Is my money gone?

Uriziel

I just opened a Santander Regular saver and I believe I was supposed to transfer in £200 but I transferred in £300.
Obviously I cannot get the money back out and I think they're only going to give me interest on £200.
Does this mean that I have wasted those £100? What is going to happen now?
Do I need to transfer £200 or just £100 next month to make use of the savings?

Please help!

bowlhead99

They will have thrown the extra £100 in the rubbish bin. So, next month you will need to put the full £200 maximum in, to leave you with £400 in the account all earning interest.

Or, you might choose to believe that the extra £100 is in the account waiting for you, but not currently earning any interest as it exceeds the maximum deposit for this month. If you choose to believe that version of events, it probably makes sense to just put £100 in next month and then you will be back within the limits.

You might like to give them a call, because if you break the account rules by paying in more than the limits, they reserve the right to convert it into a normal savings account with a lower interest rate.

jamei305

Speak to them. On one "one of those days" days I managed to do the same thing while also moving £5000 to into my mortgage account instead of my current account. They just reversed both transfers and told me not to do it again.

Neil_Jones

Normally what happens if the extra overpayment, if the account is set up correctly, should "bounce back" if it goes over the limits on the account. That was the experience when a Virgin Money Regular Saver I had was inadvertently overpaid (and had one standing order too many the following month after it had matured).

But of course Santander probably do things differently so the easiest solution is just phone them up and ask for it to be sorted out.

Alice_Holt

Santander savings contact number
0800 015 1436
8am to 8pm Monday to Friday
8am to 6pm Saturdays and Sundays
Free from UK mobiles and landlines

(My telephone number location fee is a very reasonable £100!)

planteria

yes, calling them is vital.. but with £100 contribution next time it should work out fine.

Alexland

https://www.santander.co.uk/personal/savings-and-investments/savings/regular-esaver

If you don’t fund the account from your Santander current account or if you deposit more than £200 in any month, Santander reserve the right to change your account into an Everyday Saver.

If this happens you can close the account and start a new regular saver account.

Alex