Santander 2.75% Account

seriously

Am I missing something here but my app says 2.72% interest. Is that correct?!

wmb194

seriously said:

Am I missing something here but my app says 2.72% interest. Is that correct?!

Yes. It pays interest monthly so when you compound 2.72% gross over a year you arrive at 2.75% AER

jimexbox

seriously said:

Am I missing something here but my app says 2.72% interest. Is that correct?!

That's correct for monthly interest. Which is 2.75% AER. 

seriously

Thanks, I really should have known that.

Freedommm

Existing customer for years. Applied on 13th October. Still nothing, not even a simple email to say they are trying to fix their systems. Phoned them last week and they said they have a system problem.
Phoned just now and was told that it has been "approved". However, they can't give any time scale for anything. 
Logged a formal complaint. That way they said, will backdate my interest to the day after application date. 😉

Anyone succeeded after a long wait? 

housebuyer143

Rheumatoid said:

can you change from annual to monthly interest once opened?

This was going to be my question. Anyone confirm if it's monthly interest?

Daliah

housebuyer143 said:

Rheumatoid said:

can you change from annual to monthly interest once opened?

This was going to be my question. Anyone confirm if it's monthly interest?

It will be what you chose in your application. You can’t change it afterwards.

RG2015

Do Santander say when the monthly interest is paid? Is it on the1st of the month?

kaMelo

If I remember correctly it's paid monthly on the date you opened the account, as in opened on the 18th October, interest paid on 18th November.

Wheres_My_Cashback

Daliah said:

housebuyer143 said:

Rheumatoid said:

can you change from annual to monthly interest once opened?

This was going to be my question. Anyone confirm if it's monthly interest?

It will be what you chose in your application. You can’t change it afterwards.

Daliah said:

housebuyer143 said:

Rheumatoid said:

can you change from annual to monthly interest once opened?

This was going to be my question. Anyone confirm if it's monthly interest?

It will be what you chose in your application. You can’t change it afterwards.

ColdIron said:

No you can't

The terms say you can't, the actuality of it is you can. I did, from monthly to annual and had it confirmed by letter.