Santander esaver 5 interest up?

savetilibleed

It seems to be the monthly anniversary of the date you opened the account. Or maybe the day after. Mine was opened on 26 May funded the same day with a transfer of about £27 from an earlier issue. I was told as the interest was less than a £1 it would be added at the next interval. I got interest (after adding more) on 27 June. Looking back at transactions from issue 3, the date of opening/funding seems to be the same date every month for interest.

10_66

savetilibleed wrote: »

It seems to be the monthly anniversary of the date you opened the account. Or maybe the day after. Mine was opened on 26 May funded the same day with a transfer of about £27 from an earlier issue. I was told as the interest was less than a £1 it would be added at the next interval. I got interest (after adding more) on 27 June. Looking back at transactions from issue 3, the date of opening/funding seems to be the same date every month for interest.

But as I added funds on the 9th, I still make this to be 5 days up to and inclusive of the 13th (added on the 14th), I can't see how they've arrived at 4 days?

savetilibleed

10_66 wrote: »

But as I added funds on the 9th, I still make this to be 5 days up to and inclusive of the 13th (added on the 14th), I can't see how they've arrived at 4 days?

Suggest you call to ask the question. Then perhaps call again a few days later and see if you get the same answer! Maybe ask them to send you their calculations.
They are good at messing up. I have two ISAs with them and they even managed to add interest with tax deducted! I got it put back of course.

10_66

Ha! I sent a secure message asking how they arrived at 4 days instead of 5 and I received a message back from them saying if I wanted to pay them £10, they'd be very happy to send me a breakdown of the interest calculation. I bet they bl**dy well would! No thanks, I'll just open an account with Coventry instead, as the bonus drops off the Notts in Sept so can put the funds in there instead before the Oct cut off point for further additions!

Milarky

10_66 wrote: »

Does anyone know how Santander work out the number of days for which interest is paid, ie from when up to when?

In my case it's always paid on 20th of each month. I wondered how interest could shown IN the account on that date (rather than simply 'with' that date) and came to the conclusion they calculate 19th as the last date and the previous 20th as the first.

My estimates using this assumption came out close enough for the first few months to not bother checking thereafter.

savetilibleed

10_66 wrote: »

Ha! I sent a secure message asking how they arrived at 4 days instead of 5 and I received a message back from them saying if I wanted to pay them £10, they'd be very happy to send me a breakdown of the interest calculation. I bet they bl**dy well would! No thanks, I'll just open an account with Coventry instead, as the bonus drops off the Notts in Sept so can put the funds in there instead before the Oct cut off point for further additions!

Bloody cheek! Yeh go for Coventry. I like them!

10_66

Milarky wrote: »

In my case it's always paid on 20th of each month. I wondered how interest could shown IN the account on that date (rather than simply 'with' that date) and came to the conclusion they calculate 19th as the last date and the previous 20th as the first.

My estimates using this assumption came out close enough for the first few months to not bother checking thereafter.

Thanks Milarky, I know you're very good with calculating interest payments, you may remember a few years' ago you helped me out with incorrect interest payments from the West Brom Bld Soc regular saver (forget the account name now). Battle and a half to get it corrected, but with your spreadsheet breakdown, it all helped. So if you're happy they work it out correctly, that's fine by me.

savetilibleed wrote: »

Bloody cheek! Yeh go for Coventry. I like them!

Yeah, I was very tempted to simply on the basis that Santander can't answer a simple query without trying to charge a tenner! But as the account's open now, and due to the above post, I'll probably stick with them now.

Nick_o_las

Does anyone have experience of making same-day faster payments with Santander's eSaver? I'm reading mixed comments on the Internet.

I want to know I can rely on it when rent day comes around!

buffman

Nick_o_las wrote: »

Does anyone have experience of making same-day faster payments with Santander's eSaver? I'm reading mixed comments on the Internet.

I have transfered funds from Santader's eSaver accounts to my First Direct account an on many occasions. Whether the sum is large or small, the money arrives more-or-less immediatley.

innovate

In my experience, payments for up to £10K* usually arrive literally instantly, and certainly within the required time (by end of next working day).

If you want to transfer more than £10K*, you might do better ringing them beforehand because they like to do some manual checks for higher value transactions, despite their daily FP limit being £100K.

* the £10K is my experience, not sure whether this is account specific or general.