Santander monthly saver maturity?

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 of the old.

I can not imagine they allow the £2460 to 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.

KTF

The regular saver converts to an esaver. The money does not get transferred to your current account.

If you want a new regular saver then you have to go through the application process again, it does not happen automatically.

RG2015

KTF wrote: »

The regular saver converts to an esaver. The money does not get transferred to your current account.

If you want a new regular saver then you have to go through the application process again, it does not happen automatically.

This changed earlier this year as follows:

After the 12 months we’ll pay your interest, and as long you’ve been funding the account with a standing order, we’ll transfer the final balance to your current account.

We’ll also automatically renew your Regular eSaver for another 12 months with the same rate and conditions that are available to new customers at the time so you can carry on saving.

https://www.santander.co.uk/uk/savings/regular-esaver

metrobus

RG2015

Yes that is what I was told by them.

And I have also got the letter instructing that is what happens.

However they have not transferred it but have added the interest it still states £2460.40 in monthly(regular) saver.

TonyMMM

The letter also says the balance plus the interest will be transferred to your current account 3 days after maturity

triplea35

I would just give it a day or two to update.

metrobus

TonyMMM

thank you I did not remember that bit.

But I can transfer it myself today and open a new monthly/regular up?

IanManc

metrobus wrote: »

TonyMMM

thank you I did not remember that bit.

But I can transfer it myself today and open a new monthly/regular up?

What's the point of doing that when you know it is all set up to proceed automatically? :question:

KTF

metrobus wrote: »

TonyMMM

thank you I did not remember that bit.

But I can transfer it myself today and open a new monthly/regular up?

Once it’s matured and the account details have changed, you can transfer it whenever you like.

JimmyTheWig

IanManc wrote: »

What's the point of doing that when you know it is all set up to proceed automatically? :question:

Three days interest on the money in the OP's 123 account. Better to have 30p in the OP's pocket rather than Santander's...

ColdIron

But the term is the same so it matures 3 days earlier and the interest is the same. Santander can't snaffle your, or anyone else's, 30p