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Santander ISA with VARIABLE bonus
Ultrasonic
Posts: 4,265 Forumite
I'm in the process of transferring my ISA to Santander's Direct ISA Issue 9. I was just checking the terms of the bonus before putting a reminder in my diary of when it expires, and I spotted something I'd missed before. The bonus interest rate is stated to be variable, see here. The same is true for the bonus rate on Santander's eSaver account.
I'd always taken the bonus rated to be a fixed bonus for the year it applied, and as such a guarantee of the minimum interest that could be earned over this period. I'm not sure if I've just missed this in the past or if it's a recent change in the way banks operate bonus rates, but I'd thought I'd share this in case others are similarly unaware as I was.
I'd always taken the bonus rated to be a fixed bonus for the year it applied, and as such a guarantee of the minimum interest that could be earned over this period. I'm not sure if I've just missed this in the past or if it's a recent change in the way banks operate bonus rates, but I'd thought I'd share this in case others are similarly unaware as I was.
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