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

DennisTenus

Mine has just matured and interest paid. However it says INTEREST AFTER TAX! I thought all interest was paid gross now? I got £63.53 that right?

greenglide

Lots of banks do this. Generally interest after tax of 0.00!

RG2015

My son’s Santander regular saver matured on 9th October and £2,467 was transferred to his current account on 11th October. His original £200 standing order was set up to stop after 12 payments so he set up a new one with the initial payment on 11th October. This was in accord with his email saying that the regular saver would automatically renew if there was a standing order in place.

The balance is now £200 and the stated interest on the account on the Santander app is 5%.

Has anyone else experienced this and is it just an error by Santander not updating the display indicating the interest rate on the app?

IanManc

RG2015 wrote: »

My son’s Santander regular saver matured on 9th October and £2,467 was transferred to his current account on 11th October. His original £200 standing order was set up to stop after 12 payments so he set up a new one with the initial payment on 11th October. This was in accord with his email saying that the regular saver would automatically renew if there was a standing order in place.

The balance is now £200 and the stated interest on the account on the Santander app is 5%.

Has anyone else experienced this and is it just an error by Santander not updating the display indicating the interest rate on the app?

I've discovered the answer to your question by accident!

My Issue 5 matured, and the balance including interest was transferred to my 123 Lite today.

I checked my Monthly saver and, like your son's, it stated that it was now an Issue 6, but with an interest rate still at 5%.

However, in my e-documents I found a letter headed "Your savings account is changing" which explains that my account is becoming a "Regular eSaver (Issue 6) for 123 World or Santander Select customers", paying 5% interest.

There is also a Regular eSaver (Issue 6) account paying 3%, and it is this one you find if you use the "find your interest rate" page on Santander's website - but that's not the one they've transferred me into.

Hope this helps.

RG2015

IanManc wrote: »

I've discovered the answer to your question by accident!

My Issue 5 matured, and the balance including interest was transferred to my 123 Lite today.

I checked my Monthly saver and, like your son's, it stated that it was now an Issue 6, but with an interest rate still at 5%.

However, in my e-documents I found a letter headed "Your savings account is changing" which explains that my account is becoming a "Regular eSaver (Issue 6) for 123 World or Santander Select customers", paying 5% interest.

There is also a Regular eSaver (Issue 6) account paying 3%, and it is this one you find if you use the "find your interest rate" page on Santander's website - but that's not the one they've transferred me into.

Hope this helps.

Thanks for this. I will check if he also has an e-document. Mine does not mature until April 2019 so I doubt that i would get 5%.

The Santander website currently has the following information:

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.

I would still like to know if anyone has renewed their regular saver but only been put on the 3% one.

karlie88

adindas wrote: »

Well many people like to grab the cake but they do not like to bite the dust. However, without the dust which in turn become the soil that grow the crops you will not get cake, do not they ?

So allowing dust to turn into soil is not bad as part of turning it into cake.

How long will it take for the dust to turn into soil and then for the soil to grow crops to eventually become cake?

Also, would a lemon drizzle take longer than a cherry madeira?

karlie88

RG2015 wrote: »

My son’s Santander regular saver matured on 9th October and £2,467 was transferred to his current account on 11th October. His original £200 standing order was set up to stop after 12 payments so he set up a new one with the initial payment on 11th October. This was in accord with his email saying that the regular saver would automatically renew if there was a standing order in place.

The balance is now £200 and the stated interest on the account on the Santander app is 5%.

Has anyone else experienced this and is it just an error by Santander not updating the display indicating the interest rate on the app?

IanManc wrote: »

I've discovered the answer to your question by accident!

My Issue 5 matured, and the balance including interest was transferred to my 123 Lite today.

I checked my Monthly saver and, like your son's, it stated that it was now an Issue 6, but with an interest rate still at 5%.

However, in my e-documents I found a letter headed "Your savings account is changing" which explains that my account is becoming a "Regular eSaver (Issue 6) for 123 World or Santander Select customers", paying 5% interest.

There is also a Regular eSaver (Issue 6) account paying 3%, and it is this one you find if you use the "find your interest rate" page on Santander's website - but that's not the one they've transferred me into.

Hope this helps.

I think this glitch has now been fixed.

It looks like there was a period from between 2nd Oct up to 19th Oct where any Reg Saver that auto-renewed was being converted from an Issue 5 to an Issue 6 (i.e. their IT system was just moving them up an issue number). Issue 6 was the previous reg saver offering 5% to 123 World customers and 3% to non-123 World customers. I'm not 100% sure when this glitch was fixed; it's likely to have been a few days before the 19th Oct.

My Reg Saver matured yesterday evening and I can see that it's been converted to an Issue 7 paying 3%.

For those who have a Reg Saver auto-renewing from today, could you post what the new Reg Saver Issue number/interest rate is please? Just to confirm that the glitch has been fixed...

IanManc

karlie88 wrote: »

I think this glitch has now been fixed.

It looks like there was a period from between 2nd Oct up to 19th Oct where any Reg Saver that auto-renewed was being converted from an Issue 5 to an Issue 6 (i.e. their IT system was just moving them up an issue number). Issue 6 was the previous reg saver offering 5% to 123 World customers and 3% to non-123 World customers. I'm not 100% sure when this glitch was fixed; it's likely to have been a few days before the 19th Oct.

My Reg Saver matured yesterday evening and I can see that it's been converted to an Issue 7 paying 3%.

For those who have a Reg Saver auto-renewing from today, could you post what the new Reg Saver Issue number/interest rate is please? Just to confirm that the glitch has been fixed...

It wasn't a glitch - they sent me an e-document telling me they were converting it into a 123 Regular eSaver Issue 6 paying 5%. It arrived in my e-documents 17 days before it happened.

It said: "What this means for you:
If your Regular eSaver account has a standing order in place from an open Santander Current account:
Your account will now automatically renew to a new Regular eSaver for another 12 months. The final balance (including any
interest earned) will be moved to your Santander current account from which the standing order was paid three days after
maturity, including if your current account is in joint names. For example, if your account matures on the 1st of the month the
final balance will be transferred on the 4th. You will still earn interest on the full balance in your account at the rate shown below
during this time. Any funds deposited after maturity alongside any additional interested earned will be included as part of your
next maturity."

And further down: "Your new interest rate:
Your new interest rate is shown below and a Key Facts Document has been included with this letter to confirm the details of your new account.
New account name New balance tiers New interest rate
Regular eSaver (Issue 6) for 1I2I3 World or Santander Select customers £1+ 5.00% Gross / AER (fixed)."

I'm sorry that the same hasn't happened to yours Karlie.:(

karlie88

IanManc wrote: »

It wasn't a glitch - they sent me an e-document telling me they were converting it into a 123 Regular eSaver Issue 6 paying 5%. It arrived in my e-documents 17 days before it happened.

It said: What this means for you:
If your Regular eSaver account has a standing order in place from an open Santander Current account:
Your account will now automatically renew to a new Regular eSaver for another 12 months. The final balance (including any
interest earned) will be moved to your Santander current account from which the standing order was paid three days after
maturity, including if your current account is in joint names. For example, if your account matures on the 1st of the month the
final balance will be transferred on the 4th. You will still earn interest on the full balance in your account at the rate shown below
during this time. Any funds deposited after maturity alongside any additional interested earned will be included as part of your
next maturity."

And further down: "Your new interest rate:
Your new interest rate is shown below and a Key Facts Document has been included with this letter to confirm the details of your new account.
New account name New balance tiers New interest rate
Regular eSaver (Issue 6) for 1I2I3 World or Santander Select customers £1+ 5.00% Gross / AER (fixed)."

Ah ok. So they had to offer you that account based on the documentation they sent to you - even though Issue 6 paying 5% was not available/withdrawn on the day your account changed over. Coincidentally, 17 days is what I quoted (difference between 2nd and 19th Oct) which makes sense now.

So anyone who had their reg saver mature and auto-renew between 2nd and 19th Oct managed to get another 5% for an extra year.

It does say here: https://www.santander.co.uk/uk/savings/regular-esaver

we’ll automatically renew your Regular eSaver for another 12 months at the interest rate and on the Terms and Conditions applicable at that time

So I was expecting anyone's reg saver maturing from 2nd Oct to be paying 3% but because they sent you documentation saying otherwise, they had to offer you the reg saver paying 5%. Good on Santander.

davidm_uk

Hmm....got my e-document today:
"Your savings account is changing
Your savings account will mature on 4 November 2018.
What this means for you
If your Regular eSaver account has a standing order in place from an open Santander Current account
Your account will now automatically renew to a new Regular eSaver for another 12 months. The final balance (including any
interest earned) will be moved to your Santander current account from which the standing order was paid three days after
maturity, including if your current account is in joint names. For example, if your account matures on the 1st of the month the
final balance will be transferred on the 4th. You will still earn interest on the full balance in your account at the rate shown below
during this time. Any funds deposited after maturity alongside any additional interested earned will be included as part of your
next maturity."
<snip>
"Your new interest rate
Your new interest rate is shown below and a Key Facts Document has been included with this letter to confirm the details of your new account.
New account name
Regular eSaver (Issue 7) for 1I2I3
World or Santander Select customers
New interest rate
3.00% Gross / AER
(fixed)