The Top Easy Access Savings Discussion Area

chris_the_bee

peter021072 said:

brewerdave said:

Don't know if its been mentioned on here - but my Santander Easy Access Saver rate is dropping from 4.05% to 1.2% from 12th June - talk of falling off a cliff !! Fortunately not that much left in it ,but time to move on !

I previously moved the money from that account into a more recent account also called 'easy access saver' at 5.2%. Hopefully, this won't be affected although I doubt if they will keep it at that level for long.

The interest rate on your Easy Access Saver Limited Edition (Issue 3) will reduce (from 5.2%) to 4.20% AER/gross (variable) on 20 May 2024

pokemaster

Bridlington1 said:

pokemaster said:

brewerdave said:

Don't know if its been mentioned on here - but my Santander Easy Access Saver rate is dropping from 4.05% to 1.2% from 12th June - talk of falling off a cliff !! Fortunately not that much left in it ,but time to move on !

Do you have a source for this can’t find it via Google and haven’t received an email myself 

I suspect they're referring to Issue 1, which was launched in 2022 at 2.75%. The rate was later increased to 4.05% and the 12 month term extended. The account is set to mature soon. I had this letter about it the other day:

I was worried then that it was the issue 3, thinking 2 drops in 2 months was crazy. Guess Santander don’t want our money anymore 🤷‍♂️

allegro120

Bridlington1 said:

dealyboy said:

... mine too, 2p in mine, I'm keeping it just in case ... let's see if they reward loyalty, haha.

I'm keeping mine as it's not doing any harm sat there with a nil balance so I can't be bothered to close it. Plus Santander's cheque deposit limits for the app are per account per day rather than just per day so having it allows me to deposit an extra £1k's worth of cheques in a single day if I so wish.

The only thing that annoys me about this type of accounts is that they pile up and it creates clutter on the page. I close them from time to time if it is easy to do. With some banks it is straight forward, but with Santander you have to request the closure via live chat which is inconvenient.

allegro120

Bridlington1 said:

pokemaster said:

brewerdave said:

Don't know if its been mentioned on here - but my Santander Easy Access Saver rate is dropping from 4.05% to 1.2% from 12th June - talk of falling off a cliff !! Fortunately not that much left in it ,but time to move on !

Do you have a source for this can’t find it via Google and haven’t received an email myself 

I suspect they're referring to Issue 1, which was launched in 2022 at 2.75%. The rate was later increased to 4.05% and the 12 month term extended. The account is set to mature soon. I had this letter about it the other day:

Issue 1 was useful for a couple of months and then failed to compete.  I still have it at £0 balance.

jameseonline

I believe it was/is another limited edition savings account, I got an email/message in app regarding it, so basically everything is going down with Santander then, just that 7% one to go that I'm not sure is actually 7% as they don't pay yearly and the interest is capped on a £4000 limit, but wait don't Santander want everyone to get that account?

Edit: I will need my Existing Everyday Saver to reduce from 1.20% also.

Zopa_Trooper

Its all a game. I get the 7% and the 5.2% at the moment, when the rate drops I'll move it, the post office is offering 5.06% and anything over 5% is okay with me. Then of course there's the easy access ISA's, there's several of them over 5% and they offer even better value if you pay tax on your savings. CHIP is my particular favourite at the moment, 5.1% (worth 6.37% to me), flexible and monthly interest. Ticks all of my boxes. Enjoy the ride, we've reached the summit of the roller-coaster now and its not that long ago you couldn't get 1%.

happybagger

I bet many of us with the 5.2 account at Santander, dropping on 20 May, also ended up getting the 5.12% cahoot one, certainly for me that's my next best at the moment. I think it likely cahoot, being part of Santander, will also drop, especially if a lot of people transfer in. That is my intention, even though I also have a 5.15% account elsewhere.

The added bonus is cahoot also has the 60 day notice-of-reduction window.

BigBlueSky

happybagger said:

I bet many of us with the 5.2 account at Santander, dropping on 20 May, also ended up getting the 5.12% cahoot one, certainly for me that's my next best at the moment. I think it likely cahoot, being part of Santander, will also drop, especially if a lot of people transfer in. That is my intention, even though I also have a 5.15% account elsewhere.

The added bonus is cahoot also has the 60 day notice-of-reduction window.

I thought the Cahoot one was also 5.2%. Is that one reducing too?

10_66

Zopa.  OH tried opening a Smart Saver last week (so they could apply for the Zopa ISA), but at the end of the application the hub just showed "in review".  Today received an automated email saying that as OH hadn't completed the application, if they so wished, they could apply again.  Did that this morning, and same happened again.  Anyone else had this happen with Zopa?  My accounts have always opened immediately, without any hitches.

BooJewels

BigBlueSky said:

happybagger said:

I bet many of us with the 5.2 account at Santander, dropping on 20 May, also ended up getting the 5.12% cahoot one, certainly for me that's my next best at the moment. I think it likely cahoot, being part of Santander, will also drop, especially if a lot of people transfer in. That is my intention, even though I also have a 5.15% account elsewhere.

The added bonus is cahoot also has the 60 day notice-of-reduction window.

I thought the Cahoot one was also 5.2%. Is that one reducing too?

Issue 1 of the Cahoot Simple Saver was 4.9% AER / 4.79% gross/monthly - August 2023.

Issue 2 of the Cahoot Simple Saver was 5.12% AER / 5% gross/monthly - October 2023.

But both giving 60 days notice of a drop in rates - which hasn't happened as yet.  I expected it to follow quick on the heels of the Santander Easy Access drop, but it didn't.