Regular Saver Thread **New and Restarted**

colsten

trickydicky14 said:

Santander RS,
My RS is just about to end but as the rate has now gone down to 2% for new accounts, I wish to call it a day.
How do I stop Santander doing an auto roll over? do I have to ring them or just stop my DD end of.

I think just cancelling your SO (not DD) should do the trick. You can do this online or in the app.

polymaff

There doesn't seem to be any point in closing the account though.  It is just an annually-fixed rate, annual interest. indefinite term, easy access, SO-funded savings account with a maximum deposit per month limit.  Maybe in 6 months time 2% fixed will look very attractive.

How things have changed since the rigid T&Cs of SAYE accounts.

karlie88

I'm going to mention this once...with the recent change to MSE forum plus the rate being lowered to 2% it's time to let this little secret out.
Santander RS
You can actually add around £2650 into the account from day 1 and it'll earn 2% (or whatever the interest rate is/was when you opened it). Cancel/ensure there's no SO. Once it's matured and converted to an easy saver, open a new RS and add the full amount mentioned above.
Been doing this ever since the RS was launched. All paid correct interest i.e. 5%, 3% etc. on full balance from day 1.
Please don't quote.

soulsaver

Got it, Karlie thanks, you can delete it now...:) You know that if msers wade in en masse, it'll likely spotted & stopped...?

10_66

soulsaver said:

Got it, Karlie thanks, you can delete it now...:) You know that if msers wade in en masse, it'll likely spotted & stopped...?

Why?  So only you can benefit and other's can't?  Very patronising to advise karlie88 to delete.

JamesRobinson48

colsten

10_66 said:

Why?  So only you can benefit and other's can't?  Very patronising to advise karlie88 to delete.

It's not patronising at all. It's realistic and sensible.

colsten

JamesRobinson48 said:

.................................................................

Please sort this by PM rather than trot it out in public.

10_66

colsten said:

It's not patronising at all. It's realistic and sensible.

It is patronising. She’s an experienced member of the forum, she knew what she was posting, helping those that might not know (the whole purpose of the forum). You should not dictate what information she chooses to pass on.

karlie88

I'll leave the post there for now, so people can read back on it if they want. Not everyone visits the reg saver thread on a daily basis.

@JamesRobinson48 - it's that amount because the RS is set to auto-renew now if you have a SO; so for a brief period, the balance in the reg saver does hit £2,600 due to month 1 rolling into the 12th month from the previous year. The £50 extra is due to the interest being added too. Essentially the RS can hold a maximum of £2650. I think it'll be lower now with the 2% launch - max balance probably around £2625 for those who open the new issue. If you're still earning 3% on yours, you can add the amount I mentioned in the op via internal transfers, might even be able to add a tad more than I mentioned. Just cancel the SO if you do.

Saying all this it'll probably get fixed, but hey ho. It's only 2% now. Would have been much worse when it was earning 5%.

Good luck to those who go for it. No more from me on this matter.