Regular Saver Thread **New and Restarted**

Tantalus86

I was wondering if anyone could clear something up for me regarding the Santander regular saver.

I would need to open the 123 lite account to be eligible for this, however it's not clear to me whether this accounts requires DDs to be able to open the 5% regular saver

The website states: "To earn cashback you'll need to pay in £500 a month (any interest paid, and payments between Santander personal accounts you’re named on won't count towards this) and have 2 active Direct Debits."

But that's only to get the cashback, which I'm not interested in.

So does this mean I can open the account, not have 2 DDs and still be eligible for the 5% regular saver?

ValiantSon

Sort of. You don't need to have DDs paying out every month, but it is a condition of the account that you need 2 active DDs (i.e. must have paid out in the last 13 months). Santander could reasonably close your 123 Lite, or downgrade it to an Everyday account if you didn't have those DDs. If they downgraded it you would still be able to keep the regular saver, but it would only pay 3%, rather than 5%.

teddysmum

Vortigern wrote: »

FlexPlus is a current account with no maturity date.

Assuming that you have a Flexclusive Regular Saver that has matured; yes you can open another Flexclusive Regular Saver today, but you can pay in only £250 per month. You'll have to find a new home for the rest of the matured lump sum. There is no automatic renewal.

I received a letter explaining this and saying that unless informed otherwise, the total would be put into an instant access interest paying savings account (low rate though).

veryintrigued

ValiantSon wrote: »

Sort of. You don't need to have DDs paying out every month, but it is a condition of the account that you need 2 active DDs (i.e. must have paid out in the last 13 months). Santander could reasonably close your 123 Lite, or downgrade it to an Everyday account if you didn't have those DDs. If they downgraded it you would still be able to keep the regular saver, but it would only pay 3%, rather than 5%.

When I downgraded from a 123 current account (not the lite verson) to an Everyday type, I was advised by telephone customer support that my RS (which was mid term) would continue at 5% until it matured.

Upon (now automatic) renewal of the RS I was advised it would then drop onto the lower rate (currently 3%).

ValiantSon

veryintrigued wrote: »

When I downgraded from a 123 current account (not the lite verson) to an Everyday type, I was advised by telephone customer support that my RS (which was mid term) would continue at 5% until it matured.

Upon (now automatic) renewal of the RS I was advised it would then drop onto the lower rate (currently 3%).

Yes, thanks for clarifying. That it was I meant.

karlie88

Tantalus86 wrote: »

I was wondering if anyone could clear something up for me regarding the Santander regular saver.

I would need to open the 123 lite account to be eligible for this, however it's not clear to me whether this accounts requires DDs to be able to open the 5% regular saver

The website states: "To earn cashback you'll need to pay in £500 a month (any interest paid, and payments between Santander personal accounts you’re named on won't count towards this) and have 2 active Direct Debits."

But that's only to get the cashback, which I'm not interested in.

So does this mean I can open the account, not have 2 DDs and still be eligible for the 5% regular saver?

I think I recall Speculator's relative/OH opening a 123 Lite account over a year ago in order to open a 5% regular saver. No DDs were set up on the account, no £1 fee has ever been taken and they've managed to maintain their 5% on the regular saver and maintain the 123 Lite status on the current account.

Pretty sure Spec will clarify soon...

Frogletina

karlie88 wrote: »

I think I recall Speculator's relative/OH opening a 123 Lite account over a year ago in order to open a 5% regular saver. No DDs were set up on the account, no £1 fee has ever been taken and they've managed to maintain their 5% on the regular saver and maintain the 123 Lite status on the current account.

Pretty sure Spec will clarify soon...

Details of that in this thread

https://forums.moneysavingexpert.com/discussion/5728171/bank-account-questions&highlight=speculator+lite

frogletina

Speculator

karlie88 wrote: »

I think I recall Speculator's relative/OH opening a 123 Lite account over a year ago in order to open a 5% regular saver. No DDs were set up on the account, no £1 fee has ever been taken and they've managed to maintain their 5% on the regular saver and maintain the 123 Lite status on the current account.

Pretty sure Spec will clarify soon...

Yes, that is correct.

My wife's 5% Monthly saver matured last month paying 5% (£64.44) interest and another 5% regular saver opened after maturity.

She has never paid any fees whatsoever on the 123lite and no DDs have ever been set up.

ValiantSon

Speculator wrote: »

Yes, that is correct.

My wife's 5% Monthly saver matured last month paying 5% (£64.44) interest and another 5% regular saver opened after maturity.

She has never paid any fees whatsoever on the 123lite and no DDs have ever been set up.

That's interesting. I'm surprised that Santander haven't downgraded it to an Everyday account, but as they haven't then you might as well keep taking advantage of the regular saver.

TheShape

karlie88 wrote: »

I think I recall Speculator's relative/OH opening a 123 Lite account over a year ago in order to open a 5% regular saver. No DDs were set up on the account, no £1 fee has ever been taken and they've managed to maintain their 5% on the regular saver and maintain the 123 Lite status on the current account.

Pretty sure Spec will clarify soon...

Frogletina wrote: »

Details of that in this thread

https://forums.moneysavingexpert.com/discussion/5728171/bank-account-questions&highlight=speculator+lite

frogletina

I opened a Santander 123 lite account shortly after contributing to that thread. No DDs, no fee, 5% regular saver and still a 123 lite account.