Santander 5% savings

soulsaver

Did he mean that if you set up your standing order to continue after the end date by Tuesday that the RS would automatically renew?

Alexland

Nice way to start a good rumour now I won't sleep tonight as I am fond of my little 5 percent friends. So sad when they grow up after 12 months and leave the nest.

metrobus

My Santander reg e saver matured yesterday and today when I log on it states my total balance including interest and the figure is what I expected £2464.40.

However I thought that would be transferred into my 123 current acc and another regular started up with a zero balance since they state a new regular saver is set up automatically on maturity if the old one.

I can not imagine they allow the £2460 be the starting balance of the new acc.

Anyone had a matured acc in the last few months and if so what happens?

Thank you.

TonyMMM

The maturity letter says the balance plus the interest will be transferred to your current account 3 days after maturity - so it should move over on Mon/Tues.

If funded by an ongoing standing order the account will then carry on as a new eSaver earning the 5%

aj23_2

The_Jester wrote: »

I took out a 5% savings account with Santander last year. The maximum I could invest was £2400 for a year so I put away £200 every month. It's due to mature next week.

I mistakenly thought I'd earn £120 interest (5% of £2400) but I learned today the way it was calculated on the amount each month i.e 5% of £200 the first month then 5% of £400 the next and so on.

It turns out I've only made around £60. Better than a kick in the gonads I know but I'm pretty sure the way it was sold to me let me think I was earning 5% of £2400.

Anyway I received a call today from my local Santander office telling me if I closed down that account on Monday and withdrew my money and then opened up another savings account I'd start a new savings account 5% for another year. The deal closes on Tuesday.

I could kick myself for not looking at the T&C's correctly and I'd rather go elsewhere but if there's no better out there then I'll do what he mentioned.

So is there any better out there or am I best taking out a new savings account with Santander?

You don't get an actual 5% cut at the end because you didn't have £2400 in all the time, only in the last month.

You get 5% of the average balance, so £1200, as that's what it was after 6 months. Read the Regular Saver page on MSE website, it explains this.

jamei305

Take consolation in the fact that with a mortgage you don't have to pay interest on the initial loan amount for the entire period of the mortgage as you pay it off.

colsten

soulsaver wrote: »

Did he mean that if you set up your standing order to continue after the end date by Tuesday that the RS would automatically renew?

That's almost certainly what the OP has been told, as the Santander RS can be funded by a perpetual SO. Clearly, this SO needs to be set up before they close down the RS, which they'd do for the OP no later than Tuesday if there wasn't a perpetual SO. The dates mentioned are only applicable to the OP (and anyone else who happens to have an RS maturing at the same time). There's no general "deal ending on Tuesday" so we can all relax.

karlie88

colsten wrote: »

That's almost certainly what the OP has been told, as the Santander RS can be funded by a perpetual SO. Clearly, this SO needs to be set up before they close down the RS, which they'd do for the OP no later than Tuesday if there wasn't a perpetual SO. The dates mentioned are only applicable to the OP (and anyone else who happens to have an RS maturing at the same time). There's no general "deal ending on Tuesday" so we can all relax.

:rotfl:

:eek:

karlie88

So to summarise OP, a member of your local branch did a VERY nice gesture by phoning you. You had a reg e-saver that was due to mature at some point this week, the staff member advised you to close it early, open a new one earning 5% knowing that the rate was going down on Tuesday.

IMO that is great service by your branch.

Those who had a reg e-saver mature yesterday and thought it would auto-renew today are probably a little gutted (or unaware of the change).

eskbanker

karlie88 wrote: »

colsten wrote: »

That's almost certainly what the OP has been told, as the Santander RS can be funded by a perpetual SO. Clearly, this SO needs to be set up before they close down the RS, which they'd do for the OP no later than Tuesday if there wasn't a perpetual SO. The dates mentioned are only applicable to the OP (and anyone else who happens to have an RS maturing at the same time). There's no general "deal ending on Tuesday" so we can all relax.

:rotfl:

:eek: