Regular Savings Accounts: The Best Currently Available List!

kaMelo

grumbler said:

Not a huge loss, bun how could this happen?!

And, to add insult to injury, they don't allow me to open a new "Regular eSaver" because I allegedly already have one. And to close it I have to call them because I cannot do it online and their robotic chat cannot close it either despite apparently being able to close other types of accounts.

Because it renewed prior to the 2.5% account being on offer, the previous offer being 0.5% at the time of your renewal hence why that's what you've got. Because you can't hold more than one account you cannot now open the 2.5% monthly saver.

The account can be closed but as you state it does require you to call. Once closed a new 2.5% version can be opened.

RG2015

@grumbler,

You ask how could this happen. The simple answer is that banks get you to agree to their terms and conditions.

In my opinion is it despicable behaviour, but the terms are very clearly stated in their summary box. It is a salient lesson for us all.

I have to admit to not reading terms and conditions in full, only the summary boxes. But I was fully aware of this Santander issue because it was very clear.

kaMelo

I don't think the fact that people can't be arsed to read terms equals despicable behaviour by banks. If they've given you all the information in summary form and detailed terms and conditions what else is it that they can do to not be despicable?

grumbler

Thank you all for the replies. I was a little busy last year to be on top of everything, but even last year I'd expect a little more than 0.5% from a regular savings account. And even with recent rise in the rates this 2%(!) hike doesn't look right. They sort of admit that 0.5% was pathetic.

RG2015

kaMelo said:

I don't think the fact that people can't be arsed to read terms equals despicable behaviour by banks. If they've given you all the information in summary form and detailed terms and conditions what else is it that they can do to not be despicable?

You misunderstand.

It is automatically renewing at a much lower rate that in my opinion is despicable behaviour.

I went out of my way to say that Santander did more than enough to tell prospective customers what would happen. They did not hide it in the Ts&Cs. It was very clearly stated in the summary box.

Santander did nothing wrong with regard to informing the customer. 

RG2015

grumbler said:

Thank you all for the replies. I was a little busy last year to be on top of everything, but even last year I'd expect a little more than 0.5% from a regular savings account. And even with recent rise in the rates this 2%(!) hike doesn't look right. They sort of admit that 0.5% was pathetic.

Absolutely agree.

It is also possible that they were trying to catch people out, although as @kaMelo says they did everything possible to keep the customer informed.

Daliah

grumbler said:

Thank you all for the replies. I was a little busy last year to be on top of everything, but even last year I'd expect a little more than 0.5% from a regular savings account. And even with recent rise in the rates this 2%(!) hike doesn't look right. They sort of admit that 0.5% was pathetic.

Last year, you could easily have got 3% for some of your money. @Special_Saver2 puts in a considerable effort to make it easy for us to pick the most appropriate offers. The Santander RS dropped from the top 10 in March 2018. 2.5%, OTH, is now in joint 2nd for adult Regular Savers. 

RG2015

Daliah said:

grumbler said:

Thank you all for the replies. I was a little busy last year to be on top of everything, but even last year I'd expect a little more than 0.5% from a regular savings account. And even with recent rise in the rates this 2%(!) hike doesn't look right. They sort of admit that 0.5% was pathetic.

Last year, you could easily have got 3% for some of your money. @Special_Saver2 puts in a considerable effort to make it easy for us to pick the most appropriate offers. The Santander RS dropped from the top 10 in March 2018. 2.5%, OTH, is now in joint 2nd for adult Regular Savers. 

"OTH" ?

I always get caught out by acronyms but even Google had no answer for this.

schiff

RG2015 said:

Daliah said:

grumbler said:

Thank you all for the replies. I was a little busy last year to be on top of everything, but even last year I'd expect a little more than 0.5% from a regular savings account. And even with recent rise in the rates this 2%(!) hike doesn't look right. They sort of admit that 0.5% was pathetic.

Last year, you could easily have got 3% for some of your money. @Special_Saver2 puts in a considerable effort to make it easy for us to pick the most appropriate offers. The Santander RS dropped from the top 10 in March 2018. 2.5%, OTH, is now in joint 2nd for adult Regular Savers. 

"OTH" ?

I always get caught out by acronyms but even Google had no answer for this.

On theother hand.

schiff

Probably been asked before. If I withdraw £150 plus the accumulated excess over £850 from my RBoS digital saver and then deposit £150 and do that every following month, does that maximise the benefit from both the increased interest rate and the monthly deposit limit?