The Top Easy Access Savings Discussion Area

Daliah

Rheumatoid said:

Aidy said:

On the Santander eSaver I can’t work out - do you have to have a Santander feeder account or can this be with another UK bank? 

you can pay in from anywhere I think

You get a sort code and account number, so there should be no reason why you can't pay directly into it.

Looking at the sort code of my esaver, there should in theory also be nothing that prevents you from setting up SOs and DDs on the esaver.

Though I haven't tried any of this, so can't be 100%.

Bigwheels1111

Aidy said:

On the Santander eSaver I can’t work out - do you have to have a Santander feeder account or can this be with another UK bank? 

No, I rang to check.
Then applied and was accepted.
Move £10 in from my FD account.
Will wait until I have full access, 2 letters in the post.
Then will fill it up.

Aidy

Rheumatoid said:

Aidy said:

On the Santander eSaver I can’t work out - do you have to have a Santander feeder account or can this be with another UK bank? 

you can pay in from anywhere I think

Thanks for the quick reply - sorry I meant for withdrawals - can these be paid to any UK bank I hold or does it have to go to a Santander account

refluxer

Aidy said:

Rheumatoid said:

Aidy said:

On the Santander eSaver I can’t work out - do you have to have a Santander feeder account or can this be with another UK bank? 

you can pay in from anywhere I think

Thanks for the quick reply - sorry I meant for withdrawals - can these be paid to any UK bank I hold or does it have to go to a Santander account

I just paid into my Barclays current account from the Santander eSaver without any issues. If using the website, you just need to authorise a new payee on the app.

Patr100

Guys , it's hit the MSE weekly email. I wonder how long before it's oversubscribed and closed for new applicants?
Will it last til Nov 1st? We're about to find out how "limited "  the eSaver "Limited Edition" actually is.

jaypers

I wonder how long it will take for the likes of Marcus and Atom etc to react to Santander’s a/c release. I’ve already reduced some of my accounts from thousands down to £1 and paid the money into Santander eSaver. Not sure if I’m typical in that respect. 

gele

I too had the we’ll contact you within 3 days email even though I’ve had a current account for years. Other accounts I’ve opened with them in the past have been more or less instant. Just wondering if it’s because I joined the party a little late and they are overwhelmed. It was 10.15pm before I was aware of this new account. Hopefully I’m not too late.

I-LOV-MONEY

jaypers said:

I wonder how long it will take for the likes of Marcus and Atom etc to react to Santander’s a/c release. I’ve already reduced some of my accounts from thousands down to £1 and paid the money into Santander eSaver. Not sure if I’m typical in that respect. 

Yes, I have a lot of money in Marcus (have not been bothered to move it while the rates and institutions have been fluctuating).   I will move it once my eSaver is properly set up, unless Marcus matches in the interim 

cwep2

Well this is similar to the Chase offering, at the time 0.7-0.9% were best instant access, notice accounts at 1.1-1.3% and even 1yr fix was 1.4-1.5%. Instant access suddenly at 1.5%.... This was way before huge inflation/Ukraine etc. but the reaction elsewhere was quick, elsewhere instant access quickly adjusted to 1.2-1.4% in a couple of weeks to avoid a stampede out the door, fixed and notice went above it and within a month there were 2-3 others at same or higher levels (less household names). 

Since then we've had much higher base rates and gilt rates and inflation surging with expectations of 2.75-3% base rate come early November. But after the last BoE hike banks were slow to react, it felt a bit like when Chase stirred things up, now 2.75 is out there, the same day (lol...) Zopa upped their offering, which had been market leading in the last month, from 1.85% to 2.15% only to be blown out of the water by 0.6% by a household name.

Given the familiarity with the brand name (of Santander), the likes of Zopa, Cynergy, Ford, RCI, Atom, Tandem. Marcus, Chase etc. will see a lot of money flow out the door. I would guess that those banks offering mortgages (at 4 5 6 7% levels) and getting customers at that level will start to up savings rates as well to keep deposits against these, I would expect at least 3 other competing instant access accounts at 2.65% or higher by 1st Nov, and those below 2% will struggle to keep deposits.

jak22

Rates haven't been fluctuating - they've been rising. Many wont match this rate for a while. It's strange to read so many saying that only now are they transferring from Chase etc or keep on finding excuses to stay in lower rate accounts. Each month an account is 0.3% behind you lose £10 for each £40000. Santander is easy enough to open without the bizarre opening steps with app only accounts and their limitations of no web access.