Regular Saver Thread **New and Restarted**

veryintrigued

glider3560 wrote: »

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.

Unless they transfer twice the due amount of interest....like they have with me previously!

This outfit seem to have little control!

I wonder if this hiatus in new issues to ensure all previous problems with maturing issues are resolved...

djpailo

surreysaver wrote: »

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

I also received the same email.

ValiantSon wrote: »

In the Key Facts document for the account they say, "At the end of term we!!!8217;ll contact you around 14 days before maturity to tell you your options. If we don!!!8217;t hear from you we!!!8217;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.

A new regular saver will only be set up if the standing order payment comes from a santander current account. The existing balance plus interest will be sent to the current account and only then the new regular saver set up.

YorkshireBoy

glider3560 wrote: »

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.

I've already done that though, last week! I think I'll ride it out and see what happens tomorrow.

ValiantSon

djpailo wrote: »

I also received the same email.



A new regular saver will only be set up if the standing order payment comes from a santander current account. The existing balance plus interest will be sent to the current account and only then the new regular saver set up.

I'm assuming that is what your e-mail says. Interesting, because that isn't what their account information says!

xylophone

My MU saver has matured without a glitch, been closed and the proceeds transferred to an account paying more than 1%.

ValiantSon

I've just had the Santander e-mail too. I can't decide whether I am irritated or not. I would have opened another anyway (unless the rate dropped significantly), but at the same time I'd like to make my own decision rather than Santander making it for me.

Oh well, first world problem, I guess.

Vortigern

surreysaver wrote: »

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

The full text of the email is as follows:

Renewing your Regular eSaver just got easier

Many of our customers have told us they’d like to continue saving in a Regular eSaver after 12 months, without having to open another one.

So from 1st June 2018, if you pay into your Regular eSaver using a standing order from a Santander current account, we’ll automatically renew your account to a new Regular eSaver when it matures. We'll contact you around 14 days before your account is due to mature to give you the new Key Facts Document and to confirm what the new interest rate will be.

We’ll also transfer the final balance (including interest earned) to your Santander current account from which the standing order was paid, including if your current account is in joint names.

What’s more, your Regular eSaver account number won’t change so your existing standing order can carry on. If you had originally set-up your standing order for 12 months only, you can change this via Online Banking by clicking the ‘Standing Orders’ tab and selecting ‘Amend’.

If you don’t have a standing order in place when your Regular eSaver matures or if your account matures before 1st June, it will change to an Everyday Saver account, in line with the original terms of the account. Your final balance, including interest earned, will then remain in the Everyday Saver.

What you need to do

If you’re happy with this change you don’t need to do anything. However, if you prefer, you can close your Regular eSaver without additional charge within 60 days of the date of this email.

If we don’t hear from you within 60 days, we’ll assume you’ve accepted the change. After this, your account will automatically renew to a new Regular eSaver when it matures if you had a standing order set up from a Santander current account at maturity.

Anyone renewing or starting a regular saver before June should consider making the new standing order continuous rather than 12 payments only.

Sea_Shell

I've just logged on to try and amend my Santander standing order to, "until further notice" etc. but it's not giving me that option, just the option of changing the number of months. Should I just put 99 in the months box??

schiff

Having the opportunity to change the name of this account, I changed it to Very Much Second Best, which gave me deep satisfaction

Then closed it.

btw:

Please enter the amount you wish to withdraw. Alternately, if your full balance is available, you can withdraw all funds by closing your account.

Though to be fair it is an offer between two actions, keep it or close it. But it is still odd.

polymaff

IanManc wrote: »

I'm not reviewing or starting: I'm halfway through a regular saver term and I've just amended my standing order to "until further notice" so that when the regular saver matures in October it will automatically renew.

I think this is an excellent change by Santander.

agreed, and about time, too. I've been pushing Santander, and others, for years to adopt the system the Halifax used to operate - before the dead hand of LBG took over. At the maturity date, pay the interest and transfer the account balance to a nominated account. Leave the account in place, leave the funding mechanism in place - as simple as that. Lowest admin cost imagineable and no payment date creep.

Let's hope that more follow.