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

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Comments

  • Ed-1
    Ed-1 Posts: 3,964 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 10 February 2020 at 8:30PM
    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
    crumpet_man Posts: 767 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    edited 10 February 2020 at 10:46PM
    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.
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