The Top Easy Access Savings Discussion Area

kaMelo

Middle_of_the_Road said:

2010 said poo:

If big banks can fail and need help such as the recent ones why is there a frenzy (on here)  to pile money into the obscurely named mobile app only banks.

Reminds me a lot when "asleep at the wheel" Ofgem, OK`ed all the minnow energy firms which went bust and now we are all paying for.

Icelandic banks that everyone piled into.
One day your money was there, next day it had disappeared.
UK government decided to refund all retail savers, hoping to get it back from Iceland.

Could not agree more. Although challenger bank depositors have the same protection as the big names, I think they are more likely to need it.
Who wants to have to rely on the FSCS protection process, for an extra 0.1- 0.2% 

Remind me again which UK banks were essentially insolvent and required bailing out in 2009.

I-LOV-MONEY

mebu60 said:

They(Santander) could have just said will be effective from 31 March or some such. Was certainly unexpected!

So we still don't know if everyone will get the increase on the same day?

Money_Muppet

Great timing Santander!  Literally today just transferred a portion of savings to Atom at 3.2%.  Guess a lot of others were doing the same which has prompted the revision.  

chris_the_bee

I-LOV-MONEY said:

nottsphil said:

I moved most of my money out of Marcus precisely because this wasn't the case when I always thought it was. I was inconvenienced by a weekend withdrawal which wouldn't move until the following working day.

I believe weekend withdrawals work now - but take longer to reach your linked account.

Yes, weekends work OK. I believe they shut down withdrawals between 23.00 and 24.00 hours each day. You can still request, but money won't move until the following day.

RedImp_2

So the money that I’ve moved to my Chase account from Santander I’ll move back again.  I think it probably started in the Chase 1.5%, so this is the 4th switch in a short space of time 😀

Zerforax

Doesn't look to be effective yet for Santander. So early next week I guess?

grumbler

Zerforax said:

Doesn't look to be effective yet for Santander. So early next week I guess?

"the new interest rate will be applied automatically within the next five working days"

allegro120

I-LOV-MONEY said:

Nick_C said:

You don't need to do anything. The interest rate increase will be automatically applied to your account within the next five working days. There are no other changes to how your account works.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay where no income tax has been deducted. Rates may change and we pay interest each month.

Does this mean people will get the increase over several days*?   Alternatively will we all get it on the same day, but it may not show on your account?

*can I have mine now, pretty please ?!

I'm sure everyone will get it on the same day Normally banks give the exact date in such communications, I don't understand why Santander can't.

allegro120

Money_Muppet said:

Great timing Santander!  Literally today just transferred a portion of savings to Atom at 3.2%.  Guess a lot of others were doing the same which has prompted the revision.  

I've emptied mine in January when 2.75% became uncompetitive.  

pecunianonolet

Seemed more an email sent in a rush, hoping to attract some new cash asap. Maybe they have some desperate liquidity needs.