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Santander E Saver (issue 5) monthly interest

xxdeebeexx
xxdeebeexx Posts: 1,964 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
in Savings & investments
Hi does anyone know when the monthly interest on the Santander E Saver (issue 5) is added to the account?

tia

dx

Comments

  • Buzby
    Buzby Posts: 8,275 Forumite
    On the anniversary of the date the account is opened.
  • xxdeebeexx
    xxdeebeexx Posts: 1,964 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Buzby wrote: »
    On the anniversary of the date the account is opened.


    Well I never, that had never occured to me. I thought that it would be either, the first of the month or the end of the month!

    thanks

    dx
  • patriick
    patriick Posts: 50 Forumite
    edited 1 July 2012 at 8:53PM
    Buzby wrote: »
    On the anniversary of the date the account is opened.

    This is a pain if your monthly date is around the time your salary gets paid in and the payment varies by 1 or 2 days.

    You can get some monthly periods with 2 salary payments and another with none thus breaking the rule for getting monthly interest and cashback.

    I'm not sure if they allow for this somehow.
  • Buzby
    Buzby Posts: 8,275 Forumite
    Agreed. When I found his was the case, I changed to Annual to get the slightly better rate, that said - do remember the carp interest rate reduction hits on the anniversary of opening the account! Then it's time to dump and switch.
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