Santander regular saver matured

swindiff

So my regular saver at 5% with Santander has matured today and interest has been paid. I was going to transfer the money out but the account now says its a REGULAR ESAVER (ISSUE 7) and the interest rate is showing as 3%. The total balance is not now earning 3% is it ???

stevenhp1987

Santander changed the accounts to automatically roll onto a new regular saver when it matures a year or so ago.

The money will automatically be moved in a few days and then your regular saver will continue at the new 3% interest rate.

You will get 3% on the whole balance for the few days it takes to transfer it over though.

swindiff

OK, cheers

Sea_Shell

Ours mature on the 8th, so I was wondering exactly how it would work. Cheers.

badger09

stevenhp1987 wrote: »

Santander changed the accounts to automatically roll onto a new regular saver when it matures a year or so ago.

The money will automatically be moved in a few days and then your regular saver will continue at the new 3% interest rate.

You will get 3% on the whole balance for the few days it takes to transfer it over though.

Sea_Shell wrote: »

Ours mature on the 8th, so I was wondering exactly how it would work. Cheers.

The automatic rollover only happens if you still have the SO in place.

If you've cancelled it, or set it to expire, you need to set it up again, or start afresh.

swindiff

Wrong thread

Sea_Shell

badger09 wrote: »

The automatic rollover only happens if you still have the SO in place.

If you've cancelled it, or set it to expire, you need to set it up again, or start afresh.

Yep, all set up on open ended SOs. So should be Ronnie Rollover!!

swindiff

I have already cancelled my standing order several weeks ago but is seems to have rolled over?

bristolleedsfan

badger09 wrote: »

The automatic rollover only happens if you still have the SO in place.

If you've cancelled it, or set it to expire, you need to set it up again, or start afresh.

When mine matured last November, at that time I only held an Everyday Current Account, I had no awareness that it rolled over.

I didnt in my mind take a new regular saver out it/existing standing order was not in place due to product guide on Santander Website stating "Exclusively available to current account customers who are part of 1|2|3 World, Santander Select or Private Banking"

Was only after opening a 123 Mini C.A during April 2019 that after dialogue with Santander by secure message discovered that it had rolled over and thus matured November 2019, started funding it April 2019