Automatic renewal of Santander Regular Saver

Speculator

sorry, Mods, delete please. Just noticed its already been mentioned in another thread.

Just received this email. Just got to make sure the 13th payment is not paid, otherwise, could end up with a few weeks with zero balance in the account.

Renewing your Regular eSaver just got easier

Many of our customers have told us they’d like to continue saving in a Regular eSaver after 12 months, without having to open another one.

So from 1st June 2018, if you pay into your Regular eSaver using a standing order from a Santander current account, we’ll automatically renew your account to a new Regular eSaver when it matures. We'll contact you around 14 days before your account is due to mature to give you the new Key Facts Document and to confirm what the new interest rate will be.

We’ll also transfer the final balance (including interest earned) to your Santander current account from which the standing order was paid, including if your current account is in joint names.

What’s more, your Regular eSaver account number won’t change so your existing standing order can carry on. If you had originally set-up your standing order for 12 months only, you can change this via Online Banking by clicking the ‘Standing Orders’ tab and selecting ‘Amend’.

If you don’t have a standing order in place when your Regular eSaver matures or if your account matures before 1st June, it will change to an Everyday Saver account, in line with the original terms of the account. Your final balance, including interest earned, will then remain in the Everyday Saver.

What you need to do

If you’re happy with this change you don’t need to do anything. However, if you prefer, you can close your Regular eSaver without additional charge within 60 days of the date of this email.

If we don’t hear from you within 60 days, we’ll assume you’ve accepted the change. After this, your account will automatically renew to a new Regular eSaver when it matures if you had a standing order set up from a Santander current account at maturity

RG2015

Speculator wrote: »

Just got to make sure the 13th payment is not paid, otherwise, could end up with a few weeks with zero balance in the account

Are you able to explain this bit?

PS. Oh, I see, I think. The date of the 13th payment needs to be changed to the maturity date. If it is say 15 days after the usual date it will lose £200 x 3% x 15/365 = 25p.

Or is it something else?

polymaff

Eight years ago I put this suggestion to most of the banks. Santander wins the tortoise race!

polymaff

RG2015 wrote: »

If [the monthly payment] is say 15 days after the [optimum] date it will lose £200 x 3% x 15/365 = 25p.

Twelve times that if no adjustment is made

RG2015

polymaff wrote: »

Twelve times that if no adjustment is made

After the initial deposit, I always choose the 1st of the month for my monthly savers (apart from First Direct of course).

polymaff

polymaff wrote: »

Twelve times that if no adjustment is made

RG2015 wrote: »

After the initial deposit, I always choose the 1st of the month for my monthly savers (apart from First Direct of course).

That's the adjustment

RG2015

polymaff wrote: »

That's the adjustment

Yes, but that would be the second adjustment with the OP's suggestion being the first adjustment. My point is that it is not worth making any adjustments.

If my SO was already set up for the 1st of the month I would just leave it as it was while Santander restarted the regular saver once the 12 month period had run its course.