123 Regular eSaver

Busy_Mee1

We rang up to open 2 accounts (linked to joint 123) and we were offered a call back. Took 15 minutes to complete application for both of us - we put her on speaker phone so we could both hear the T&Cs. Was all reasonably efficient - just a bit of a pain that you can't do it on line

Westie983

Nebulous2 wrote: »

Opened one mid-March by phone. It took about 15 minutes, much of it on hold. I setup a standing order online to pay in £200 on the 1st of each month starting April. I then realised I was allowed to pay in for March as well, so setup a one-shot standing order for about the 18th of March.

Your month runs from the day of opening to the following month, so If you opened it mid March then you will find your SO may fail if you also paid in £200 on the 18th, the again on the 1st

Its not calendar months like the other regular savers.

http://www.santander.co.uk/uk/savings/regular-esaver

Snakey

I opened one by phone a couple of weeks ago. Very easy (although you have to listen to all the T&C's, it's more of a pain for the poor soul on the other end than for you) and I wasn't left with a lorry-load of aloe vera gel to try to sell to my friends and family or anything.

The guy on my call told me that since my initial payment was the 19th then my standing order should also be for the 19th.

Westie983

Snakey wrote: »

I opened one by phone a couple of weeks ago. Very easy (although you have to listen to all the T&C's, it's more of a pain for the poor soul on the other end than for you) and I wasn't left with a lorry-load of aloe vera gel to try to sell to my friends and family or anything.

The guy on my call told me that since my initial payment was the 19th then my standing order should also be for the 19th.

Your month runs from the 19th to the 18th, so your SO can be for any of these dates, especially if you are not paying in the full amount with one SO, you will change the date on each SO to make it up to the £200.

no requirement for the SO to be the same date as opening, but you will maximise the amount of interest if you fund the account as soon as its opened, as interest calculated daily on balances in the account.

Nebulous2

Westie983 wrote: »

Your month runs from the day of opening to the following month, so If you opened it mid March then you will find your SO may fail if you also paid in £200 on the 18th, the again on the 1st

Its not calendar months like the other regular savers.

http://www.santander.co.uk/uk/savings/regular-esaver

Hmmmm ..... £200 on the 16th and again on the 1st. Both still showing online and the account still called a regular esaver.

The guy when I opened it told me I could. I said I would setup a SO for the 1st of the month and he said you can actually make a payment for this month as well.

I suppose its wait and see now then.

Westie983

Nebulous2 wrote: »

Hmmmm ..... £200 on the 16th and again on the 1st. Both still showing online and the account still called a regular esaver.

The guy when I opened it told me I could. I said I would setup a SO for the 1st of the month and he said you can actually make a payment for this month as well.

I suppose its wait and see now then.

Up to you, but if you wait and then get told that you dont qualify for the interest as you have breached the T&C's.

I would speak to Santander for their view on this and if they agree it will be fine get it in writing just in case in a years time you dont get the interest you expect.

Alternatively, maybe worth closing and reopening, just in case, due the funding issue, either way speak to Santander, but Im surprised that it accepted your second SO.

Have you checked that the interest is still the same and that the account is still a saver? as it does say
'if you deposit more then £200 in any month into your regular saver Santander reserve the right to revert your account to a everyday saver'

I would check with them, as its early on into the account and if you have compromised the account, you can sort it out now rather then 11 months down the line.

LXdaddy

I opened one by phone. Didn't take too long - just a while to have all the T&C stuff read to me. I set up the standing order online later that day but probably got the first payment date too soon so it has the April date for the first payment. I called to ask about it and was told to just move the first payment by direct transfer online.

citykid5

What's the interest rate on this account? Going by the links it's only 0.7% or have I missed something ?

mgdavid

citykid5 wrote: »

What's the interest rate on this account? Going by the links it's only 0.7% or have I missed something ?

you've missed something.

when I look it says 5%

citykid5

Thanks mgdave any chance you could share the link?
Currently got a 123 account maxed out and looking for a decent additional monthly saver.
Thanks