123 has stopped paying interest!

liamsteven

Hi

I've reached over £20k but I have stopped receiving my monthly interest.

I asked on here a while ago and I was told that when I reached 20k I would only contiune to reveive interest on 20k of the balance.

Am I missing something here?

bsms1147

You should receive interest on the first £20,000 of your balance.

What did Santander say when you asked them?

liamsteven

bsms1147 wrote: »

You should receive interest on the first £20,000 of your balance.

What did Santander say when you asked them?

I tried to call but all lines busy. I'll wait a couple of days as it normally goes in on 10th and it's only the 11th.

Lorian

You sure you fulfil the other criteria? £500 monthly funding, two DD's IIRC.

YorkshireBoy

I think you'll find, when you check your online banking, that you've either messed up with the funding over the statement month (so you'll have paid twice in one statement month and not at all the next month), or one or more of your direct debits have lapsed under the dormancy rules or been cancelled (either inadvertently by yourself, or by the originator).

Yorkshire_Pud

123 hasn't stopped paying ME interest!:)

liamsteven

Panic over! I completely forgot to deposit £500 or more last month!

Joe99

You need to credit the account with a minimum of £500 a month, this can be from an external bank account (no other Santander accounts in your name, from a different bank or from someone else who may bank with Santander) or it can be a cash deposit in branch. It doesn't have to all be paid in one transaction, you can spread it out in the month so say for example £250 a fortnight or £125 a week etc.

You also need a minimum of two active direct debits coming out of the account. Now where it says active, it doesn't have to necessarily debit the account, as long as there's two active direct debits and non that have gone dormant or non-active.

You will only get interest from £3,000 up to £20,000, any money after this in savings, will not be paid with extra interest. Only interest up to the first £20,000.

YorkshireBoy

liamsteven wrote: »

Panic over! I completely forgot to deposit £500 or more last month!

You must already have (as a minimum) some 5% paying accounts and the 4% Club Lloyds account if you've got Santander and paying £60 a year for the privilege, so simply set up a pair of cross-funding standing orders from one of those.


BTW, there was no panic here...I have the aforementioned SOs set up and so got my interest this month.

liamsteven

I don't think you fully grasp the sheer panic that was felt accross the land at the thought of me not getting my monthly interest...:D