Santander Regular Saver Query

kev2009

Hi,

I have a Santander regular saver, i received a letter saying it matures on 4th Jan and the money would be transferred to my current account and a new regular saver would be opened and they will setup the regular payments the same as I pay now.

Well today is the 4th and I've just checked and the regular saver still has the money it in and it hasn't moved to my current account. Any ideas on this? Does the money not move till midnight or something?

Never had one of these mature before.

Thanks

Kev

HampshireH

Your account matures today then they need to sort your interest payment. I think mine took about a week to have the interest added and move over.

kev2009

thanks HampshireH - I thought it would happen today but i don't see any new account either so unsure how i pay in this months savings...

Kev

kev2009

Hi,

So Santander have paid in the interest and it looks like today they have moved the money to my current account and I have a regular saver with £0 in it. I think it's the same account so i presume this will just roll over to this years.

However, no standing order has been setup to pay in £x per month, should I do this myself or will Santander do it? I recall the letter saying they would be i can't find the letter now, must of misplaced it so wanted to see if anyone knew here.

Thanks

Kevin

daveyjp

If there is no SO payment set up the account will be closed.

You will need to open another regular saver after waiting at least 2 working days from the transfer of funds to your current account.

kev2009

Hi,

The website advises the below:-

At the end of term
If you have paid into your Regular eSaver by standing order from your Santander current account (including one in joint names) that is in place at maturity:

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; and
transfer the final balance at the end of the term (including interest earned) to your Santander current account from which the standing order was paid, including if your current account is in joint names.

So my query is should i setup the SO to pay x per month in OR will they do this as i can't find the letter but i' sure they said they would re-set it up for the same amount but no standing order is showing and last thing i want is to set it up and then they set one up so twice the money goes in as that will be over the monthly limit and they will likely switch my account to a normal savings account which I don't want

Thanks

ET18

Mine is maturing next week and I had to set up a new SO for the account to remain open, they advised it will be closed if they don't have a standing order. You can check your SO on the tabs at the top.

I think it depends on how long your original standing order was for, either to further notice or only for 12 months

kev2009

Thanks, i just checked and the name of my regular saver has changed to the latest version but account number is the same so I have just setup a new SO and set it as until further notice as I think i set the last one to 12 payments only as wasn't sure what happened at the end as I think when i opened mine, it simply matured at the end and then you re-applied for a new one but they have since changed that.

I thought they would close it and then open a new one as i can still see my old transactions on the account but that's fine, I've setup the SO now so fingers crossed all is ok.

Will just keep an eye on it for next few days/weeks until next months payment goes out and then i'll assume all is ok as would have been 2 payments made by then

Kev