Santander 2.75% Account

southone

Currently the on offer Esaver is paying 1.50%, that's why I'm not expecting it to go up

fenwick458

When is interest added to this account? I got one in October at 2.75% and have deposited in it every moth it's now at £33k and still never had an interest payment?

4justice2

Interest payments is monthly or annually,  depending on what you choose when you open the account.
If your Santander app says 2 .75% then it's paid after a year, if it says 2.72% then it's monthly.

Oasis1

Started to withdraw in batches of 10k which would instantly be transferred but after 30k, whilst it said transactions were successful they stopped actually happening. Will try again Mon and put the £30k into Zopa pots.

[Deleted User]

Moved all my money out this morning when I received the monthly interest. No problems.

db3745

I made the mistake of not thinking through the tax implications when ticking for annual interest as against monthly when opening the account. I know I've seen at least one post saying that though terms state you can't change from annual after you open the account, and they'll confirm that if and when you request to move to monthly, it can in fact be done, and the writer had done it. I just live-chatted with Santander, asked to change, and pointed out what someone had said on here, but got a sharp No! I've lost the bookmark to remember the post where I saw this, but was going to ask if anyone had any ideas, and/or might have achieved this - maybe a branch visit? Can someone confirm that annual interest is paid on the anniversary of opening the account, not date first funded, and not 31st December as I also saw someone post weeks ago. 31st December would have suited me better!

The T & Cs don't cover this, but do say -

"The term of the account is 12 months. On maturity, we’ll transfer your account to an Everyday Saver. We’ll contact you with more details, together with your new interest rate, closer to your maturity date."

 which I hadn't realised."

refluxer

db3745 said:

I made the mistake of not thinking through the tax implications when ticking for annual interest as against monthly when opening the account. I know I've seen at least one post saying that though terms state you can't change from annual after you open the account, and they'll confirm that if and when you request to move to monthly, it can in fact be done, and the writer had done it. I just live-chatted with Santander, asked to change, and pointed out what someone had said on here, but got a sharp No! I've lost the bookmark to remember the post where I saw this, but was going to ask if anyone had any ideas, and/or might have achieved this - maybe a branch visit? Can someone confirm that annual interest is paid on the anniversary of opening the account, not date first funded, and not 31st December as I also saw someone post weeks ago. 31st December would have suited me better!

The T & Cs don't cover this, but do say -

"The term of the account is 12 months. On maturity, we’ll transfer your account to an Everyday Saver. We’ll contact you with more details, together with your new interest rate, closer to your maturity date."

 which I hadn't realised."

31st December is definitely not stated in the T&Cs, so annual interest will presumably be paid on the anniversary of account opening, as that date is also used for monthly interest payments.

In terms of tax implications, why would have annual interest being paid on 31st Dec been any better than being paid in October/November, out of interest ? 

db3745

Thanks for that. Only slight benefit, but interest earned so far would have gone into current tax year, where I've got plenty of leeway. Now all goes into 2023-2024 tax year.

soulsaver

db3745 said:

I made the mistake of not thinking through the tax implications when ticking for annual interest as against monthly when opening the account. I know I've seen at least one post saying that though terms state you can't change from annual after you open the account, and they'll confirm that if and when you request to move to monthly, it can in fact be done, and the writer had done it. I just live-chatted with Santander, asked to change, and pointed out what someone had said on here, but got a sharp No! I've lost the bookmark to remember the post where I saw this, but was going to ask if anyone had any ideas, and/or might have achieved this - maybe a branch visit? Can someone confirm that annual interest is paid on the anniversary of opening the account, not date first funded, and not 31st December as I also saw someone post weeks ago. 31st December would have suited me better!

The T & Cs don't cover this, but do say -

"The term of the account is 12 months. On maturity, we’ll transfer your account to an Everyday Saver. We’ll contact you with more details, together with your new interest rate, closer to your maturity date."

 which I hadn't realised."

When there's higher mthly rates (Al Rayan? Cov BS? etc) apply for them, reduce the Sant to min?

Patr100

Like some others , moving out of Santander to Zopa (2.86%) (then to a 30 day boosted pot at 3% ) as longer term Zopa are far more likely to raise rates than Santander for this particular account now.