We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Santander esaver 5 interest up?

Options
13468916

Comments

  • Nine_Lives
    Nine_Lives Posts: 3,031 Forumite
    Can you close the eSaver4 without any penalty?

    I've looked through the small print & can't find anything that say you'll be penalised (for example: a drop of x.x% if you don't have the account open for 12 months), but just because i can't find it doesn't mean it's not there - i might've missed it.

    So if i close now, will i still receive 3.1% on everything whilst it was in the account for the duration it was in the account?
  • There are no penalties, it just means that the rate on that particular Issue was for the full 12 months from opening the account.
    You will receive that rate for every day, month etc you have the funds in your account.

    I have swopped,upgraded these lots of times and always get that rate pro-rata.
  • oldvicar
    oldvicar Posts: 1,088 Forumite
    Glen_Clark wrote: »
    Ah so you can write in English. So why do you come on an English forum writing in Spanish?

    Oh dear, I have caused a storm in a teacup which I didn't intend. I think Ifts (who posted immediately after my pidgin-Spanish post) probably 'got it'.

    My opinion FWIW is that if the worst happens and a Bank Run leads to a need for claims against depositor protection schemes then it may well become necessary to deal with the compensation scheme in the country of the parent bank, and therefore being able to communicate in an official language of that country will be helpful.

    Being covered for the time being by the UK FSCS, whilst comforting, is IMO just smoke and mirrors and the UK FSCS will never pay out in the event of failure of a substantial bank.
    [I'm not suggesting depositors currently covered by the UK FSCS will necessarily lose out. But instead of FSCS paying out the government will engineer that their accounts will be sold/transferred to a different bank, nationalised, or in the case of foreign-owned subsidiaries transferred to direct ownership by the parent bank if at all possible].

    I posted an outline for the above thinking on another thread, not long before my offending 'spanish' post. Here it is in a thread about Bank of Cyprus opening a UK regulated subsidiary:
    oldvicar wrote: »
    Is it really very different now?

    Suppose for a moment that Bank of Ireland UK, or Bank of Cyprus UK (those wholly owned subsidiaries to be covered by the UK FSCS) for no reason other than rumour and panic were to face a Bank Run with depositors all wanting their money back at once, Northern Rock style. What is likely to happen?



    I think:
    • Least likely, the UK government will use taxpayer funds to rescue them, either to buy a stake or to nationalise them (they are wholly owned by foreign banks after all). In the early stages the BoE may provide some extra liquidity though.
    • Also unlikey is to let them fail, and have the FSCS pay out.
    • Most likely the UK government and European regulators will allow (nay encourage) the foreign parent to directly assume their responsibilities, no matter how troubled the parent may be at the time. Crisis averted, depositors money safe, and still covered by pukka compensation schemes of EU states. Back to square one. It's almost as if they were never covered by the UK FSCS at all.
    .....
    Now before everyone jumps on me saying that Santander is different, I accept that Santander UK is much bigger than other foreign owned banks, and has protected itself far better from its parent through the specific agreements it has recently made with the FSA. In fact it is, again IMO, probably as intrinsically 'safe' for depositors as any major UK bank at the moment.

    But the public are fickle, and if they did cause a run of withdrawals which Santander UK couldn't cope with then it isn't entirely fanciful that Banco Santander SA could take on its responsibilities as indicated in my scenario quoted above, especially now that this weekend the Spanish banking system has been promised an extra €100bn by Euro countries to help keep it afloat.

    Spanish classes anyone?
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    Oh please, oldvicar, stop scaremongering. The question of Santander safety has been addressed on MSE recently, and nothing has changed on the fundamental facts since then.
  • Just wanted to say many thanks for all info on this thread - version 4 now closed and version 5 opened plus secure message requesting interest paid up and version 4 closed - all very easy for this simpleton...no idea how I managed before forums....so thanks again. Don't think this is the thread for discussions re bank safety etc - no scare mongering required haha.
  • buffman
    buffman Posts: 440 Forumite
    Part of the Furniture 100 Posts
    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.

    If this really is the case, it is a good idea to open an account now and then, in a couple of months time if the account is still available, to open a second account as a way of extending the 12 months bonus (possibly closing the original account at this time). I am going to brave their customer support desk and confirm that this is the case.
  • ctdctd
    ctdctd Posts: 1,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Stompa wrote: »
    Perhaps an extension is the cause? I can't be bothered to investigate!

    Ah yes, that's it.
    I use Adblock+ with Firefox - disable it for the banking address and the apply online options show up.
    Do Money Saving sites make you buy more bargains - and spend more money?
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
    buffman wrote: »
    If this really is the case, it is a good idea to open an account now and then, in a couple of months time if the account is still available, to open a second account as a way of extending the 12 months bonus (possibly closing the original account at this time). I am going to brave their customer support desk and confirm that this is the case.
    No need. Lots of us on here have been opening new Santander accounts every few months, and transferring the old one to them, to keep ahead of the bonus.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
    oldvicar wrote: »
    posted immediately after my pidgin-Spanish post) probably 'got it'.
    Spanish classes anyone?

    I know an old clergyman who used to speak in Latin in the mistaken belief that it impressed people. Nobody knew what he was on about and nobody was impressed.
    The British Government have already guaranteed Santander UK deposits. They have already shown they would rather print money and trash the currency than see a banks depositors lose money - even when they hadn't guaranteed it all like Icesave.. There is no limit to what they can print. So you would get your pounds back. How much they would be worth is another matter. But that makes no difference which bank they are in.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • oldvicar
    oldvicar Posts: 1,088 Forumite
    Glen_Clark wrote: »
    The British Government have already guaranteed Santander UK deposits.

    Que?

    Glen_Clark wrote: »
    I know an old clergyman who used to speak in Latin in the mistaken belief that it impressed people. Nobody knew what he was on about


    Caveat Emptor.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.