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  • FIRST POST
    • Peanut8472
    • By Peanut8472 29th Nov 17, 1:20 PM
    • 8Posts
    • 1Thanks
    Peanut8472
    Santander 1.5% on £20,000
    • #1
    • 29th Nov 17, 1:20 PM
    Santander 1.5% on £20,000 29th Nov 17 at 1:20 PM
    Edited post
    Last edited by Peanut8472; 29-11-2017 at 2:02 PM.
Page 1
    • badger09
    • By badger09 29th Nov 17, 1:33 PM
    • 5,562 Posts
    • 4,867 Thanks
    badger09
    • #2
    • 29th Nov 17, 1:33 PM
    • #2
    • 29th Nov 17, 1:33 PM
    Hi,
    I was under the impression that £20,000 would earn £300/year, or £25/month. However, it appears it only earns £225/year or £18.78/month.
    I had wondered if this was due to the £5 account fee, but i have checked, and this is deducted seperately.

    Can anyone explain this?
    Originally posted by Peanut8472

    The £5pm is deducted separately.

    Where are you getting the £225 & £18.78 from?
    I'm a supporter of dunstonh
    • Peanut8472
    • By Peanut8472 29th Nov 17, 1:37 PM
    • 8 Posts
    • 1 Thanks
    Peanut8472
    • #3
    • 29th Nov 17, 1:37 PM
    • #3
    • 29th Nov 17, 1:37 PM
    Edited post
    Last edited by Peanut8472; 29-11-2017 at 2:02 PM.
    • westv
    • By westv 29th Nov 17, 1:38 PM
    • 4,370 Posts
    • 1,990 Thanks
    westv
    • #4
    • 29th Nov 17, 1:38 PM
    • #4
    • 29th Nov 17, 1:38 PM
    Because £18.78 is listed as the interest payment on the account.
    Originally posted by Peanut8472
    That's not for part of the month is it? When was the account opened?
    • Nick_C
    • By Nick_C 29th Nov 17, 1:45 PM
    • 3,126 Posts
    • 4,156 Thanks
    Nick_C
    • #5
    • 29th Nov 17, 1:45 PM
    • #5
    • 29th Nov 17, 1:45 PM
    Works out at about £24.83 for a full month, less the £5 fee

    AER is 1.5%. Actual interest is 1.49%. If interest is left to be compounded its 1.5%,but you can't get compound interest on a £20k balance.
    • caveman38
    • By caveman38 29th Nov 17, 1:46 PM
    • 888 Posts
    • 287 Thanks
    caveman38
    • #6
    • 29th Nov 17, 1:46 PM
    • #6
    • 29th Nov 17, 1:46 PM
    Although I have since closed all my 3 San123 accounts (Myself, wife & joint) I can confirm that the last two interest payments were around £25 each time ( £24.45 & £25.30)
    I realised that with the £5 fee each month, the total interest was a mere 1.2% and that's before any tax due at years end.
    The only (in my opinion) benefit was Instant Access. That is unless you use it for cashback.
    • eskbanker
    • By eskbanker 29th Nov 17, 1:47 PM
    • 5,886 Posts
    • 5,844 Thanks
    eskbanker
    • #7
    • 29th Nov 17, 1:47 PM
    • #7
    • 29th Nov 17, 1:47 PM
    Were there two active direct debits on the account throughout the monthly period in question?
    • JustAnotherSaver
    • By JustAnotherSaver 29th Nov 17, 1:49 PM
    • 2,602 Posts
    • 414 Thanks
    JustAnotherSaver
    • #8
    • 29th Nov 17, 1:49 PM
    • #8
    • 29th Nov 17, 1:49 PM
    Send a secure message to Santander to ask them to explain?

    • caveman38
    • By caveman38 29th Nov 17, 1:55 PM
    • 888 Posts
    • 287 Thanks
    caveman38
    • #9
    • 29th Nov 17, 1:55 PM
    • #9
    • 29th Nov 17, 1:55 PM
    Hi,
    I was under the impression that £20,000 would earn £300/year, or £25/month. However, it appears it only earns £225/year or £18.78/month.
    I had wondered if this was due to the £5 account fee, but i have checked, and this is deducted seperately.

    Can anyone explain this?
    Originally posted by Peanut8472

    Has this been the figure for a number of months or is this the first month and has it been a complete one?
    • Peanut8472
    • By Peanut8472 29th Nov 17, 1:55 PM
    • 8 Posts
    • 1 Thanks
    Peanut8472
    Edited post
    Last edited by Peanut8472; 29-11-2017 at 2:03 PM.
    • Nick_C
    • By Nick_C 29th Nov 17, 2:05 PM
    • 3,126 Posts
    • 4,156 Thanks
    Nick_C
    Well thanks for your feedback on what are intended as helpful comments OP!
    • badger09
    • By badger09 29th Nov 17, 3:03 PM
    • 5,562 Posts
    • 4,867 Thanks
    badger09
    @Peanut8472

    It is bad form/rude/mean/unhelpful to simply delete your posts when you realise you have made a schoolboy/girl error. Especially after several posters have tried to help you.

    All you had to do was say 'oops, sorry, I forgot I only had £20k in there for xx days', which we can all surmise anyway
    I'm a supporter of dunstonh
    • IanManc
    • By IanManc 29th Nov 17, 4:01 PM
    • 366 Posts
    • 543 Thanks
    IanManc
    @Peanut8472

    It is bad form/rude/mean/unhelpful to simply delete your posts when you realise you have made a schoolboy/girl error. Especially after several posters have tried to help you.

    All you had to do was say 'oops, sorry, I forgot I only had £20k in there for xx days', which we can all surmise anyway
    Originally posted by badger09
    It also doesn't work if someone has quoted you.

    • badger09
    • By badger09 29th Nov 17, 4:48 PM
    • 5,562 Posts
    • 4,867 Thanks
    badger09
    It also doesn't work if someone has quoted you.

    Originally posted by IanManc
    Indeed, but I was trying to be constructive, rather than embarrass OP
    I'm a supporter of dunstonh
    • No_6
    • By No_6 29th Nov 17, 9:34 PM
    • 515 Posts
    • 99 Thanks
    No_6
    May be P-N had too many red wines and has fallen from high
    and will now be known as a PH
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