Santander phone call - not good

DotMatrix

I had a call from Santander today telling me the rate on my eSaver account will be soon cut to 1.5% from 3.2%.

I opened the eSaver account on the 11th/June/12 and understood at the time that 3.2% would be effective for 1 year. I'm now told the present rate will expire on the 11th/Mar/13, so 3 months earlier than expected.

Can they do this? Anyone else get a similar call?

innovate

:eek: Not them as well.....

The mx 12-months bonus rate on the esaver accounts is variable, so they can drop it/take it away any time they like.

Haven't had any notification myself yet.

It's a bit strange though that they should phone you about this - - - usually banks need to inform you in writing about any substantial rate cut (which this sounds like).

DotMatrix

I got a letter some time ago before I took the 3.2% option, informing me that the previous rate of 3.0% was up.

I 'm going to wait for the formal letter to arrive as I get the feeling the phone call was based on me getting out of the 3.2% rate as soon as possible. They even asked if I woud like to come along to my local Santander branch to discuss.

innovate

DotMatrix wrote: »

They even asked if I woud like to come along to my local Santander branch to discuss.

:eek:

That's usually the worst thing you could do, going into a Branch to talk about what to do with your savings!

Particularly bad today: http://www.bbc.co.uk/news/business-21432425

I'd rather stick hot needles into my eyes than discuss with any bank/BS about where to put my savings and investments. The Internet has made their salespeople redundant.

DotMatrix

Shocking ! I'll wait for the letter to arrive informing me of the effective date for the rate cut.

Thanks.

funnyguy

What issue number is that?I have a issue6 which gave me 3% at commencement last sept.I was just going to move all my ISA cash plus wifes in as higher ISA rate finishes soon for us.,and I am under tax threshold this year.I was Expecting to keep my 3% until this Sept...My savings plans keep being thwarted.

badger09

!!!!!! (sorry )

I haven't received any notification yet, but wouldn't be surprised if I get a call/email/letter very soon.

I'm going to have to speed read Tim Hale's book now

Either that, or stick two pencils up my nostrils, wear underpants on my head and say wibble wibble :eek:

talexuser

Are you saying the reduction applies to issue 5?

Milarky

The current issue (9) does stipulate that the bonus is variable (in several places!) plus there is a link for a downloadable pdf which gives the account features over two sheets (but not for older issues of course!)

I'm afraid I didn't pay any attention to the variable nature (or otherwise) of the bonus element when I applied for my Issue 5 in July - I just assumed the bonus was fixed.

Did anyone pay closer attention to these 'details' when they applied for their accounts? And (more importantly) did they download terms and conditions which they could share?

[Thanks]

Newbie2saving

badger09 wrote: »

I'm going to have to speed read Tim Hale's book now

:rotfl::rotfl::rotfl: Ha, ha, like your approach, I've read it, but maybe needs a reread!!! So which issue is this actually all referring to? I opened mine June 2012. I am max'd out getting one of the only good rates left. Not sure at all what I would do if this wasn't available!

Seems adding funds to S&S portfolio is not great timing as so many funds / ITs of interest to me seem to be at a premium.

badger09

Newbie2saving wrote: »

:rotfl::rotfl::rotfl: Ha, ha, like your approach, I've read it, but maybe needs a reread!!! So which issue is this actually all referring to? I opened mine June 2012. I am max'd out getting one of the only good rates left. Not sure at all what I would do if this wasn't available!

Me too Issue 5 opened in June 2012. In fact, I'm slightly over the £85k total (including the Major ISA) :eek:

Newbie2saving wrote: »

Seems adding funds to S&S portfolio is not great timing as so many funds / ITs of interest to me seem to be at a premium.

There's the rub. But I'm definitely coming round to the 'Time in the market' rather than 'Timing the market' school of thought. Problem is, in my early 60s, just how much time in the market have I left :eek: :rotfl: