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MSE News: Rory McIlroy US PGA victory boosts Santander savings

Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in ISAs & tax-free savings
"Santander promised it would up the rate paid on its Major Isa if the golfer it sponsors won a 'Major'..."
Read the full story:
Rory McIlroy US PGA victory boosts Santander savings


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Comments

  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    It is worth clarifying that this is not an AER increase to 4.1%. The AER remain unchanged at 4.0%, but the "Major" bonus of 0.1% will now be payable as a one-off in June 2014.

    As per the T&Cs:
    The additional one-off bonus is not calculated as AER, but as a tax-free rate applied to the balance at maturity. The bonus is calculated on the balance including any interest you have had paid back into the ISA. It will exclude the final interest payment payable on 1 June 2014. The additional one-off bonus will be paid net on accounts registered as
    ‘deceased’ at maturity when the payment is made.
  • Dustykitten
    Dustykitten Posts: 16,507 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Oh forgot all about this, DH and I took out this ISA each, nice little surprise. Well done Rory.
    The birds of sadness may fly overhead but don't let them nest in your hair
  • Gordon_the_Moron
    Gordon_the_Moron Posts: 1,472 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    In case anyone hasn't checked the conditions

    If you close early you lose the bonus as well as the 120 days interest.
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

    If you do like it please hit the thanks button.
  • Paulgonnabedebtfree
    Paulgonnabedebtfree Posts: 2,740 Forumite
    I wouldn't bother reading the T & Cs anyway. This is a bank that makes and breaks promises at will.
  • ejv
    ejv Posts: 315 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thought it ran for 24 months from date of deposit. I deposited the full amount in April.It seems I have to leave it for 26 months to get the bonus:( Hope best ISA deals would be available in June as well:o
  • gunmaker
    gunmaker Posts: 96 Forumite
    ejv wrote: »
    Thought it ran for 24 months from date of deposit. I deposited the full amount in April.It seems I have to leave it for 26 months to get the bonus:( Hope best ISA deals would be available in June as well:o

    That's true, but you will get interest @ 4.00% for the extra two months, which is probably better than you will get elsewhere in April 2014.
  • Elainemary
    Elainemary Posts: 60 Forumite
    I got my husband to save in to this account as soon as it opened. Regardless of whether Rory won a Major or not he's still getting 4% which was one of the best deals around at the time.
    I managed to get a better fix at 4.25% because I'm with Nationwide - don't think it's available now - but he's happy so I'm happy and I guess Rory's happy too.:j
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