Santander Regular E-Saver - rate reduced from 5% to 3%

IanManc

soulsaver wrote: »

You don't need DDs on 123 lite.

The cashback rules for 123 Lite say:

"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."

https://www.santander.co.uk/uk/current-accounts/123-lite-current-account

karlie88

IanManc wrote: »

The cashback rules for 123 Lite say:

"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."

https://www.santander.co.uk/uk/current-accounts/123-lite-current-account

As you say, that's for cashback.

Soulsaver is saying to ChaskhaChaia that you don't need DDs on the 123 Lite account in order to be eligible for the 3% regular e-saver (as a result, they don't charge the £1 monthly fee either).

AndyPK

I think the rate was lower in Feb/March but thankfully they put it up again

Bimbly

Bums!

I have my mortgage with Santander so the cashback from that plus DDs means I'll stick with them for now, although I switched to Lite a while back.

So much for my plans to set up another regular saver when my current one matures at the end of the year.

soulsaver

karlie88 wrote: »

As you say, that's for cashback.

Soulsaver is saying to ChaskhaChaia that you don't need DDs on the 123 Lite account in order to be eligible for the 3% regular e-saver (as a result, they don't charge the £1 monthly fee either).

Thanks - I've edited the post to clarify (for those who don't read all the thread).

PS To avoid the £1 pm charge you just don't have DDs on it? Or is there a specific action required..

POPPYOSCAR

My last payment was 28th September.

Presumably my new one will be set up as starting from 28th October?

bd10

Too bad. Nationwide still offers 5% on their regular savings a/c for main current a/c holders. I combined this with Marcus' 1.5% from which make monthly withdrawals of £250 to max out the allowance with Nationwide. On £10k that would bump up the overall interest rate from 1.5% (Marcus only) to a bit over 2% together with Nationwide. (or: with an initial £3k, that'd be 3.4%, not too bad).

surreysaver

When does the money get transferred back to my current account? The interest was added overnight, should I expect the money to transfer tonight? Or do I have to transfer it manually?

Paul_DNAP

Is it still limited to "one per customer" - I can't find any wording in the T&Cs that suggests it is ?

soulsaver

Paul_DNAP wrote: »

Is it still limited to "one per customer" - I can't find any wording in the T&Cs that suggests it is ?

"How do I open and manage my account?
To open the account you must be:
a 1|2|3 World, Santander Select or Private Banking customer
a UK resident aged 16 or over
signed up for Online or Mobile Banking
You can only have one Regular eSaver per customer, the account can’t be held jointly and isn’t available to 1|2|3 Mini Account in Trust customers."