The Top Easy Access Savings Discussion Area

Welshy213

Thanks, Santander account opened and funded, and notice given on Zopa 7 Days for the rest.

Nick_C

GalacticaActual said:

Freebird53 said:

SAC2334 said:

The issue is open until 1 st Nov.. Its not as good as it looks as you are fixed for one year .Most of the 2.75% is paid as an annual bonus of 2.55 % . Not for me this one . 

I selected 'Monthly' Interest, will i not get 2.75% (or the monthly equivalent) on my balance every month?

I opted for the monthly interest, @Freebird53, and the Interest rate is showing as 2.72% in the app which will be the rate they use to calculate the monthly interest.

If you opt for annual interest, it is 2.75%

If you opt for monthly interest, it is 2.72%.  But if you leave the monthly interest in the account, then you will get interest on that interest.  The end result is the same if you leave the interest in place.

Personally, I like to see interest being credited monthly.  I'm also keen on having as much interest as possible in the current tax year.  The way interest rates are going, I can see that I might exceed the £1k tax free threshold next year.

Noneforit999

Looks like we will be moving our savings from Chase to this, its almost double the interest.

Going through a mortgage application at the moment so need to be careful we don't move to something which requires a 'current account' that would show on a credit report but this looks like its savings only.

This bodes well for the 1 year fixed being 'upped' soon then from the 4.3% you can get at the moment, suggests those will move towards 5%+ in the near future. 

Daliah

Nick_C said:

  The way interest rates are going, I can see that I might exceed the £1k tax free threshold next year.

Lovely problem to have 

jaypers

The new Santander limited edition account seems a no brainer. Not sure why people are concerned about the bonus rate…….just move it out in 12 months, although suspect that we will all be doing something long before then as rates are changing on an almost daily basis. I’m shifting money all over the place at the moment to the point that I do wonder if my ‘nominated account’ for the many savings accounts I hold will start to wonder why so much money is going in/out. Good news is that we seem to have competition back. Also suspect that the big banks are back in the game now that rates are higher so they may have good reason for the funds on their balance sheets. 

refluxer

With this new Santsnder eSaver account, it says... 

Can I withdraw money?

Yes, withdrawals can be made at any time by transfer to another account in Online and Mobile Banking.

Does that have to be to another Santander (current ?) account or can money be transferred to an external (nominated ?) account elsewhere ?

Edit - sorry, I see this was discussed previously. I didn't scroll back far enough through the flurry of posts

SeriousHoax

Well done Santander up and running within 10 minutes.😁

Noneforit999

Daliah said:

Nick_C said:

  The way interest rates are going, I can see that I might exceed the £1k tax free threshold next year.

Lovely problem to have 

To be fair its only about £37k ish at 2.75% so a lot of people are suddenly going to find themselves over this.

If you are a higher rate tax payer you are going to hit it fairly easily, especially if you fix at say 4%. I think its about £12500 in savings at 4% fixed is going to put a higher rate tax payer over the personal allowance.

We have the proceeds of our house sale in savings at the moment, waiting on some land registry changes before we can buy my wifes sister out of an inheritance house so we have £180k in easy access and we are likely to end up using both our personal savings this year. 

Daliah

Noneforit999 said:

If you are a higher rate tax payer you are going to hit it fairly easily, especially if you fix at say 4%. I think its about £12500 in savings at 4% fixed is going to put a higher rate tax payer over the personal allowance.

That's right, the savings allowance for HR tax payers is only £500. Again, nice problem to have 

janusdesign

refluxer said:

With this new Santsnder eSaver account, it says... 

Can I withdraw money?

Yes, withdrawals can be made at any time by transfer to another account in Online and Mobile Banking.

Does that have to be to another Santander (current ?) account or can money be transferred to an external (nominated ?) account elsewhere ?

almost certainly it will be any account that you have the sort code / account number of - it won't be limited to a Santander account (otherwise one assumes they would have mentioned it in the t&c).