earlier on in this thread in case that applies to you (may need to get hold of a tax statement for your old account?).
edit: took 24hrs to have old eSaver accounts closed via secure messaging
11-06 sent Santander secure message to have old eSavers closed
12-06 received secure message online advising accounts have been closed today
13-06 received account opening pack in post (although with wrong T&Cs sheet for eSaver 5 @ 3%! Rates correct as at 12.03.2012 instead of the latest eSaver issue 5 rates @ 3.2% that are effective from 9th June 2012)
14-06 received letter from Santander with written confirmation saying that old eSaver's have now been closed
Apart from the little mix-up of placing the wrong interest rate sheet in the welcome pack not too bad a service!
Never let the perfume of the premium overpower the odour of the risk0
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