how does the Santander esaver work?

ajbell

Hi
I'm interested in finding a home for my LTSB vantage account money and have seen the Santander esaver.
I am not a current santander customer, so if i open an esaver account how do i get money in and out of the account if it is only online.It does not mention having to open a branch based current account.

atypical

You transfer money in and out to a linked current account which can be with any bank. If your bank supports Faster Payments these transfers will happen instantly (when Santander has their Faster Payments up and running).

td_007

ajbell wrote: »

Hi
I'm interested in finding a home for my LTSB vantage account money and have seen the Santander esaver.
I am not a current santander customer, so if i open an esaver account how do i get money in and out of the account if it is only online.It does not mention having to open a branch based current account.

Why don't you call LTSB and ask to open an incentive saver account that pays the same interest rate for 12 month?

ajbell

Can i do that?. Do i have to ring them?. Is the incentive saver instant access?.

bigfreddiel

td_007 wrote: »

Why don't you call LTSB and ask to open an incentive saver account that pays the same interest rate for 12 month?

i did that - its only 2.75%

td_007

ajbell wrote: »

Can i do that?. Do i have to ring them?. Is the incentive saver instant access?.

Yes...give them a call on 08007310242 and request to have a Incentive Saver a/c opened - it pays 3% Gross or 2.96% AER. This was offered to some folks via a letter but others who had Vantage accounts and not offered the account were able to open them over phone.

td_007

bigfreddiel wrote: »

i did that - its only 2.75%

That is the standard account. The "new" Incentive Saver account (3%) was offered as the higher band of Vantage account was withdrawn.

ajbell

is it instant access?. The 12 months sounds like a bond

Stalkdog

Why not open a Santander Current Account? Pays £100 if you switch, and then 5% AER for 12 months up to £2500. You can open 2, so could have £5000 paying 5%, with instant access

atypical

ajbell wrote: »

is it instant access?. The 12 months sounds like a bond

It is instant access. The 12 months is just how long the rate is guaranteed for.

td_007

Stalkdog wrote: »

Why not open a Santander Current Account? Pays £100 if you switch, and then 5% AER for 12 months up to £2500. You can open 2, so could have £5000 paying 5%, with instant access

Only watchout is the need to circulate £1000 from an external account every month to get the 5% rate...I do this with the 3 accounts I have and also have a eSaver where I sweep the interest every month. With recent upgrade to FP for standing orders this is not as bad as before when you had to wait 3-4 days for money to come back from Santander.