Santander esaver 5 interest up?

savetilibleed

Tight_as_a_Drum wrote: »

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.

Info sheet for eSaver 5 states: "Interest is calculated daily and added to the account annually or monthly on the anniversary of account opening. Once interest frequency has been chosen (annual or monthly interest) this cannot be changed."

ejv

savetilibleed wrote: »

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.

Thanx OP.:beer:
Started one(preferred this over WestBrom 3.22% as this allows unlimited withdrawals)
Chosen monthly interest as I can see what Santander does with my money every month...heee...heee
Online banking all set up today and transfered funds.:money:

mrchagle

Does anyone else have multiple eSaver issue 5's? As there doesn't seem to be a restriction that I can find in the T&C's 'one account per customer' - I've opened a couple..

Yes I can use a spreadsheet but I also like seeing my money split into buckets online :-)

ejv

mrchagle wrote: »

Does anyone else have multiple eSaver issue 5's?

Any advantages doing this?:huh:

buffman

The main advantage that I can see is to open an account now and then a second one in a couple of months time (if still available). Close the original account transfering the balance to the new account - thereby in effect extending the bonus a couple of months.

mrchagle

ejv wrote: »

Any advantages doing this?:huh:

Yes you can split you mobey

molerat

Have 2 open, there is no 1 account restriction in the t&cs of this one, had 2 4s open as well without any problems.

ejv

mrchagle wrote: »

Yes you can split you mobey

Could you explain the advantages of splitting the money,please?

Esaver 5 allows penalty free unlimited withdrawals and remittances.

Whole money is in the same institution,so can't get around the £85K ring fence.

I've just started one, and keen on advise:o

(I got the gist of one of the above posts,where opening another one couple of months later,"extends your 1 year")

exel1966

buffman wrote: »

The main advantage that I can see is to open an account now and then a second one in a couple of months time (if still available). Close the original account transfering the balance to the new account - thereby in effect extending the bonus a couple of months.

In theory that obviously works, but based upon past experience and Santander's regular updating of it's savings products it's more than likely that Issue 5 will be superseeded by Issue 6 or another named account prior to the first 12 months of Issue 5 being in operation.
You could of course open the second account a few months afetr the first account and not fund it/deposit £1 as a 'just in case' further products are not forthcoming.

10_66

Does anyone know how Santander work out the number of days for which interest is paid, ie from when up to when? I opened my account on 13 June and only had £1 in it up to the 9 July (so I'm not including this period). I then transferred £4,998 in on 9th, balance then being £4,999. On 14 July interest of £1.38 net was paid (3.15% monthly rate), which works out exactly at 4 days worth of interest. This would suggest that interest was paid for the period 10th to 13th inclusive, and not inclusive of the 9th. Their t&cs state that interest is earned from the day of the deposit, which according to my calculation would mean 5 days, not 4. Can anyone shed any light on this, please? I'm not so bothered about it for this balance, but had planned to transfer funds from the Nottinghamshire shortly, as the bonus rate drops off this in a month or so.