Regular Saver Thread **New and Restarted**

ValiantSon

surreysaver wrote: »

Just got an email from Santander saying their regular eSaver will be automatically renewed upon maturity

In the Key Facts document for the account they say, "At the end of term we’ll contact you around 14 days before maturity to tell you your options. If we don’t hear from you we’ll transfer your account to an Everyday Saver, currently paying 0.25% AER/Gross (variable) for balances of £1+."

Are you sure that they said they would open a new Regular e-saver? Doing so wouldn't make sense as you couldn't deposit the balance of the existing account into the new one (maximum £200 per month deposit). The balance of the old account has to go somewhere. The reason they contact you is because you may want it to go back into your current account, or into a different account, otherwise they put it in to an Everyday Saver, which is easy access.

glider3560

Deleted_User wrote: »

Virgin Matchday Regular E Saver has matured. Interest paid of £1.75 for period since annual interest credited on 11/3/18. Total interest £46.12 (14 X £250 monthly payments). looks like VM have sorted out the computer glitsch at 4th attempt.

So the solution to the IT glitch is to make the account redesignate one day before it matures. That means we've all lost one day's interest.

[Deleted User]

No, cos the redesignated account is showing interest at 2.25 pc. Presumably it will change to 1oc tomorrow.

glider3560

Deleted_User wrote: »

No, cos the redesignated account is showing interest at 2.25 pc. Presumably it will change to 1oc tomorrow.

Ah, so maybe they've set the "Man Utd Red Devil E-Saver" to pay 2.25% until 20th March 2018, then 0.50% after that? Presumably that's how they've got round both the "closure" and "redesignation" interest getting paid at the same time, rather than getting the underlying IT problem resolved.

[Deleted User]

Yes, seems so. But I think the redesignated account will pay 1 pc, not 0.50 pc

YorkshireBoy

Frogletina wrote: »

Mine is showing £1.75 as an uncleared balance, so I'm wondering if the system will allow me to close the account yet

I gave my closure instruction a week or so ago, to be actioned tomorrow, 20/3.

But I've now 3 interest payments showing; £43.94 from 11/3, £1.75 dated today 19/3, and another £1.96 scheduled for tomorrow 20/3.

It's all a bit messy!

glider3560

YorkshireBoy wrote: »

I gave my closure instruction a week or so ago, to be actioned tomorrow, 20/3.

But I've now 3 interest payments showing; £43.94 from 11/3, £1.75 dated today 19/3, and another £1.96 scheduled for tomorrow 20/3.

It's all a bit messy!

I did the same, but have no interest scheduled for tomorrow. I do have monthly interest though - maybe that made a difference?

glider3560

Deleted_User wrote: »

Yes, seems so. But I think the redesignated account will pay 1 pc, not 0.50 pc

In the last five minutes, mine has dropped from 2.23% to 1.00%. "Interest on transfer" has moved from uncleared to cleared.

YorkshireBoy

glider3560 wrote: »

I did the same, but have no interest scheduled for tomorrow.

Neither do I now. The £1.96 has disappeared!

The payment scheduled for tomorrow is now £3,500.35 (the 35p being last year's March 11th interest.

So it looks like I'll have to make another transfer to get the £43.94 and £1.75 interest payments out!

glider3560

YorkshireBoy wrote: »

So it looks like I'll have to make another transfer to get the £43.94 and £1.75 interest payments out!

If you select "close account" when making the withdrawal, they automatically transfer the entire balance, regardless of what shows on the future transactions page. Tried and tested for several issues by myself.