Santander esaver 5 interest up?

exel1966

b814sn1 wrote: »

Have I made a big mistake here? Have I missed some smallprint about closing the account within a year?

No you haven't, there's no minimum term applicable to this or any other E-Savers they've previously issued.

If you're figures are correct then clearly a mistake has been made and that call to Santander should be made ASAP.

emeraldbugle

I tried logging in and applying, but it asks for a card number. The only card I have is an Alliance & Leicester debit card, which doesn't work!

Which card number have you put in? A Santander current account?

Thanks

calypso_rhapsody

Re closing Esaver 4 - i did it without any problem via secure messaging with almost instant turnaround and seem to have been paid the right amount of interest too.

Card number for logging in - i think this is the 16 digit number across the front of your cash card if you have one (used to use that to log in a few years back but have a more traditional username now). If you don't have a card then i'm afraid you probably have to try the call centre - good luck!

Ifts

emeraldbugle wrote: »

I tried logging in and applying, but it asks for a card number. The only card I have is an Alliance & Leicester debit card, which doesn't work!

Where abouts is it asking you to enter your card number, is it when you are trying to login online or after you are logged in and while you are going through the eSaver account opening procedure online?

If its after you have successfully logged in and while you are applying for the eSaver online, on the page where you enter in the box the opening deposit amount, followed by the menu in the drop down to how you will fund the account, IIRC I think here if you select 'Santander' from the drop down menu it then ask you to enter a card number in the box below. You can try a different selection from the drop down menu on how to fund the account, see if that works.

Hope that makes some sort of sense to you!

If you continue to have problems you can open it over the phone, its free to call them too

Santander: 0800 7317 774

exel1966

emeraldbugle wrote: »

I tried logging in and applying, but it asks for a card number. The only card I have is an Alliance & Leicester debit card, which doesn't work!

Which card number have you put in? A Santander current account?

Thanks

The card number request during the application stage is solely to link your current card to the new account so as to enable you to use ATM's. This does not have to be completed if you don't want the link.

Ifts

exel1966 wrote: »

This does not have to be completed if you don't want the link.

Hopefully that will sort it for emeraldbugle & happy days.

Although I got a feeling it may not be as simple as that for emeraldbugle, if you leave the card number box empty and press the 'proceed' button during the application process it does not let you, coming up with an error message saying some fields are not valid with the card bit highlighted to be corrected before you can proceed further with your online application.

I know it sounds strange but thats what I experienced with an online e-Saver issue 5 application I was helping with online. In the end the only way to complete that application was over the phone (which was easy and straight forward to do, free call and call answered promptly).

b814sn1

Thanks Excel and IFTS too.

Currently away with work in Europe so a call will have to wait a week or two. I'll post with any response to my secure messge before then.

Thanks again.

exel1966 wrote: »

No you haven't, there's no minimum term applicable to this or any other E-Savers they've previously issued.

If you're figures are correct then clearly a mistake has been made and that call to Santander should be made ASAP.

matty17r

Many thanks tushingham for all your advice. Must get on to this tomorrow. I have in the past got caught out by santander dropping their rates and not writing to me so I must now make sure I am on the ball all the time. I am an oldie and hate on line banking - wish I could still have a passbook! Thanks to the op for this increase in interest rate.

savetilibleed

b814sn1 wrote: »

Mmm. I have opened Esaver5 and closed esaver4 via secure message.

I had approx 60K in the old account since Sept last year. At 3.1% for 8 months at 20% tax I reckon I should have

600000 x 3.1/100 x 0.8 x 8/12 = £992 interest due.

However they have only put £93.56 into my esaver5 !!!!

As the interest is paid on the anniversary of opening I know I haven't had any interest yet.

Have I made a big mistake here? Have I missed some smallprint about closing the account within a year?

As far as I can see there is no small print about closing an account under a year. Besides if they didn't pay a bonus and you only got the 'go to' rate, it would be more than £93.56
You need to ask for their calculations. Hope you get that sorted.

charlieboycat

SnowMan wrote: »

.
What it means in words is that if you have £1 at the beginning and get 0.2625% interest each month (i.e one twelth of the monthly rate of 3.15%) and then that compounds up 12 times (i.e. you get interest on interest), hence the multiplication, you end up with £1.032 at the end of a year.

This is clearly the same as getting one interest payment of 3.2% at the end of a year (i.e. £1.032 including the initial £1)

Because the 3.15% gross paid monthly is equivalent to 3.2% paid annually it is clear that the intention is that the monthly and annual options are equivalent (i.e. both pay 3.2% AER).

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.