Santander 2.7% eSaver interest payment date

ibanarot

Hi Everyone,
I opened Santander's esaver on 16th of October., and loaded it with a bit of money.
This morning (1st of November) I expected to see monthly interest paid but was disappointed to see nothing.

My account is monthly interest, not annually. Does it not pay on 1st of each month like all others do?

4justice2

No, Santander pay interest on the monthly anniversary of account opening, not at the calendar month. So if you opened an account on the 16th, your interest should be paid every 16th day of the month.

ibanarot

It's been exactly one month today, and no interest landed in my account, 
I'll give it couple of days and contact Santander for explanations

refluxer

I opened my account and paid my first deposit in on 11th Oct and interest was credited on 12th Nov, so your interest should arrive tomorrow.

kaMelo

The monthly anniversary includes today so you should see it go in tomorrow.

Mrnkar_2

I opened mine on 13/10 but didn't pay any money in until 21/10 when I received my security letters. Just discovered I have been paid interest on 13/11 which I wasn't expecting

EssexHebridean

The interest on mine hit at close of business on the day a month after opening if I remember rightly. 

What_time_is_it

EssexHebridean said:

The interest on mine hit at close of business on the day a month after opening if I remember rightly. 

Same for me.
Effectively 1 month and 1 day after I opened it. 

Sensory

Mrnkar_2 said:

I opened mine on 13/10 but didn't pay any money in until 21/10 when I received my security letters. Just discovered I have been paid interest on 13/11 which I wasn't expecting

Weird. I opened mine on 12/10 but didn't receive interest until 14/11. I assumed it was because 13/11 was a Sunday.

Topiary

I went for monthly interest option. I received my interest after 1 month but it remains within the account? was expecting this to be paid monthly away to a nominated account?

refluxer

Topiary said:

I went for monthly interest option. I received my interest after 1 month but it remains within the account? was expecting this to be paid monthly away to a nominated account?

Interest being paid into the account is the norm for a standard savings account like this in my experience, although it's possible some banks might give the option to have it paid away.