Regular Savings Accounts: The Best Currently Available List!

[Deleted User]

pafpcg wrote: »

No and yes!



PS: How do you have two accounts? - one is the maximum.

One is in the wife's name, though she doesn't know anything about it!

[Deleted User]

Does anybody know what happens if you open one of these accounts (as a Santander 123 account holder) but then at a later date you switch to 123 lite? Would you be allowed to keep the savings account?

YorkshireBoy

Deleted_User wrote: »

Does anybody know what happens if you open one of these accounts (as a Santander 123 account holder) but then at a later date you switch to 123 lite? Would you be allowed to keep the savings account?

Well firstly, account holding isn't dependant on being a 123 customer...any Santander account will qualify. However, the 'rate' is dependant on being a particular customer.

But your question appears to be answered on their website...

A 1|2|3 World customer is someone who holds one or more of the following products:
1|2|3 Current Account
1|2|3 Lite Current Account
1|2|3 Student Current Account
1|2|3 Postgraduate Account
1|2|3 Credit Card
1|2|3 Graduate Current Account
1|2|3 Mini Current Account or 1|2|3 Mini (in Trust)


http://www.santander.co.uk/uk/123-customers

badger09

Opened my 'follow on' Regular e Saver a couple of weeks ago @ 3%. This is a welcome development:)

SallySunshine

O.H 5% account is finishing on 11th April, the last standing order went in on 11th March so I guess he'll have to wait until then to open a new one?
It states the closing balance will go into an Everyday saver but if he prefers to close that he can and tell them where the closing balance paid to another Santander account.
slightly confused, does he wait until it goes into the Everyday saver then transfers.

I'll hopefully open one at the new rate as well, but probably wait until 3rd when the better rate is showing.

[Deleted User]

badger09 wrote: »

Opened my 'follow on' Regular e Saver a couple of weeks ago @ 3%. This is a welcome development:)

Ditto :beer:

Ashen

Deleted_User wrote: »

I don't get this. I've two of these taken out 10 months ago at an advertised rate of 5%. Are you saying that at some point the rate affecting my accounts was reduced? I thought they were fixed at the time you opened them?

pafpcg wrote: »

No and yes!

The interest rate on your accounts remains at 5% until they mature in two months time.

Strictly speaking, the answer to the second question is actually no - the 5% rate was (and is) variable. It's just they didn't lower the old issue to 3% when they created the next 'issue' (even though they could have, and still theoretically could).

Newly_retired

I opened a. New Santander Regular Saver this morning and funded it with £200. I have not had this email about increasing the rate to 5%. The documents with my new RS which is issue 4, is 3% for 123 customers.

Am I right in understanding that my rate is going to increase in April to 5%?

I am wondering whether to close my new account, in order open a new one next week at 5% and be able to get that rate on 12 payments for 12 months, rather than, as I read it, one month at 3% then 11 months at 5%?

Ashen

Newly_retired wrote: »

I am wondering whether to close my new account, in order open a new one next week at 5% and be able to get that rate on 12 payments for 12 months, rather than, as I read it, one month at 3% then 11 months at 5%?

Interest is calculated daily - so it's not worth calculating how much interest you'll lose from having £200 at 3% instead of 5% for 3 days

YorkshireBoy

Newly_retired wrote: »

I am wondering whether to close my new account, in order open a new one next week at 5% and be able to get that rate on 12 payments for 12 months, rather than, as I read it, one month at 3% then 11 months at 5%?

Wouldn't it be 3 days at 3% AER, and then 362 days at 5% AER? In other words, a negligible gain.