The Top Easy Access Savings Discussion Area

alternate

Good on Santander, even though I hate their CS.

I suspect they have gone early and priced in future rate rises.  A lot of people will move their savings and not bother chasing other rates.  Plus all those that leave it in longer than a year.   Those bonus terms are always a bit scummy.

silvermum

Beddie said:

I feel the same, with a smaller amount but still significant. I could move to them for an extra 0.4%, but the faff of setting up the account and moving the money in stages is not worth it. After all, in a month when rates go up another 0.5% (probably) there'll be a new best rate, so get moving again. This kind of rate chasing for every penny is popular on here, but it's not what most people do.

If you're retired/ time-rich then it becomes the 'day job'!
I figure if I can increase my interest income by £100+ for less than an hour's work then that's a pretty good return 

t1redmonkey

alternate said:

Good on Santander, even though I hate their CS.

I suspect they have gone early and priced in future rate rises.  A lot of people will move their savings and not bother chasing other rates.  Plus all those that leave it in longer than a year.   Those bonus terms are always a bit scummy.

I hope it stays open for a while, that way it'll force the competition to up their rates as well, probably across the board of a variety of products in order to stay competitive (easy access, notice accounts, and easy access ISAs in particular).

gwapenut

gwapenut said:

km1500 said:

yrs - if you opt for annual interest all the interest you earn will be in the next tax year - if you opt for monthly interest then some of it will be in this tax year

Are we sure about this, can anyone with an older esaver comment? It says paid annually, but sometimes with some providers that means once a year at the end of the current tax year.

I know their regular savers pay on maturity, but this says annually, rather than on the anniversary of opening.

I want to defer interest until the next tax year!

Sadly, it looks like I won't be able to find out (I don't trust customer service to know!) as it's not specifie and they have no consistent behaviour.

Their e-ISA says: Interest is calculated daily and added to this account annually in March.

Their everyday saver says: Interest is calculated daily and paid annually on the anniversary of account opening
This product says: Interest is calculated daily and added to this account annually or monthly (unclear whether March, this time next year, or even some other random month).

I'd lose an extra 20% of my interest if it were paid this year, so will just stick with the slightly lower rate Yorkshire loyalty 6-access which pays on the anniversary, next year.

vickyholly

Hi , does anyone know if Santander is linked to any other banks please?

t1redmonkey

vickyholly said:

Hi , does anyone know if Santander is linked to any other banks please?

Just Cahoot.

jaypers

vickyholly said:

Hi , does anyone know if Santander is linked to any other banks please?

This is a useful resource - https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2019/fscs%20banking%20brands%2005%20december%202019.pdf

janusdesign

gwapenut said:

km1500 said:

yrs - if you opt for annual interest all the interest you earn will be in the next tax year - if you opt for monthly interest then some of it will be in this tax year

Are we sure about this, can anyone with an older esaver comment? It says paid annually, but sometimes with some providers that means once a year at the end of the current tax year.

Moneyfacts is saying that it's paid on the Anniversary - I certainly wouldn't expect to see the interest paid in March if you've chosen the annual option.

you could open, put £1 in and then contact support via a secure message for clarity on this point...

janusdesign

jaypers said:

vickyholly said:

Hi , does anyone know if Santander is linked to any other banks please?

This is a useful resource - https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2019/fscs%20banking%20brands%2005%20december%202019.pdf

it hasn't changed much, but this is the 2021 (latest) version of the above.

https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2021/list-of-banking-brands-june-2021.pdf

... though I notice that Al Rayan is in the 2019 list, but not the 2021 version.

and there is also the FSCS checker, where you can put your balances in for each bank and it works out your FSCS liability.

https://www.fscs.org.uk/check-your-money-is-protected/

Nevergonnaretire

I jumped on my existing Santander online account as soon as I saw the 2.75% esaver  mentioned on here. A quick online application from my account and it was done in a few minutes. Threw some money I had access to in there to fund it whilst I wait for a 31 day Zopa pot to mature.

Quick question, I have a regular esaver which I was of course putting the £200 a month in and there's £800 in there. I've dropped the SO down but should I leave that I there or move that to the esaver as well?