Santander esaver 5 interest up?

savetilibleed

It looks like Santander have raised the interest rate for their esaver issue 5 from 3% to 3.2% and it seems to apply to new and existing accounts from 9 June 2012.
See HERE

Mr.Average

Looks good. Quick question: if I have an esaver issue 4 and after 12 months I transfer all my money to a newly opened esaver issue 5 will I get the 3.2% or will it still count as 12months and therefore only 0.5%?

Ifts

Mr.Average wrote: »

Quick question: if I have an esaver issue 4 and after 12 months I transfer all my money to a newly opened esaver issue 5 will I get the 3.2% or will it still count as 12months and therefore only 0.5%?

Reading from the info in the link the OP has provided, you will get the 3.2% (variable) on your money if you transfer it from eSaver issue 4 to issue 5 (3.2% for first 12 months from date of opening eSaver issue 5).
It states the new rate is for new and existing customers.

This account may be withdrawn at any time without notice.

Rate - A variable rate of 3.20% gross/AER for the first 12 months.
Bonus - This includes a variable rate bonus for the first 12 months, which is currently 2.70% gross/AER.

eSaver Issue 5 Specific Terms and Conditions (Rates correct as at 9 June 2012)

oldvicar

I guess this makes them the table-topper.

They must have been suffering lots of withdrawals what with people worrying about the situation in Spain (not that this necessarily affects Santander UK) and flocking to put their money into the previos table-topper (PO / Bank of Ireland UK).

IMO this goes to show how desperate they must be to staunch the outflow and gain retail deposits. Will it be enough or will there be an even better offer along soon?

MoneySaverLog

But it's Santander :eek:

Glen_Clark

Mr.Average wrote: »

Looks good. Quick question: if I have an esaver issue 4 and after 12 months I transfer all my money to a newly opened esaver issue 5 will I get the 3.2% or will it still count as 12months and therefore only 0.5%?

The 12 months starts from when you open the new account. But why wait 12 months to transfer from your issue 4. Do it now as Issue 5 is a better rate. Choose monthly interest so you keep a regular check you are receiving the bonus.

Glen_Clark

MoneySaverLog wrote: »

But it's Santander :eek:

I have had no problems with Santander, but have heard of people who have. Considering the problems of merging several banks systems (Bradford & Bingley, Alliance & Leicester etc) its not surprising there are problems.
I have found Santander very good for moving large amounts quickly (I think the only one doing up to £100k by fast transfer for all customers) making it ideal for buying shares on the dips, without leaving the money in a stockbrokers account earning virtually no interest.

Glen_Clark

savetilibleed wrote: »

It looks like Santander have raise the interest rate for their esaver issue 5 from 3% to 3.2% and it seems to apply to new and existing accounts from 9 June 2012.
See HERE

Thanks for the info. I was just about to empty my account and transfer it to the Post Office 3.17%, but now will leave it where it is

molerat

Just opened a 5 and transferred my 4 into it. Less than 5 minutes with the new opening form which has all the already known info pre-completed unlike previously. I notice there is no "1 account only" stipulation on this one unlike on previous versions, that said I had 2 4's with no questions asked.

Ultrasonic

Wow, I can't remember the last time where the interest rate on an account I had actually went UP!

molerat wrote: »

I notice there is no "1 account only" stipulation on this one unlike on previous versions, that said I had 2 4's with no questions asked.

Given you can put up to £2,000,000 in one account I can't see this making much difference to most customers either way...

Glen_Clark

molerat wrote: »

Just opened a 5 and transferred my 4 into it. Less than 5 minutes with the new opening form which has all the already known info pre-completed unlike previously. I notice there is no "1 account only" stipulation on this one unlike on previous versions, that said I had 2 4's with no questions asked.

ditto: I opened the issue 5 account easily and transferred the balance of my issue 4 account into it easily online in 5 minutes. Just look at the drop down menu from 'open online' click 'savings' and follow the instructions. However the issue 4 account is still there with nil balance, just the interest owing. So I have sent Santander an online message from my account telling them to close my issue 4 and transfer the interest owing into my issue 5. As I recall, I did this last year and it worked OK.