Santander 2.75% Account

whatleytom87

InvesterJones said:

Does anyone know what time of day the account balance is assessed for interest? I can only find 'daily' in the documentation.

Usually it would be balance overnight which would normally be when balance is looked at and interest accrued in the background. 

Heinzbean

Section 62

Im usually the first to open high interest accounts.I usually see an account , go for a run and think about it

come back and open the account. I just haven't decided on this one yet.

i wouldn't put it past Santander to fill their Coffers then pull the rate .

DannyCarey

Is it not essentially guaranteed 2.75% for 12 months?

trickydicky14

DannyCarey said:

Just opened one up, took seconds as I am already a customer, haven't read the detail just yet.

Are there any caveats to getting the 2.75%, do you have to add in a certain amount every month, or setup direct debits etc? Or can you just add money as you want?

Did you not bother to look at the terms before you pressed the button?

refluxer

DannyCarey said:

Is it not essentially guaranteed 2.75% for 12 months?

No, the interest rate is variable. 12 month is just the maximum amount of time you can hold the account before it reverts to a standard savings account at a much lower rate.

InvesterJones

DannyCarey said:

Is it not essentially guaranteed 2.75% for 12 months?

It's variable, but they will give you notice (2 months) before any lowering, which is plenty of time to switch out to somewhere higher, and no restrictions/penalties on doing so.

4justice2

DannyCarey said:

Is it not essentially guaranteed 2.75% for 12 months?

No, it's a variable rate, so it could go up or down. Terms and conditions say they'll give two months notice of rate reduction though.

london21

The account does not require direct debits or certain amount paid each month which makes it really easy.

Rates constantly changing, the only thing i am not happy with the 2.75% Santander esaver account is that it is variable.

Section62

Heinzbean said:

i wouldn't put it past Santander to fill their Coffers then pull the rate .

So why wait until after they've done that?

Obviously people should only apply for accounts that suit their needs, but having identified a suitable product, delaying an application until after the product is withdrawn makes no sense, especially as an existing customer of the FI and with the application process (in theory) only needing a minute or so of online effort.

Section62

london21 said:

Rates constantly changing, the only thing i am not happy with the 2.75% Santander esaver account is that it is variable.

Variable means it could go up.  If it were fixed then we'd all know with virtual certainty that we'd need to move money elsewhere as this upward curve develops.