The Top Easy Access Savings Discussion Area

cadguy77

pokemaster said:

Re: Santander EDGE saver 7%

Has anyone received a survey via email from Santander with subject "Understanding Your Current Account"

It asked some basic questions like do you know how to activated cash back and about 2 Direct Debts then asked if they could link my answers to my account.

Makes me wonder if they trying to get people to confirm they want them to add the 2 DD and pay the £3 fee.

I got the email too. Never submitted my answers though, once I knew they wanted to linked my response to my account.

MikeJXE

Yes but didn't bother to answer 

SaveTheEuro

MikeJXE said:

Yes but didn't bother to answer 

I didn't bother either.

pokemaster

Whoops just me then, I let them link it

granta

callum9999 said:

granta said:

callum9999 said:

granta said:

Steve_xx said:

granta said:

CHIP

I've moved most of my funds to Santander today but left the account open.
Today I received a bonus payment direct to my linked account. It's not the monthly interest so I can't work out what it is as I've not had that in previous months or paid direct to my linked account. 
Any ideas??

granta said:

CHIP

I've moved most of my funds to Santander today but left the account open.
Today I received a bonus payment direct to my linked account. It's not the monthly interest so I can't work out what it is as I've not had that in previous months or paid direct to my linked account. 
Any ideas??

Possibly. A while back Chip were offering joining bonus' if you deposited and kept varying amounts in your account for 6 months, I think.

Thanks for the suggestion. I don't think it can be that as I didn't opt in as knew it would be likely a better rate would come along.
Also odd that it was paid direct to my linked account when I didn't request it!

You likely did (unknowingly) request it.

It is a hangover from when Chip was paying a "bonus" instead of "interest". If you check your records you'll see the amount you initially received in the linked account when you withdrew was less than what you requested. This bonus will make up the difference.

Thanks, that must be what it is. I just didn't understand why I have been receiving 'interest' over the last few months rather than the monthly bonus payment of previous months. Not sure why it crept in this month!

You've been receiving interest because they changed to paying interest instead of a bonus a while ago. It didn't creep in this month - the only reason you've seen a bonus payment is because (from memory) the bonus is only paid after the rest of your money is withdrawn.

That makes sense, but I haven't withdrawn all of my money nor closed the account. 

kjs31

chris_the_bee said:

Best not to hold your breath: they told me it would take 48 hours,

They told me that too but I’ve just logged on and the account has gone already (8 hours after the request but could have been sooner) and funds are back in my current account. I have also opened a new 5.2% account (with annual interest this time) and I’ve had the acceptance email but the account is not yet showing in the mobile app. I’m sure it was pretty much instant the first time I opened one. 

ForumUser7

According to MoneyFacts Coventry BS Four Access Saver Online 2 is coming back available at 4.80%

Stargunner

ForumUser7 said:

According to MoneyFacts Coventry BS Four Access Saver Online 2 is coming back available at 4.80%

Why would anyone want to limit themselves to only 4 penalty free withdrawals per year, when there are true easy access accounts available that pay a higher rate.

oz0707

refluxer said:

nic_c said:

Stargunner said:

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. 

Yes, but I guess you don't get interest on the interest until it's added to the balance? Though in reality its going to be negligible, talking pence. probably more lost due to rounding error if they calculate to an interest rate of fixed decimal places

Yes, it's 5.08% gross being added (and therefore compounding) monthly that gives 5.20% AER but even if it was to be added / compounded daily (which savings accounts obviously don't tend to be), it would only make 0.01% difference (so negligible, as you say), resulting in 5.21% AER.

There's an AER calculator here if anyone wants to play with some figures... https://www.candidmoney.com/calculators/annual-equivalent-interest-aer-calculator

So for the idiots amongst us (me) the monthly at 5.08 equals the same aer as yearly at 5.2?

BestSeagull

Stargunner said:

ForumUser7 said:

According to MoneyFacts Coventry BS Four Access Saver Online 2 is coming back available at 4.80%

Why would anyone want to limit themselves to only 4 penalty free withdrawals per year, when there are true easy access accounts available that pay a higher rate.

It's hard to imagine why anyone would but they probably have customers who are loyal to them who will use it.