Santander Regular Saver ?%

AndyPK

My 5% Reg saver is about to mature. (I'm a S123 customer)

I vaguely recall they will start a new one for me automatically?

What rate will I get? 3% 5% ?

Thank you


The 3% one could earn a whopping, up to £38.60 interest

ColdIron

It's 3% now
https://www.santander.co.uk/personal/savings-and-investments/savings/regular-esaver

YorkshireBoy

AndyPK wrote: »

I vaguely recall they will start a new one for me automatically?

That will depend on whether you have a standing order in place at the time. If you don't, ie you set it up last year for a defined period, then they'll change the RS to an everyday saver account and you'll have to apply for a new (now 3%) regular saver.

The maturity letter (in my online area 2-3 weeks before) explains this.

AndyPK

I didn't think they wanted the SO to continue, as pointed out by this recent email

"Please remember that the maximum Regular eSaver balance is £2,400. Any deposits, such as a standing order request which would take the balance above this, will not be accepted."


Looks like I left the SO setup.

[Deleted User]

Hi AndyPK, I'm in the same position and confirmed what happens next, just yesterday (info' from Santander's website and confirmed on the phone):
- If your SO is still in place at maturity, Santander will transfer your savings, plus interest, into the account you were making the deposits from under the SO.
- If your SO has ceased at maturity, Santander will transfer your savings, plus interest, into an Everyday Saver account.
Apparently, Santander contact you a few weeks before maturity to tell you what they're planning to do, which gives you the opportunity to ask them to do something different.

daveyjp

AndyPK wrote: »

I didn't think they wanted the SO to continue, as pointed out by this recent email

"Please remember that the maximum Regular eSaver balance is £2,400. Any deposits, such as a standing order request which would take the balance above this, will not be accepted."


Looks like I left the SO setup.

Extra payments won't be accepted to your old account.

The balance will be transferred, but the account left open and if an SO is open new payments will be accepted and pay 3%.

I didn't have an SO in place, but the account was still open with a zero balance so I set up a new SO and it is now receiving payments.

Elvie100

I left my SO to run. My account has not matured yet, the £200 for March is in there as well, so £2,600 now. I will see what happens tomorrow.

molerat

My Issue 6 at 5% is now showing as Issue 7 at 3%. The old amount plus maturity interest is sitting there. SO due to go in Monday so just a wait and see.

surreysaver

This is weird. Just checked online banking, and my Santander account says its a Monthly Saver paying 5%. It started last October (ie after thr rate changed from 5% to 3%). The website says the 3% for their Regular eSaver, which is account I thought I had!

Dazed_and_confused

Pretty sure the 5% is protected for the term of your current regular saver.

Are you sure it wasn't 5% when you applied?

But when the time comes to start over again it will the rate on offer at that time (which may be 3%. Or less. Or more).

AndyPK

For a while 123 customers got 5%
Lesser customers got less.