Santander esaver 5 interest up?

spenderdave

I am planning to move an Instant Access Saver to the esaver. I have never registered for Santander internet banking but I already have a customer number and pin for use with telephone banking (which I have never used). I don't have a Santander current account and hence no debit card so I expect to have to ring them to set the internet banking, but are the login details the same as for telephone banking? And will it be possible to transfer the Instant Access Saver online?

10_66

oldvicar wrote: »

SORRY - I got the wrong end of the stick.

Also sorry for not being quicker to apologise: In the past 40 mins or whatever my PC has been on but I have not been looking at it.

Thank you very much for your apology. Please don't make rash assumptions when posting in the future, though. I work very, very hard to do the very best I can in every area for my elderly parents, it's very very hard work.

savetilibleed

10_66 wrote: »

My elderly mom would like to open an esaver issue 5 but doesn't have a computer so will need to operate it by 'phone. We thought it would be easier setting up online for her, and then she can she can operate via 'phone. However, I've only ever used Santander accounts via online and so don't know what their 'phone operation service is like. If it's complicated or "hard work" (it is Santander we're talking about!), then I wondered if it's better giving it a miss and finding another account for her that she can operate herself without too much difficulty. Can anyone tell me, please, if making withdrawals using their 'phone service is ok?

I've not made withdrawals by telephone banking before. Recently they have simplified the telephone banking access with a Customer ID number and a telephone banking number, both of which you have to key in after getting through on the phone. Initially though there will be lots of verification questions before being issued with these numbers (through the post). Once through, they tell you the balance of your account - simple with only one account of course.
A thought - maybe you could also open an esaver5 yourself, with small amount in. Then you can judge for yourself how difficult or easy telephone banking maybe for your mom.

Another thought - if she is able to get out to town and there is a Northern Rock branch there, then their Virgin Easy Access Saver can be branch or post dealt with. Interest is nowhere near as good of course at 2.60% AER.

10_66

savetilibleed wrote: »

Another thought - if she is able to get out to town and there is a Northern Rock branch there, then their Virgin Easy Access Saver can be branch or post dealt with. Interest is nowhere near as good of course at 2.60% AER.

Unfortunately, there's only one building society and just the main four high street banks in the local town. Also, getting out is a bit of a problem for her these days, but even 'phone banking is a problem for her now as she gets easily confused and her hearing (with an aid!) is not good. Manchester postal is 2.81%, so might go down that road if Santander 'phone banking seems too complicated.


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pqrdef

My experience with phoning Santander is that they always say "we are experiencing unexpectedly high call volumes" after which I'll be on hold for any length of time from 25 seconds to 25 minutes. Maybe that's just me.

Note that payments/withdrawals can only be made by phone to a payee already set up online. And when you set up a new payee online, they will want to send a passcode by text to your mobile. Your mobile number will need to have been registered previously.

innovate

pqrdef wrote: »

Note that payments/withdrawals can only be made by phone to a payee already set up online.

Are you saying this is something new with esaver issue 5? Because previously, payments/withdrawals could be made online.

ejv

Few quick questions::o

1)Should I open a current account as well with them to start this savings account?(I do have my ISA with them,but avoided a current account fearing their infamous CS)

2)Do they allow funds to be added later as well, or just a single remittance?

My WestBrom 3.17% is maturing in Sept 2012.This seems to be bettter as it allows unlimited withdrawals as opposed to just 4 by WestBrom.

I haven't done telephone or online banking with Santander, but just walk up to my local branch and deposit my ISA.In branch CS was OK.

Thanks

molerat

innovate wrote: »

Are you saying this is something new with esaver issue 5? Because previously, payments/withdrawals could be made online.

No, he is saying if using phone banking you can only transfer to an account already set up and not to any account.

ejv

SnowMan wrote: »

3.15% gross paid monthly is equivalent to 3.20% gross paid yearly

charlieboycat wrote: »

Except it isn't equivalent for those who receive their interest net of tax - ie. the majority of us - who get 0.21% net each month and for whom the compounding only results in 2.5493% net after 12 months, equivalent to an AER of 3.1866%.

However, with Satandire an annual after-tax cost of 11p per £1,000 of savings is perhaps a reasonable price to pay to be able to see that they haven't set the account up incorrectly and that you are getting the interest rate that you expect.

Thanks Snowman and charlieboycat.:T
I didn't know this and was always opting for annual interest to maximise the amount!!!:A
As charlieboycat said, it is wiser to see what Santander does with your account every month rather than a bolt from the blue after 1 year!!;)

Tight_as_a_Drum

When is the interest paid on the annual esaver accounts?
It always seems to state on the anniversary of the account but that's never happened in my experience.