Conflicting Information from Santander - Reg Saver

Sea_Shell

We have Santander's 123 Regular eSaver, which are due to mature 6th & 8th June.

I had an e-mail from them on 19th March saying that from 1st June, ReS accounts would automatically renew, if paid by standing order from a Santander account (which ours does), and the maturity funds would move to said current account. Your SO into the Reg Saver continues under the same account number. Happy Days!!

However, today, I got a e-document saying the "old" way would be happening. In that it would revert to an Everyday saver and i'd have to then open a new eSaver after this one matures.

Which is it going to be?.....place your bets!!!! We'll see on the 6th I guess.

westy22

Check that your SO is set to 'until further notice' - it may be that you set your SO to make 12 payments only, the last of which will be early June.

skid112

Mine was set to further notice, didn't renew automatically.

RG2015

skid112 wrote: »

Mine was set to further notice, didn't renew automatically.

This only starts on regular savers maturing on or after 1st June 2018,

However, after reading the Ts&Cs for my Issue 6 taken out in April 2018, I wonder if it only applies to Issue 6 and not to earlier issues.

Sea_Shell

When the email came I set both SOs to 36 months (there wasn't an "until further notice" option), so should be ok.

Hmmm, not sure which issue we've got. Does it say on the account page?

Sea_Shell

Just had another thought....we won't have made an SO payment into our Regular saver after 1st June, as the maturity date is 6th June (albeit the SO remains in place). Our last payment into Issue 5 (I checked) would have been 6th MAY. So their e-mail is a bit ambiguous on this point, as it states....

"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."

Be interesting to see what happens to anyone else with an Issue 5 maturing in early June - anyone got one??

Paul_DNAP

I have one coming up soon, end of June, when I was in for something else the person in the branch asked me if I was aware of the change in rules and checked my S/O was set to a long time, so all was good. (Apart from the incessant need to try and up-sell me other services when all I wanted was to drop in a cheque.)


Anyway, it's not a major hassle to open a new one and close out the useless saver if for some bizarre reason it does it the old way automatically.

Paul_DNAP

Haha, just had the email, or e-document, and yep, my regular saver will change to a everyday saver afterall, despite all the messages saying otherwise.

Paul_DNAP

I sent a secure message to Santander, and this is their reply...

Dear Mr .....,
Thank you for your email regarding your Regular eSaver.

Please accept our apologies for any confusion caused to you regarding your Regular eSaver maturity letter.

Your Regular eSaver account ending xxxx will mature on the 08/06/2018.

I can confirm that if you have paid into the account via a standing order from a Santander current account which is still in place at maturity, your balance including any interest at maturity will move back to that Santander current account (even if it is a joint account) and your Regular eSaver will automatically renew into a new Regular eSaver.

Please note, if your Regular eSaver was not funded by standing order from a Santander current account, it will mature into an Everyday Saver, at the then current interest rate for the Everyday Saver.

I hope this information is useful to you.

So it looks like they've not updated their automatic letters with the new policy.

IanManc

Paul_DNAP wrote: »

So it looks like they've not updated their automatic letters with the new policy.

I wonder if letters sent out after June 1st will have the new policy, but no one thought about letters sent out before June 1st relating to accounts that mature after June 1st? :grinheart

Sea_Shell

Thanks Paul, that makes sense...the "old" letter has been sent out to everybody, regardless of how they fund their account, if you qualify, you'll auto-renew.

Well we'll see what happens on the 6th!!