Just set up my Santander e-Saver account

Colin297

Excited :j

How boring have I got? Two years ago I wouldn't be the slightest bit interested in the likes, now I'm addicted to my mini targets

I dunno why but I'll feel richer when ive got my money across different accounts. E.g. full ISA, few K in one a/c and a few in another. Silly really, but I plan on it all being spread in an interest maximising manner so it's all good.

Anyone else use this account? It was very, very easy to set up. I thought all bank account required confirmation of identity?

Anyway, as far as instant access savings go - 2.5% seems the best out there. Is there any T&C's or tips using this account that I should be aware of?



Cheers,

Colin

oldagetraveller

Yes, I have one Colin. Opened when the rate was 3.25%.:)
I can't agree about the ease of setting up. For an internet account and personally, there was too much of a paper trail with regards the security set up. It took over a week for that!:(
Very easy to operate subsequently though with FPs in and out. My identity etc. was obviously checked electronically because there was no request for any documentation.

innovate

Santander 123 pays a lot better (3%AER) on £3K+. It costs £2/mth but most people can easily get more in interest/cashback,

Halifax Online Saver is 2.8% AER, and there might be a few others who beat 2.5% AER - not least the FD and Nationwide Regular Savers.
http://www.money.co.uk/savings-accounts/instant-access-savings.htm

Colin297

oldagetraveller wrote: »

Yes, I have one Colin. Set up when the rate was 3.25%

How do you find it?

I'm just going to pay into it by using intermittent online payments from my main savings account. Is this feasible or should i set up an SO?

innovate

Oh, and there is Lloyds Vantage - - - 4% possible on 3 x £6K, if you get it all sorted before end of the month. Look for the separate thread.

innovate

Colin297 wrote: »

I'm just going to pay into it by using intermittent online payments from my main savings account. Is this feasible or should i set up an SO?

How much does your main savings account pay (AER %)?

If it pays less than 2.5% AER, why do you have any money in it?
If it pays more than 2.5% AER, why transfer money from it into 2.5% AER?

But more importantly, why use a 2.5% AER account at all?

(PS, I also have a Santander esaver from when the interest rate was a lot higher - - but that doesn't mean I'd recommend it now)

oldagetraveller

Colin297 wrote: »

How do you find it?

I'm just going to pay into it by using intermittent online payments from my main savings account. Is this feasible or should i set up an SO?

I've experienced no problems whatsoever.
I just use faster payments from my current account(s), usually instant for paying in. I've only made one FP withdrawal the speed of which was down to the receiving bank.
I don't like the mobile 'phone security code system. Not everyone has a mobile and mine is hardly ever switched on anyway.:)

Colin297

Innovate - most of those other accounts have requirements which I can't be bothered with right now. Haha.

innovate wrote: »

Oh, and there is Lloyds Vantage - - - 4% possible on 3 x £6, if you get it all sorted before end of the month. Look for the separate thread.

What do you mean 4% on 3x6??

innovate wrote: »

How much does your main savings account pay (AER %)?

If it pays less than 2.5% AER, why do you have any money in it?
If it pays more than 2.5% AER, why transfer money from it into 2.5% AER?

But more importantly, why use a 2.5% AER account at all?

(PS, I also have a Santander esaver from when the interest rate was a lot higher - - but that doesn't mean I'd recommend it now)

Well, when i say my "main" savings account I just mean the one linked to my current account (which I switch money into weekly when im paid). The interest rate on it is something ridiculous like 0.5% so not much money will ever be sitting in it. I moved all my other money over for this years ISA(3% in post office) so I've only started accumulating again hence the Santander a/c

Colin297

Innovate - i see the Llyods thing now. So i'd need to pay 1k a month into it just.

I suppose i could switch money back and forward. Given my small savings so far though it's probably not worth my while.

innovate

Colin297 wrote: »

Innovate - most of those other accounts have requirements which I can't be bothered with right now. Haha.

The Halifax 2.8% has no pre-reqs at all.

Colin297 wrote: »

What do you mean 4% on 3x6??

https://forums.moneysavingexpert.com/discussion/4104719
from about post 19 onwards

You can have a total of £18K @ 4% AER in Llloyds if you have £18K. That's across 3 accounts, so you can start playing if you have £6K.

innovate

Colin297 wrote: »

Innovate - i see the Llyods thing now. So i'd need to pay 1k a month into it just.

I suppose i could switch money back and forward. Given my small savings so far though it's probably not worth my while.

the £1K doesn't have to all be in on go. you could pay, say, the same £200 in 5 times a month = £1,000.

But only worth it if you have at least £3K (3% AER) or between £5K and £6K (4% AER). And you need 2 DDs for the 4% - but those are easy to set up. All to be done by end of the month, too.

May be, if you have smaller amounts available, get bothered with the FD or Nationwide Reg Savers? They currently both pay more than you can get anywhere else, incl in ISAs.


Anyway, I'll leave you to contemplate.