The Top Easy Access Savings Discussion Area

2010

I think Santander have caught the rest of them napping.
They`ll be a flurry of moves running up to the rate meeting on the 21st.
Hard to say if 5.2% will be beaten, no one near them at the moment.

Grouchy

I'm wondering if a Sticky for AER vs Gross and Monthly vs Annual interest etc may be useful ....

KevinG

Grouchy said:

I'm wondering if a Sticky for AER vs Gross and Monthly vs Annual interest etc may be useful ....

Santander would do well to read it!

TiVo_Lad

wiseonesomeofthetime said:

martinm1 said:

When should I expect to receive my pending chip interest?  I thought it was 4th month, but my balance is only showing £1, which is the amount I left when moving to tandem middle of last month.

Tomorrow. 6th (4th working day of the month)

The latest version of the iOS App even tells you the date of the interest payment and links to a blog post about how things are changing going forward.

Richchad

I opened the Easy Access account yesterday, opted for monthly interest but now having second thoughts on the 5.08% AER, I have asked Santander to confirm if interest is compounded but no reply yet...

I did get caught out a few years ago with Ford Money as they didn't compound interest on the monthly option, although they did actually state that, not sure if latest accounts are like that.

martinm1

TiVo_Lad said:

wiseonesomeofthetime said:

martinm1 said:

When should I expect to receive my pending chip interest?  I thought it was 4th month, but my balance is only showing £1, which is the amount I left when moving to tandem middle of last month.

Tomorrow. 6th (4th working day of the month)

The latest version of the iOS App even tells you the date of the interest payment and links to a blog post about how things are changing going forward.

I had looked in the app but couldn't see that earlier.  I went in just now and there was a banner at the bottom of the app linking to the answer😊

flobbalobbalob

dealyboy said:

Stargunner said:

tiger70 said:

gt94sss2 said:

tiger70 said:

Do I need to close my EASY ACCESS SAVER LIMITED EDITION (ISSUE 1) and then apply for Issue 3 to get the new rate.

No, you can have both at the same time

Just applied for Issue 3 (took a matter of seconds).  Santander are saying  

• We'll complete some final checks before we open your account

• These can take up to 3 working days, but are usually done within a couple of hours.  

 I'll check in the morning .

When the wife and I applied for ours yesterday from within the app, we just got a congratulations message at the end of the application to say that the account is open and it immediately appeared in the app.

I must admit I started to apply from the website and then thought that it might be simpler if I do it from online banking. I've previously found this to be true of Nationwide and at least they invite you to apply from online banking.

It makes sense as Santander have your details and security clearance to enable a swift acceptance and opening, otherwise they treat you as a new customer initially and later marry your details.

I applied while logged into my account using a browser. Just click on the savings tab on the right and select the account you want to open and no further details are requested.

martinm1

Richchad said:

I opened the Easy Access account yesterday, opted for monthly interest but now having second thoughts on the 5.08% AER, I have asked Santander to confirm if interest is compounded but no reply yet...

I did get caught out a few years ago with Ford Money as they didn't compound interest on the monthly option, although they did actually state that, not sure if latest accounts are like that.

Mine is only showing 5.08%, but how can they not compound it??

Stargunner

Richchad said:

I opened the Easy Access account yesterday, opted for monthly interest but now having second thoughts on the 5.08% AER, I have asked Santander to confirm if interest is compounded but no reply yet...

I did get caught out a few years ago with Ford Money as they didn't compound interest on the monthly option, although they did actually state that, not sure if latest accounts are like that.

The interest is calculated daily and paid montjly, so surely it will be based on whatever balance is in your account each day. 

BreakingGlass

I opened the Santander EA account yesterday and accidentally opted for monthly interest, when I wanted annual.  I messaged them to try to change but they said I had to close the 'monthly' and then re-open with 'annual'.  I used the chatbot to close the 'monthly' yesterday, but the account is still showing.  I have just opened an 'annual interest' version and currently have two accounts listed!

I haven't funded the account yet (other than a test £1), and I am slightly hesitant to do so after previous over-zealous anti-fraud measures when trying to withdraw from a Santander saver - wife and I wasted a whole day on the phone!