Regular Savings Accounts: The Best Currently Available List!

flaneurs_lobster · 17 May 2023 at 12:13PM

Bridlington1 said:

OceanSound said:

RG2015 said:

OceanSound said:

Santander ought to warn customers about this roll over standing orders.

Of course for those of us who are aware of the caveat, it's easily avoidable by starting the standing order (SO) at the beginning of the month right up to the middle of the month (or even around 20th of each month should be fine - as there is no risk of any SO rolling over to the next month).

BTW, Santander website says this:

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

I don't think setting the SO date in the middle of the month would make any difference to rolling over to the next month.

"The month" is not a calendar month but the personal month based on the account opening date. For example 16th May to 15th June.

Key facts document set-out so the customer is destined to fall foul at some point. Great.

Also, it states ' ...if this [standing order payment date] is the last day of the month your payment won’t reach us until the following month.'.

Irrelevant. As calendar month doesn't come in to play. I must've been looking at that earlier.

I think it's quite clear. The summary box says this:
Standing orders are only processed Monday to Friday. If your standing order falls on a weekend or bank holiday your payment will be made on the next working day, if this is the last day of the month your payment won’t reach us until the following month.
When it refers to "last day of the month" it refers to account month and not calendar month. So say you had opened the account yesterday (16/5/23), the account month would run from 16th-15th. Say you set up a SO due to go out on 15th July 2023 (Saturday), since 15/7/23 isn't a working day, the payment will be made the following working day (17th July), which would be in the following account month.

If you had opened an account on the 16th (of anymonth) why would you set up a SO to pay out on the 15th (of anymonth + n)?

Genuine question, I set mine up and funded yesterday afternoon, the payment is shown as a credit dated today. I've set up a SO to pay out on 17th from June. Is that wrong?

Bridlington1 · 17 May 2023 at 12:25PM

flaneurs_lobster said:

Bridlington1 said:

OceanSound said:

RG2015 said:

OceanSound said:

Santander ought to warn customers about this roll over standing orders.

Of course for those of us who are aware of the caveat, it's easily avoidable by starting the standing order (SO) at the beginning of the month right up to the middle of the month (or even around 20th of each month should be fine - as there is no risk of any SO rolling over to the next month).

BTW, Santander website says this:

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

I don't think setting the SO date in the middle of the month would make any difference to rolling over to the next month.

"The month" is not a calendar month but the personal month based on the account opening date. For example 16th May to 15th June.

Key facts document set-out so the customer is destined to fall foul at some point. Great.

Also, it states ' ...if this [standing order payment date] is the last day of the month your payment won’t reach us until the following month.'.

Irrelevant. As calendar month doesn't come in to play. I must've been looking at that earlier.

I think it's quite clear. The summary box says this:
Standing orders are only processed Monday to Friday. If your standing order falls on a weekend or bank holiday your payment will be made on the next working day, if this is the last day of the month your payment won’t reach us until the following month.
When it refers to "last day of the month" it refers to account month and not calendar month. So say you had opened the account yesterday (16/5/23), the account month would run from 16th-15th. Say you set up a SO due to go out on 15th July 2023 (Saturday), since 15/7/23 isn't a working day, the payment will be made the following working day (17th July), which would be in the following account month.

If you had opened an account on the 16th (of anymonth) why would you set up a SO to pay out on the 15th (of anymonth + n)?

Genuine question, I set mine up and funded yesterday afternoon, the payment is shown as a credit dated today. I've set up a SO to pay out on 17th from June. Is that wrong?

I would want to pay the money in as soon as I can to maximise the interest myself, but I imagine out of Santander's 7 million digital customers at least one of them would want to do this.

bristolleedsfan · 17 May 2023 at 12:45PM

OceanSound said:

Bridlington1 said:

OceanSound said:

RG2015 said:

OceanSound said:

Santander ought to warn customers about this roll over standing orders.

Of course for those of us who are aware of the caveat, it's easily avoidable by starting the standing order (SO) at the beginning of the month right up to the middle of the month (or even around 20th of each month should be fine - as there is no risk of any SO rolling over to the next month).

BTW, Santander website says this:

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

I don't think setting the SO date in the middle of the month would make any difference to rolling over to the next month.

"The month" is not a calendar month but the personal month based on the account opening date. For example 16th May to 15th June.

Key facts document set-out so the customer is destined to fall foul at some point. Great.

Also, it states ' ...if this [standing order payment date] is the last day of the month your payment won’t reach us until the following month.'.

Irrelevant. As calendar month doesn't come in to play. I must've been looking at that earlier.

I think it's quite clear. The summary box says this:
Standing orders are only processed Monday to Friday. If your standing order falls on a weekend or bank holiday your payment will be made on the next working day, if this is the last day of the month your payment won’t reach us until the following month.
When it refers to "last day of the month" it refers to account month and not calendar month. So say you had opened the account yesterday (16/5/23), the account month would run from 16th-15th. Say you set up a SO due to go out on 15th July 2023 (Saturday), since 15/7/23 isn't a working day, the payment will be made the following working day (17th July), which would be in the following account month.

note:

To make the most of your regular eSaver, you’ll need to set up your standing order to start within the first calendar month after opening. Standing orders are only processed Monday to Friday. If your standing order falls on a weekend or bank holiday your payment will be made on the next working day, if this is the last day of the month your payment won’t reach us until the following month.
There is no mention of an 'account month' here. Who normally talks in 'account months' anyway. If they want to refer to an 'account month' they would need to state it specifically (especially since the previous sentence states calendar month - and there is no reason for the account holder to assume that Santander has now started talking about 'account months'). Suffice to say, Santander key facts document clear as mud.

You've chosen not to respond to customer risking falling foul to the key facts document terms/conditions at some point after opening account comment I made earlier.

https://www.collinsdictionary.com/dictionary/english/calendar-month

A calendar month is one of the twelve months of the year.

A calendar month is the period from a particular date in one month to the same date in the next month, for example from April 4th to May 4th.

RG2015 · 17 May 2023 at 12:48PM

flaneurs_lobster said:

Bridlington1 said:

OceanSound said:

RG2015 said:

OceanSound said:

Santander ought to warn customers about this roll over standing orders.

Of course for those of us who are aware of the caveat, it's easily avoidable by starting the standing order (SO) at the beginning of the month right up to the middle of the month (or even around 20th of each month should be fine - as there is no risk of any SO rolling over to the next month).

BTW, Santander website says this:

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

I don't think setting the SO date in the middle of the month would make any difference to rolling over to the next month.

"The month" is not a calendar month but the personal month based on the account opening date. For example 16th May to 15th June.

Key facts document set-out so the customer is destined to fall foul at some point. Great.

Also, it states ' ...if this [standing order payment date] is the last day of the month your payment won’t reach us until the following month.'.

Irrelevant. As calendar month doesn't come in to play. I must've been looking at that earlier.

I think it's quite clear. The summary box says this:
Standing orders are only processed Monday to Friday. If your standing order falls on a weekend or bank holiday your payment will be made on the next working day, if this is the last day of the month your payment won’t reach us until the following month.
When it refers to "last day of the month" it refers to account month and not calendar month. So say you had opened the account yesterday (16/5/23), the account month would run from 16th-15th. Say you set up a SO due to go out on 15th July 2023 (Saturday), since 15/7/23 isn't a working day, the payment will be made the following working day (17th July), which would be in the following account month.

If you had opened an account on the 16th (of anymonth) why would you set up a SO to pay out on the 15th (of anymonth + n)?

Genuine question, I set mine up and funded yesterday afternoon, the payment is shown as a credit dated today. I've set up a SO to pay out on 17th from June. Is that wrong?

I set up my SO yesterday and the transaction was dated 16/05/2023 in both the current account and the RS.

It is now showing as 17/05/2023 on both accounts and the next payment on the SO is showing as 16/06/2023.

dealyboy · 17 May 2023 at 12:56PM

Hi @flaneurs_lobster ...

Genuine question, I set mine up and funded yesterday afternoon, the payment is shown as a credit dated today. I've set up a SO to pay out on 17th from June. Is that wrong?

That's fine. Your account month is 16th of a month to 15th of the following month, so your paid-up to 15th June and on execution of your first SO you will be paid-up to 15th July. I'm curious however how it could take a day to fund it, I simply performed an account transfer in online banking and it was immediate.

All interested parties:

The Santander product description and operational requirements leave a lot to be desired ... amazing for an international big bank! ... and to confuse the understanding of the experts here.

It is optional to set up a standing order, in a sense they are trying to help the understanding and use of the account by mentioning it, whereas the RS just needs funding once an account month by £200 to maximise the return. They use the word 'should' which is simply advisory not mandatory and 'need'. @OceanSound correctly points out the anomaly of setting up an SO in the first calendar month, I think this is a mistake and should be account month. Indeed there is no funding requirement at all and could be zero after 12 months.

It is definitive by the key facts document end of term information, which I copy here as it is important ...

At the end of term

If you have paid into your Regular eSaver by standing order from your Santander current account (including one in joint names) that continues on beyond maturity:

. we’ll automatically renew your Regular eSaver for another 12 months at the interest rate and on the Terms and Conditions applicable at that time; and

. transfer the final balance at the end of the term (including interest earned) to your Santander current account from which the standing order was paid, including if your current account is in joint names.

Alternatively,

. if you don’t have a standing order in place when your Regular eSaver matures, we’ll transfer your final balance including interest earned to an Everyday Saver account.

We’ll contact you with more details, together with your new interest rate, closer to your maturity date.

Clearly you may or may not have a standing order.

I suspect I don't need a current account either, I could just transfer from my non-regular eSaver, but it is a condition.

schiff · 17 May 2023 at 1:13PM

There was a time when I would get quite excited if I had 54 unread posts in this thread (I check in morning and evening every day) but no more. Instead I get an enormous lengthy discussion about Santander. Whenever I read posts pleading for less chat and a separate thread or discussions on a topic, I was on the side of suggesting patience but it's just got ridiculous.

pookey · 17 May 2023 at 1:17PM

schiff said:

There was a time when I would get quite excited if I had 54 unread posts in this thread (I check in morning and evening every day) but no more. Instead I get an enormous lengthy discussion about Santander. Whenever I read posts pleading for less chat and a separate thread or discussions on a topic, I was on the side of suggesting patience but it's just got ridiculous.

Yes I completely agree, I like that we can discuss accounts on here but I think it needs to be to an extent as this seems to have spiraled

quirkydeptless · 17 May 2023 at 1:38PM

quirkydeptless said:

Band7 said:

Existing Santander customers: if for any reason you still have an old, unmatured, Santander RS hanging about, you can request it to be closed via Chat. Don't chose the "RS upgrade option" as this doesn't seem to work. Just ask for the RS to be closed, tell them where to pay any outstanding interest to, and what your address is. The old RS will disappear overnight, and you can then open and fund the 5% one within minutes.

I'm a bit sloppy about closing unused accounts unless there is an easy 'close account' option online. I still had an old 3.2% one lying around with £0 in it, and so when I applied for a new one it said something like 'lucky you, you already have one'
So I used the mobile bot chat option with 'Regular eSaver Upgrade' as my reason for closure. A human appeared straight away on the chat and said 'Fab, I'll get that closed for you'. Or was it a human? Who can tell with AI nowadays?
Also said to allow 2 working days for the full closure, but I will check tomorrow to see if I can open a new one.

Noticing that my old RS was closed, I tried opening the new one on the same say and it worked, so now funded with £200 in 2 working hours rather than days