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

Twosheds

Just got my maturity e-doc and noticed the rate for issue 8 is now down to 2.5%.

eskbanker

Twosheds wrote: »

Just got my maturity e-doc and noticed the rate for issue 8 is now down to 2.5%.

This rate drop was highlighted on 14 June in the main regular savers thread, which is probably a better source of current info than this one from last year, especially when its originator works hard at keeping it up to date....

dazzalondon

In my Santander app it has shown 3% throughout the whole of 2019-2020. 
But up until when the interest has matured Feb 2020. It suddenly reduced to 2.5% and the interest credited reduced.
I do not remember receiving any notification of the reduction of interest on the savings account. If I had, I would have revisited where I leave my money.
I think this is fraud. 
This is in addition to Santander further reducing current account interest to 1.5%. 

eskbanker

dazzalondon said:

In my Santander app it has shown 3% throughout the whole of 2019-2020. 
But up until when the interest has matured Feb 2020. It suddenly reduced to 2.5% and the interest credited reduced.
I do not remember receiving any notification of the reduction of interest on the savings account. If I had, I would have revisited where I leave my money.
I think this is fraud. 
This is in addition to Santander further reducing current account interest to 1.5%. 

The Santander Regular eSaver is a fixed rate product so if you opened one this time last year then you'd receive the interest rate available at the start, i.e. 3%, throughout the 12 month term.  A new account opened now will of course be at the current (lower) rate.

How much interest was paid on your 2019/20 product on maturity?

Ed-1

dazzalondon said:

In my Santander app it has shown 3% throughout the whole of 2019-2020. 
But up until when the interest has matured Feb 2020. It suddenly reduced to 2.5% and the interest credited reduced.
I do not remember receiving any notification of the reduction of interest on the savings account. If I had, I would have revisited where I leave my money.
I think this is fraud. 
This is in addition to Santander further reducing current account interest to 1.5%. 

After maturity, your Regular eSaver automatically rolls over into a new 12 month term at whatever rate the current issue pays. This is all in the account terms. You obviously snuck in at 2.5% as the rate on the current issue has dropped to 2%!

crumpet_man

When did the interest rate change?  I had one regular saver mature in May 2019 and received £64 interest which equates to 5%.  My current regular saver started in May 2019 and shows interest rate of 3% in the app.

Edit: I read the thread from the start so no need for anyone to answer my question.