Regular Saver Thread **New and Restarted**

Vortigern

liamcov wrote: »

So can I start funding it again for this year or will they take that money too when they transfer it out?

What do you mean by "start funding it again"? Have you cancelled the standing order? Or did the SO end after 12 payments?

The maturity letter explains what happens in each case.

If the SO has not been cancelled/ended, you regular saver will automatically renew. The cash you've saved last year will be transferred to your current account a few days after maturity.

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.

Frogletina

liamcov wrote: »

So can I start funding it again for this year or will they take that money too when they transfer it out?

I've had a lot of problems on maturity. I kept my standing order going - my last payment went in on the 19th and the interest was added on 20th. I spoke to an advisor on 20th who told me my money would be transferred on 22nd. I asked if the standing order could be brought forward to 22nd, and he amended it then.

I rang Santander on 22nd and was on the phone for 1hr 15mins, because the funds in the account were transferred leaving £200. Finally someone explained that the £200 which was paid on 19th was first payment for the new 3% ISA and the standing order should not have been amended to 22nd

I spoke to complaints - my new standing order had changed to 23th April, but I was concerned that the original payment was in the system but was assured no attempt had been made to take the £200, and in fact I had been told to reduce the amount in my current account to less than £200 in case the system tried to take it out - which I did, although the complaint person said it didn't matter. In fact one advisor said I could leave it in and just pay less at the end of the year?? (by this time I had spoken to 4 people - at one point one advisor was being promped by another what to say one sentence after another so I asked to speak to him directly)

When I came off the phone I checked my payments for the day and £200 had been taken out by standing order that day but was not in the regular saver.

So another phonecall to Santander and an advisor who mulled it over and said - I've found it...you have £200 left in your regular saver..

I sighed and said, that is not the same £200 - but she disagreed, more than once, so I patiently said. if you look carefully you will see that there have been no deposits since 19th. Oh, she said. All in all it took half an hour for her to say she'd found it in the system and it should be back in my account by the end of the day

Needless to say, it wasn't. I can't face another call just yet

frogletina

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.