Santander 2.75% Account

SuzeQStan

Applied and approved instant - possibly cos still have a Santander lite account. Moved savings from Chase to Santander 2.75 acct and had a message from Chase to ring them before they sent my savings. Spoke to a nice person who asked ‘moving to Santander?’ 🤣  Reckon the MSEers been inundating them! I was very glad of the additional security in this day and age tbh.  I’ll still use Chase till the 1% cash back stops in Spring. And also as a travel card for time being as I like idea of getting cash back for buying the rounds in. 

EDIT: new 2.75 account showed immediately on my old Santander app log in. Deposit also showed straight away (once Chase released it!) 

financialbliss

For monthly interest, anyone know when this is paid? Skimmed through T&C's, but failed to spot anything. Can't see anything on their website either. 

andyhicks88

jimroy said:

andyhicks88 said:

Got both my letters now, set up online banking, went to log into the app, must have put the wrong pass in or something and it locked me out!  Hand to ring up (I actually only waited about 10 minutes despite being scared about all the horror waits documented here and the Irish gentlemen was very nice) and they need to send the letters out again and start it over!   Just my luck for something like this to happen!

I'd say they are a bit over zealous with security though if they lock you out after only 1 or 2 failed attempts at logging in, it's not as if the details are short and easy!

That happened to me on Saturday after receiving both letters. Only had to use the user id and the temp five digit pin. Changed the latter to something more memorable and had successfully logged into online banking. Got email confirmation that I'd successfully set up online, mobile and telephone banking. Entered my details on the mobile app and it wouldn't accept my five digit pin. Got locked out of my account via mobile and the web. Had to call up tech support and waited 40 mins to get through.

Will have to wait for another two letters to be sent out before I can access my account again. Think I'll stick with my Ford Money Flexi. It's rate is going up to 2.5% this Weds. I've had much less hassle with them. E.g I locked myself out of my account with them once when I got the six digit passcode confused with the 8 digit memorable date in the mobile app after getting distracted when logging in with Face ID. I had a short wait to get through over the phone on a Sunday (!) and my account was unlocked there and then over the phone.

Well If it happens yet again when these other letters come I might just not bother fixing it!  

Interesting mention of the ford money app there because both Moneyfacts and SavingsGuru indicate that the ford money accounts aren't accessible via app and only listing online and telephone banking.  If you can manage it via app then I might be quite interested....

refluxer

financialbliss said:

For monthly interest, anyone know when this is paid? Skimmed through T&C's, but failed to spot anything. Can't see anything on their website either. 

I couldn't see that info mentioned either. Monthly interest is usually paid on the same date each month that the account was opened in my experience, although there can be exceptions to this such as Chase or Barclays who pay it on the 1st of each month.

Thumbs_Up

financialbliss said:

For monthly interest, anyone know when this is paid? Skimmed through T&C's, but failed to spot anything. Can't see anything on their website either. 

I had a perusal couldn’t find answer either. Maybe a Santander regular can answer.

1. Beginning of the month.
2. End of month.
3. The date you opened the account.

Edit, answer above.

MX5huggy

Right we’re in business, over an hour on the phone (just waiting in the main). No information on the application made last Tuesday, did the application over the phone (tedious). Account showed in the app immediately Chase mainly emptied. 

GalacticaActual

The Limited Edition eSaver is going to be withdrawn by midnight tonight, Monday 17th October 2022, after unprecedented demand:

https://www.dailymail.co.uk/money/saving/article-11324377/Santander-pulling-best-buy-easy-access-savings-account-tonight.html


Santander said that any applications received by 23:59 today will still receive the 2.75 per cent rate once opened. Applications will then be processed over the following days.

From tomorrow, Santander will replace the product with a new issue paying a lower rate of 2 per cent.

lohr500

I wonder if the deal has been pulled because of the unprecedented demand or because the thinking on interest rates is likely to be different following more Govt U turns today?

razord

financialbliss said:

For monthly interest, anyone know when this is paid? Skimmed through T&C's, but failed to spot anything. Can't see anything on their website either. 

Last day of the month!

jimroy

Well If it happens yet again when these other letters come I might just not bother fixing it!  

Interesting mention of the ford money app there because both Moneyfacts and SavingsGuru indicate that the ford money accounts aren't accessible via app and only listing online and telephone banking.  If you can manage it via app then I might be quite interested....

@andyhicks88 Yes you can manage it via app and online via the web. You can only make account enquiries over the phone like I did for technical support. I was going to open one for my mum who doesn't do online and got them to clarify. "Our accounts are not managed by telephone, but we are available on the phone 7 days a week to assist with queries by customers. Any actions like moving money or opening new accounts must be done online."

I manage mine via the app. They accept faster payments in. That usually happens within two hours. Moving money out takes longer. If you move it out by the cut off time of 4pm it'll show in your nominated account by the close of business the next working day (5pm). That's the only downside really when you're used to effectively instant both ways. And if you get messages from them you can only access those via the web not in-app. They also text you when you send or receive money and if you have any messages from them.

They'll be closing this account to new customers this Wednesday when they increase the rate for existing customers, so I'd be quick if you want to apply. You then have 21 days to send any documentation (I didn't have to do that myself) and fund the account.

Hope that helps.