Santander Regular Savings Account

Sniffer

This account pays interest @2.5%, you may save £200 per month over 12 months.

My account has just matured and the interest is £6. Calculating compound interest over the 12 month period I think it should be around £27 as I've saved the maximum £2400 over 12 months. 

In previous years the interest looks about right. 

Has anyone else had such a low interest calculation?

I've tried to contact them by phone and chat but given up after 30 long minutes in a queue. 

Thanks 

ctdctd

You have the previous version which paid 0.5%

The 2.5% version was only released last week.

refluxer

According to the MSE Regular savings calculator, you should get around £32 if you deposit £200/month for 12 months @ 2.5%.

While the 2.5% rate is applicable now, is that definitely the rate that was on offer when you took it out a year ago ?

Also - has it been funded from your Santander current account and have you made sure you haven't deposited more than £200 in any one monthly period ? A downgrade to an Everyday Saver would explain you getting back less interest than expected, as that only pays 0.1%. I would have thought that a change like that would be obvious in your online banking though.

From the current RS T&Cs...

• If you don’t fund the account from your Santander current account or if you deposit more than £200 in any month, Santander reserve the right to change your account into an Everyday Saver

Daliah

refluxer said:

According to the MSE Regular savings calculator, you should get around £32 if you deposit £200/month for 12 months @ 2.5%.

While the 2.5% rate is applicable now, is that definitely the rate that was on offer when you took it out a year ago

As mentioned above, the account which matured now had a 0.5% AER. The 2.5% one was only launched last week. £6-ish sounds the right interest for the 0.5% account.