Santander 2.75% Account

TomDolan

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?

I closed my account on friday, got the closing balance and interest sent to my payee account. All this was done in the branch, took 2 hrs !!. I did ask as to why are you stopping access to my account, their reply was the system was responsible for that, they suggested to do transfers under 7k and stick to similar amounts for future transfers. hope this helps you.

mr._prude

Can you change the account from yearly to monthly interest after opening?

Thought I selected monthly

jimexbox

mr._prude said:

Can you change the account from yearly to monthly interest after opening?

Thought I selected monthly

I'm afraid not. 

london21

mr._prude said:

Can you change the account from yearly to monthly interest after opening?

Thought I selected monthly

Also selected monthly and think it's great motivator to see your monthly interest.

Why would you want it annually?

Swipe

london21 said:

mr._prude said:

Can you change the account from yearly to monthly interest after opening?

Thought I selected monthly

Also selected monthly and think it's great motivator to see your monthly interest.

Why would you want it annually?

Makes sense if you plan to earn less than 17500 next tax year

Band7

london21 said:

mr._prude said:

Can you change the account from yearly to monthly interest after opening?

Thought I selected monthly

Also selected monthly and think it's great motivator to see your monthly interest.

Why would you want it annually?

If you would have to pay tax on your 2022-23 savings interest but don't expect you have to pay it in 2023-24, it would make a lot of sense to go for annual tax. If you have to complete a Self Assessment, it's easier to collate just 1 lot of interest per account instead of 12, so annual may be a lot more appealing. If this doesn't apply to you and you prefer, or need, the monthly interest, then monthly is for you. 

Patr100

Band7 said:

london21 said:

mr._prude said:

Can you change the account from yearly to monthly interest after opening?

Thought I selected monthly

Also selected monthly and think it's great motivator to see your monthly interest.

Why would you want it annually?

If you would have to pay tax on your 2022-23 savings interest but don't expect you have to pay it in 2023-24, it would make a lot of sense to go for annual tax. If you have to complete a Self Assessment, it's easier to collate just 1 lot of interest per account instead of 12, so annual may be a lot more appealing. If this doesn't apply to you and you prefer, or need, the monthly interest, then monthly is for you. 

If you get monthly interest , most (if not all) accounts will still provide you with an annual summary certificate  at the end of each financial year.

Band7

Patr100 said:

Band7 said:

london21 said:

mr._prude said:

Can you change the account from yearly to monthly interest after opening?

Thought I selected monthly

Also selected monthly and think it's great motivator to see your monthly interest.

Why would you want it annually?

If you would have to pay tax on your 2022-23 savings interest but don't expect you have to pay it in 2023-24, it would make a lot of sense to go for annual tax. If you have to complete a Self Assessment, it's easier to collate just 1 lot of interest per account instead of 12, so annual may be a lot more appealing. If this doesn't apply to you and you prefer, or need, the monthly interest, then monthly is for you. 

If you get monthly interest , most (if not all) accounts will still provide you with an annual summary certificate  at the end of each financial year.

I don't collate those as they usually come weeks if not months after the end of the tax year, and I never needed them, anyway. I just record [in my personal finance app] interest when it is paid, so I know on April 6th each year exactly how much interest I have received in the previous tax year, split by tax free and taxable. I also know at any point in time throughout the year exactly how much interest I have received to date. It takes my 10 seconds to get my accrued interest amount. But if like to wait for your annual tax statements, that's fine.

daaave

Just a quick heads up.

After a month of waiting for my log on details, I went into a branch, yesterday, and the lady behind the counter copied my ID, did a new “change of details form” and manually merged my very old account (abbey national, I think?) with my new details.

she requested new internet log on details, which should be with me soon.

Took about 3/4 hr.

hopefully sorted now, finally.

Topiary

Am now looking too mostly empty the account and move to a longer fix elsewhere.

Anyone know what is maximum withdrawal value for this account?

Thanks