Interest on Santander eSaver

talexuser

Short version - can online accounts like Santander eSaver only accept one transfer in per day, and multiple transfers on the same day go in on successive days to start earning interest?
I could not find anything about this in the T&Cs.

Long version - I worked out my interest on eSaver 3 in a spreadsheet and agreed with the Santander amount to accuracy of a few pence.
Using the same spreadsheet my interest on eSaver 2 is some tens of pounds out. The only difference is I deposited several amounts in one day in eSaver 2 by means of multiple transfers on a couple of occasions (no comparable examples of this in eSaver 3). Even though the statement shows the multiple amounts as the same date - if I change the days in my spreadsheet to successive days for each one of the same day transfers then the interest again agrees within pence to the Santander amount.

Thus my theory this is the way Santander are calculating interest? (I'm now in eSaver 4).

hermante

talexuser wrote: »

Short version - can online accounts like Santander eSaver only accept one transfer in per day, and multiple transfers on the same day go in on successive days to start earning interest?
I could not find anything about this in the T&Cs.

Long version - I worked out my interest on eSaver 3 in a spreadsheet and agreed with the Santander amount to accuracy of a few pence.
Using the same spreadsheet my interest on eSaver 2 is some tens of pounds out. The only difference is I deposited several amounts in one day in eSaver 2 by means of multiple transfers on a couple of occasions (no comparable examples of this in eSaver 3). Even though the statement shows the multiple amounts as the same date - if I change the days in my spreadsheet to successive days for each one of the same day transfers then the interest again agrees within pence to the Santander amount.

Thus my theory this is the way Santander are calculating interest? (I'm now in eSaver 4).

Are you saying that you would have lost tens of pounds if you deposited a day later? How much are you putting in your esaver??? Did you make the deposits at night, on weekends, bank holidays, or when they increased the interest rate from 2.5% to 2.75%?

Check all of your formulas very carefully as sometimes dragging cells on spreadsheets and copying and pasting numbers will mess them up.

Out of interest, I made a similar spreadsheet and discovered that Santander did not pay me interest on Christmas Day 2010. However, I was actually getting 2.7625% the rest of the time.

talexuser

Hi, do you know when they changed the rate from 2.5 to 2.75? I could not find that info in the closed account rates. If it was after Apr 2010 then it will certainly affect my calcs.

hermante

uhh i think it was june or july 2010, but i deleted all my old calculations and the accounts are closed anyway. see if you can find any old posts on here

talexuser

Thanks, that would explain the difference, and clear up the discrepancy very logically.

I just got this spreadsheet working accurately on my existing accounts, and was trying on old accounts, obviously without the full info - thanks again.