Santander eSaver Issue 5

SavingSteve

Thought I'd post this if other people have the same query:

Those with eSaver Issue 4 - KEEP YOUR MONEY IN THAT ACCOUNT UNTIL YOUR 12 MONTHS ARE UP

The Issue4 pays 3.1% for the first 12 months see here.

The new eSaver is 3.0%

This actually makes a lot of sense on the part of Santander, and aligns their product line. For those who have between 3-20k savings and have opted for the 123 Current Account what they seem to be angling at is that you can just leave it in their new 123 Current account, and still get 3%, rather than bothering with a separate savings account.

I for one worry about Debit Card fraud, so would rather the rigmarole of moving funds between accounts, so still prefer a savings account separate from my current account.

MiserlyMartin

Thanks for this. I read through the pdf. I don't know where you found it! I had noticed the esaver issue 4 had been replaced with a 3.0% issue 5. I was searching the Santander website to see if the rate had dropped. I found a list of rates for accounts no longer available here

But the esaver issue 4 is not mentioned there, apart from an old Alliance and Leicester account which was also confusingly called esaver issue 4.

The Santander esaver issue 4 (3.1%) is a variable rate account. Theres nothing to stop them dropping the rate, and there appears to be no way of looking up the current rate on the website - unless any of you have found it!

MiserlyMartin

I've still no idea what the rate is on the issue 4 account. We assume 3.1% still but nothing to see in writing. They could have dropped the rate. I think I will take my money out of there and into Notts BS 3.2%. Santander is spanish anyway, not too secure and the worst customer service possible.

SavingSteve

MiserlyMartin wrote: »

I've still no idea what the rate is on the issue 4 account. We assume 3.1% still but nothing to see in writing. They could have dropped the rate. I think I will take my money out of there and into Notts BS 3.2%. Santander is spanish anyway, not too secure and the worst customer service possible.

No wonder this country is going to the dogs. What is the above possibly meant to add to the discussion. Totally irrelevant and pathetic.

Kipperbang

MiserlyMartin wrote: »

Santander ............. not too secure ............

On what basis do you make that alarmist statement ? If you have less than £85,000 there they are as safe as every other bank/BS in the UK.

MiserlyMartin wrote: »

They could have dropped the rate

Issue 4 is still at 3.1% - until the bonus runs out. The bonus is fixed for 12 months at 2.6%, they are hardly likely to cut the underlying rate of 0.5%. It's easier to lower the bonus and call it Iss 5.

SavingSteve

MiserlyMartin should read post 16 of this thread.

http://forums.moneysavingexpert.com/showthread.php?t=3911701

innovate

Kipperbang wrote: »

On what basis do you make that alarmist statement ?

Just look at his name;)

Perelandra

Kipperbang wrote: »

On what basis do you make that alarmist statement ? If you have less than £85,000 there they are as safe as every other bank/BS in the UK.



Issue 4 is still at 3.1% - until the bonus runs out. The bonus is fixed for 12 months at 2.6%, they are hardly likely to cut the underlying rate of 0.5%. It's easier to lower the bonus and call it Iss 5.

There *appears* to be two different eSaver issues 4s: One that was formerly Alliance and Leicester, one that wasn't.

The former Alliance and Leicester eSaver 4 is now paying 0.53% interest. The normal Santander one is indeed paying 3.1%.

Source: http://www.savingschampion.co.uk/rate-tracker/1-minute-rate-check/

RetiredInThailand

Kipperbang wrote: »

Issue 4 is still at 3.1% - until the bonus runs out. The bonus is fixed for 12 months at 2.6%,....

It is not.

"Includes a variable rate bonus of 2.60% (2.56% monthly) for the first 12 months from account opening."

Santander do not publish the current rate anywhere that I have found.
They do not guarantee to inform anyone by any means if the rate decreases.
They could be paying any rate on these accounts at the moment and no one would necessarily know anything about it.

That said, the rate is probably still the same and will probably stay the same until the end of the 12 months.

atypical

RetiredInThailand wrote: »

"Includes a variable rate bonus of 2.60% (2.56% monthly) for the first 12 months from account opening."

In one of the weekly emails it was explained that they make it variable so that they can increase the rate if a competitor launches a more competitive product. I can't remember if this was a quote from Santander or Martin speculating. The way there isn't a mechanism of notifying holders of any changes suggests changes will be in the customers favour.

MiserlyMartin

SavingSteve wrote: »

No wonder this country is going to the dogs. What is the above possibly meant to add to the discussion. Totally irrelevant and pathetic.

Whats pathetic to me seems to be your grasp of economics and even current affairs. I will keep it simple so you understand...

Spain: Is in recession
Spain: Civil unrest on the streets due to budget cuts and unemployment
Spain: 10 year bonds rose above 6% once again only last week
Spain: Spain's debt-to-gross domestic product ratio will soar to 79.8 percent in 2012 say it's government (nearly as bad as the UK)
Spain: The government expects the jobless rate, already the highest in the industrialised world - to hit 24.3 percent this year as the economy continues to reel from the collapse of a property boom in 2008

If there is a run on Santander I would rather not have the hassle of having the money in there. The only thing they offer is half decent rates, then so did Icesave so you take the risk if you like.

Now where was your link to Santanders webpage which shows the current rate for the esaver issue 4 account to be still 3.1%?