Regular Saver Thread **New and Restarted**

YorkshireBoy

Vortigern wrote: »

If the SO has ended your cash will go into a savings account paying a low rate of interest, and you'll have to apply for a new RS, if you want to continue regular saving.

That was my understanding too. Why wouldn't it be?...that's what the letter said would happen.

However, what happened in practice (last weekend) was the £2,464 was transferred to my CURRENT account, and I did not have to apply for a new regular saver. The old one was re-designated a 3% monthly saver and I was able to set up a new SO...this time with no end date.

MarkFromCornwall

Yes, the same happened to me. It's confusing if you are used to the way that most regular savers work, or if you expect Santander to do what their maturity letter says they will do, but it's actually a good system for most of us who want to continue with another monthly saver without having to go through the process of closing one account and opening another.

StevenGude

I opened my nationwide 5% regular saver on 18th March and made my first deposit. When should I make my second one - 18th April? 19th?

YorkshireBoy

StevenGude wrote: »

I opened my nationwide 5% regular saver on 18th March and made my first deposit. When should I make my second one - 18th April? 19th?

1st April.

youngretired

I was expecting my Regular Saver to convert to a Everyday Saver as my SO had expired in February, but no it got converted to the 3% Regular Saver.

I raised a complaint as I was waiting for it to change before I could open a new one. The member of staff spoke to management and apparently if you ever had a SO from your Santander account then it will mature into the new 3% Regular Saver.

I questioned this as it says if you have a SO upon maturity not if you have ever held a SO, as everyone would have to pay into the Regular Saver by a SO. The response was that customers might be paying in from a account held elsewhere and so that is when the account would change into a Everyday Saver. Regardless of the fact that it stipulates in the T&C's that the SO has to be paid from your Santander account!

So I have requested to close the account and will open a new one as the maturity date stays the same as the old one, hence losing interest. I did question about the extra payment that will be received into the Regular Saver upon maturity (would it be left behind when the balance and interest is transferred out) and the answer was "I guess so".

Frogletina

youngretired wrote: »

I was expecting my Regular Saver to convert to a Everyday Saver as my SO had expired in February, but no it got converted to the 3% Regular Saver.

I raised a complaint as I was waiting for it to change before I could open a new one. The member of staff spoke to management and apparently if you ever had a SO from your Santander account then it will mature into the new 3% Regular Saver.

I questioned this as it says if you have a SO upon maturity not if you have ever held a SO, as everyone would have to pay into the Regular Saver by a SO. The response was that customers might be paying in from a account held elsewhere and so that is when the account would change into a Everyday Saver. Regardless of the fact that it stipulates in the T&C's that the SO has to be paid from your Santander account!

So I have requested to close the account and will open a new one as the maturity date stays the same as the old one, hence losing interest. I did question about the extra payment that will be received into the Regular Saver upon maturity (would it be left behind when the balance and interest is transferred out) and the answer was "I guess so".

This is what should happen, according to their letter which I found online

Your savings account is changing
Your savings account will mature on .......

what this means for you

If your Regular eSaver account has a standing order in place from an open Santander Current account

Your account will now automatically renew to a new Regular eSaver for another 12 months. The final balance (including any
interest earned) will be moved to your Santander current account from which the standing order was paid three days after
maturity, including if your current account is in joint names. For example, if your account matures on the 1st of the month the
final balance will be transferred on the 4th. You will still earn interest on the full balance in your account at the rate shown below
during this time. Any funds deposited after maturity alongside any additional interested* earned will be included as part of your
next maturity.

If your Regular eSaver doesn’t have a standing order in place

Your account will change to an Everyday Saver account three days after maturity. Your final balance including any interest earned
will remain in the Everyday Saver account.

*their spelling, not mine!

frogletina

xylophone

Your account will now automatically renew to a new Regular eSaver for another 12 months. The final balance (including any
interest earned) will be moved to your Santander current account from which the standing order was paid three days after
maturity,

Exactly what happened with mine.

Stompa

Frogletina wrote: »

If your Regular eSaver account has a standing order in place from an open Santander Current account.

The annoying thing is that I only got that letter after the last standing order payment had been made, so there was no SO in place. In order to get the account to roll over I had to create a new SO.

Special_Saver2

Hi Everybody,

Here is this weekend's update.

- Leek United BS Regular Saver account paying 2.25% on £500 per month for 12 months replaced by Flexible Saver account paying 1.75% on £1,000 per month for 12 months by post or branch

I will do another update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page

schiff

A propos of absolutely nothing but for a bit of light relief, there is a woman tennis player due to play her match in the Miami Open later today and her name is Putintseva. As a proud northern lad myself what a wonderful name for an MSE'er!