The Top Easy Access Savings Discussion Area

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!

Swipe

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.

Why assume that it would work any different than the issue 1 that compounded interest and also showed a lower rate when choosing monthly interest? You'll be able to work it out next month and put your mind at ease.

KevinG

flobbalobbalob said:

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.

Except that I had to enter the joint account holder's details all over again, despite already having a joint account.

flobbalobbalob

BreakingGlass said:

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!

I closed an account yesterday evening with the chatbot. It did say within 2 working days . Mines still showing so far.

1spiral

KevinG said:

Except that I had to enter the joint account holder's details all over again, despite already having a joint account.

Me too. The downside to this was they blocked my account pending fraud checks. On calling them they basically wanted to know "Was I aware that I had opened a joint account" & "Did I know the other person". They expect the account to be unlocked by this evening.

SeriousHoax

Anyone putting more than 85k in santander😛.

BestSeagull

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.

All compound interest is is interest paid on interest. So if you leave the interest in the account, you will earn interest on it.
Interest is earned daily and paid monthly.

KevinG

SeriousHoax said:

Anyone putting more than 85k in santander😛.

I might, but only because it's a joint account, so £170K is protected.

Swipe

SeriousHoax said:

Anyone putting more than 85k in santander😛.

Not something I'd lose sleep over but I'd rather opt for the NS&I fix instead if I didn't need access.