Should you open new issue eSavers if they've higher interest than old ones you have?

tog22

The answer to this question is probably an obvious yes, but I thought I'd check.

Last October I opened a Santander eSaver (their variable-rate instance access savings account). This was Issue 2, and had a one year bonus: the interest rate is currently 2.5% with this according to http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210618017262&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateG .

They now offer an Issue 3 eSaver, the rate on which is currently 2.9% including a one year bonus. So anyone in my position should close the old eSaver and open a new one right?

Thanks,
Tom

psychic_teabag

Some people on the forum have reported success by simply phoning Santander and asking them to upgrade the account to the latest model. Have a look for recent threads mentioning esaver.

shown73

That worked for me, quick and easy.

talexuser

I changed from esaver 2 to 3 with no problem over the phone 0800 174 635.

They gave me the new account no on the phone.

Went online and checked new account was ok and had the money.

Went to my bank online and changed the account no. on my transfer and did a test fast payment of £1.

Went back to Santander online and the £1 was there. Took around 20 mins in total.

tog22

Thanks everyone - do you know if this means your 1 year bonus starts afresh? If not, I'm now thinking it's probably worth just opening a new issue 3 account and closing the old one - it should be pretty quick to do so online.

Best,
Tom

talexuser

yes, new account, therefore bonus starts afresh.