We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!

Santander 2.75% Account

1…2728303233…43

Comments

  • seriously
    seriously Posts: 51 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Am I missing something here but my app says 2.72% interest. Is that correct?!
  • wmb194
    wmb194 Posts: 5,591 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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
    jimexbox Posts: 12,493 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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
    seriously Posts: 51 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thanks, I really should have known that.
  • Freedommm
    Freedommm Posts: 71 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    edited 27 October 2022 at 7:48AM
    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
    housebuyer143 Posts: 4,291 Forumite
    1,000 Posts Third Anniversary Name Dropper
    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
    Daliah Posts: 3,792 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    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
    RG2015 Posts: 6,174 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    Do Santander say when the monthly interest is paid? Is it on the1st of the month?
  • kaMelo
    kaMelo Posts: 2,903 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    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
    Wheres_My_Cashback Posts: 4,404 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 30 October 2022 at 10:54AM
    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.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.9K Banking & Borrowing
  • 253.9K Reduce Debt & Boost Income
  • 454.7K Spending & Discounts
  • 246K Work, Benefits & Business
  • 602.1K Mortgages, Homes & Bills
  • 177.8K Life & Family
  • 259.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture