Santander eSaver Limited Edition (Issue 1)

williambrian

Hi, I opened a Santander eSaver Limited Edition (Issue 1), around October last year, it's an easy access account the interest rate variable, started at 2.75%, it was good at the time but others are starting to look better. My previous Marcus easy access account applied the interest monthly, the Santander account states that interest is calculated monthly but payed annually. My question is, if I withdraw the money to open an account with a better interest rate, will I get the interest for the previous months, I would leave a small amount in to keep the account open. Thanks

dgpur

The simple answer is - yes. Any earned interest to date will be added to the account.

rallycurve

I'm pretty sure they paid my interest monthly, maybe it was an option on application, I can't remember.
But yes, even if it is paid annually you'll get the interest eventually. Also if you close the account you'll get it immediately 

mebu60

dgpur said:

The simple answer is - yes. Any earned interest to date will be added to the account.

If you close it.

The interest is calculated daily. When you (wb) opened the account you had the choice of monthly or annual interest. Once the selection was made it could not be changed.

If you leave a small amount in there interest will be added at the end of the account year if you selected annual interest.

dgpur

mebu60 said:

dgpur said:

The simple answer is - yes. Any earned interest to date will be added to the account.

If you close it.

The interest is calculated daily. When you (wb) opened the account you had the choice of monthly or annual interest. Once the selection was made it could not be changed.

If you leave a small amount in their interest will be added at the end of the account year if you selected annual interest.

That’s what I meant - at the point interest is usually added. The OP was clear about not wanting to close the account.

4justice2

williambrian said:

Hi, I opened a Santander eSaver Limited Edition (Issue 1), around October last year, it's an easy access account the interest rate variable, started at 2.75%, it was good at the time but others are starting to look better. My previous Marcus easy access account applied the interest monthly, the Santander account states that interest is calculated monthly but payed annually. My question is, if I withdraw the money to open an account with a better interest rate, will I get the interest for the previous months, I would leave a small amount in to keep the account open. Thanks

Interest is calculated daily, then paid either monthly or annually. This is a choice you make on opening the account, and (as far as I'm aware) can't be changed later.
If you withdraw ALL the money and CLOSE the account they will pay all interest to date.
But if you leave the account open (even with a nil balance) they won't pay interest till the normal interest due date.

jak22

That account was a good rate for about two months really - it's always possible the rate might increase so some will have kept a small amount in as opening accounts is always the hard part - which is fine for monthly interest which will show as 2.72% - but it doesnt seem that likely it will overtake other accounts again

MikeJXE

jak22 said:

That account was a good rate for about two months really - it's always possible the rate might increase so some will have kept a small amount in as opening accounts is always the hard part - which is fine for monthly interest which will show as 2.72% - but it doesnt seem that likely it will overtake other accounts again

Thats the reason I have just emptied mine

Unusually it's not showing as gone yet despite transferring the balance to another bank 

Swipe

jak22 said:

That account was a good rate for about two months really - it's always possible the rate might increase so some will have kept a small amount in as opening accounts is always the hard part - which is fine for monthly interest which will show as 2.72% - but it doesnt seem that likely it will overtake other accounts again

I can't see the rate increasing on the account. More than likely they would issue a new version instead.

GeoffTF

I have still got my old Marcus account, which has increased its interest rate to 2.8% today. I have moved the small amount of cash that I have in the eSaver to Marcus. I will close the eSaver to ensure that the interest (from a much bigger deposit) is paid in this tax year. Most of my cash is now in a money market fund, paying just under 4%.

surreysaver

The only reason mine is still open is because my main current account and mortgage is with Santander, and can move my money willy-nilly between the accounts