Santander 123 Reg Saver Maturity Letter

Spiggle

Hi all,

I know there are others on here who have the 'full fat' Sant123 AND the Regular Saver. There are those like myself who keep the 123 balance wise quite full because of high/many DD/SO commitments per mth.

So, I've today had my maturity e-letter from Sant and thought it may be useful to highlight this lovely little sentence printed in the doc under the next year's rate table:
Please note: If your Regular eSaver is renewed on maturity and the maturity proceeds paid to your Santander current account you may not earn interest on that money once it is paid into your current account, depending on your particular type of current account

I may be reading that incorrectly but that seems to say that shoving the full maturity balance into the 123 to drip feed* for another year** will deplete the interest earning balance on the current account by the relevant sum. Or am I befuddled?

*Yes, I know many will, like me have the Marcus and will use that for the major balance and/or have already downgraded to Sant123Lite.

**Yes, I will at some point before May 2020 downgrade to 123Lite, maintain the RS SO from that and most of my balance will be put into Marcus for the time being.

All the best,
Spigs

surreysaver

I read it as it depends upon your current account. So if your current account earns interest, then the money will earn interest, and if it doesn't, it won't.
I think you're reading something it doesn't say.

fun4everyone

If you have a 123 Lite you qualify for this regular saver but any proceeds paid into your current account won't get interest paid on them. I expect they send the exact same letter you received to both full fat and lite 123 holders.

Spiggle

Thank you both for your replies. Much appreciated.

I was already feeling a bit down about Sant anyway and read/interpreted the worst in it!

All the best,
Spigs