Santander 2.75% Account

RG2015

southone said:

I got mine too, I wonder what the chances are of Santander putting the interest rate up on this account it looked so good a month ago but with Aldermore paying 3% not so now

Pretty low considering they dropped the rate for the new issue to 2.00% a few days after launching the 2.75% issue.

It is now down to 1.50%

jaypers

Won’t go up…….will be a case of ditch and switch here soon I think. Suspect others will be 3% fairly soon for Easy Access and also looks like some of the fixed deals are starting to disappear. EA tends to follow base rate (eventually) and fixed more linked to gilts. 

ashteadgirl

Opened on 11th  October and no interest yet  Will give it until Monday but not impressed. Shame as otherwise running the account has been fine.

RG2015

ashteadgirl said:

Opened on 11th  October and no interest yet  Will give it until Monday but not impressed. Shame as otherwise running the account has been fine.

Does the account have 2.75% or 2.72% in your app?

If it has 2.72% it is definitely monthly and you should have the interest if it was funded on 11 Oct.

ashteadgirl

RG2015 said:

ashteadgirl said:

Opened on 11th  October and no interest yet  Will give it until Monday but not impressed. Shame as otherwise running the account has been fine.

Does the account have 2.75% or 2.72% in your app?

If it has 2.72% it is definitely monthly and you should have the interest if it was funded on 11 Oct.

Thank you!! Was sure I had chosen monthly but obviously annual. Will stop looking for interest .

Band7

southone said:

I got mine too, I wonder what the chances are of Santander putting the interest rate up on this account it looked so good a month ago but with Aldermore paying 3% not so now

That's an apple and pears comparison though. The Aldermore account drops to 0.1% as soon as you make your 3rd withdrawal. Santander has unlimited withdrawals without rate drop. Horses for courses.

jak22

If you only need one Easy Access account then it makes sense to keep moving to the best rate but if you need a few then this is still one of the higher rates plus transactions are instant and they have a mobile app as well as desktop and phone access. None of the easy access or limited withdrawal rates are that great with none above the BoE base rate.

london21

I got paid my interest today.

1 month after opening my account.

Happy for now before I move some of the money into funds. 

andyhicks88

Whats the best way to try and avoid this situation cropping up of them blocking transfers and freezing accounts? I want to move quite a lot of the funds soon.

It will be back to the account that it all came from, so I don't know if that makes a difference. Other than that, if I create the payee now and start doing a few small transfers over the next few days/weeks could that hopefully make the system trust it a bit more if I then start to make some larger payments?

Band7

andyhicks88 said:

Whats the best way to try and avoid this situation cropping up of them blocking transfers and freezing accounts? I want to move quite a lot of the funds soon.

It will be back to the account that it all came from, so I don't know if that makes a difference. Other than that, if I create the payee now and start doing a few small transfers over the next few days/weeks could that hopefully make the system trust it a bit more if I then start to make some larger payments?

Making payments to existing payees which have previously received payments might not be held up. Most payments below £10k or thereabouts will go through without hold ups if they are repeat payments. But there is nothing to worry about - even if your payment get held up, it will eventually be released, normally within 24 hours on working days. You can try to speed up the release by calling Santander Security on 0800 151 3151.

In any case, if you are not already signed up for Santander voice ID, you should do this now. It greatly reduces the ID verification if you have to call them in future.

You can also request payments of larger sums, up to £100k, on the phone. If it is a larger sum (sorry, I don't know what their cut-off amount is), they take all your instructions, and then will call you back a few hours later to confirm. Or you can go into Branch to make larger payments - take your debit card if you have one, plus photo ID and proof of address. I think they also do up to £100k in Branch.