Santander Regular eSaver.

whattochoose

I opened a Santander 123 account about 4 years ago. Since then, as members will know, interest in the account has dropped precipitously, compounded by more and more of their branches closing. I really would like to sever all connections with them, but there is not a lot out there which meets my present requirements.
What is annoying me about them at the moment is that they keep sending me emails pushing their Santander Regular eSaver.
As they state in their blurb...
"If you pay in £200 per month for the full 12 months and make no withdrawals you’ll get back what you paid in plus up to £6.50 interest (depending on your standing order date)."
While any product that pays interest is worthy of scrutiny I suppose, I can't believe they can think that this particular one, which pays such a paltry amount of interest after a year of saving, is worthy of any consideration at all.

Swoosh84

Most savings accounts these days pay poorly, at 0.5% for a regular saver its not too bad in comparison to some others.

If you are looking for alternatives, you could checkout Natwest/RBS reward accounts. I have their reward current account and credit card.

Current account gives you £36pa in rewards (its £5pm but there a £2pm charge). Credit card offers 1% back on supermarket shopping and 0.25% on everything else. Plus you get extra reward sometimes. I'm currently getting 10% rewards back from shopping at Morrisons so well worth it and I got kids school clothes from matalan and got 10% rewards back on that too.

Their savings account not to bad in comparison too, if you pay in £50 a month you earn 3% interest. Sadly you can only pay in a maximum of £50pm though. Their other savings account is 0.25%.

J

colsten

If you get such emails, it is almost certainly due to your Marketing preferences, which you can change.

EssexExile

It makes my 3.5% at the Yorkshire Building Society look good!

RN61

Swoosh84 said:

Most savings accounts these days pay poorly, at 0.5% for a regular saver its not too bad in comparison to some others.

If you are looking for alternatives, you could checkout Natwest/RBS reward accounts. I have their reward current account and credit card.

Current account gives you £36pa in rewards (its £5pm but there a £2pm charge). Credit card offers 1% back on supermarket shopping and 0.25% on everything else. Plus you get extra reward sometimes. I'm currently getting 10% rewards back from shopping at Morrisons so well worth it and I got kids school clothes from matalan and got 10% rewards back on that too.

Their savings account not to bad in comparison too, if you pay in £50 a month you earn 3% interest. Sadly you can only pay in a maximum of £50pm though. Their other savings account is 0.25%.

J

Re the Natwest savings account, that's the Digital Regular Saver. Pro tip is that you can put £1000 in as initial payment, then pay £1 per month in which gives you £30 interest per a year... 

Swoosh84

RN61 said:

Swoosh84 said:

Most savings accounts these days pay poorly, at 0.5% for a regular saver its not too bad in comparison to some others.

If you are looking for alternatives, you could checkout Natwest/RBS reward accounts. I have their reward current account and credit card.

Current account gives you £36pa in rewards (its £5pm but there a £2pm charge). Credit card offers 1% back on supermarket shopping and 0.25% on everything else. Plus you get extra reward sometimes. I'm currently getting 10% rewards back from shopping at Morrisons so well worth it and I got kids school clothes from matalan and got 10% rewards back on that too.

Their savings account not to bad in comparison too, if you pay in £50 a month you earn 3% interest. Sadly you can only pay in a maximum of £50pm though. Their other savings account is 0.25%.

J

Re the Natwest savings account, that's the Digital Regular Saver. Pro tip is that you can put £1000 in as initial payment, then pay £1 per month in which gives you £30 interest per a year... 

I just opened this account last week, first standing order due to deposit £50 on the 14th, unable to cancel this so I've just manually transferred £950. App seems to have taken it fine... Fingers crossed....

From what I read, don't think I need to pay in another £1pm on this account?