Santander eSaver Limited Edition (Issue 1)

Band7

surreysaver said:

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

If you used CHIP, you could also move your money willy-nilly and you'd get 11% more interest than in the Santander esaver

williambrian

Thanks very much to everyone that replied, I suspected what you have all said, just wanted to make sure, probably will put it back into the Marcus account.

Band7

williambrian said:

Thanks very much to everyone that replied, I suspected what you have all said, just wanted to make sure, probably will put it back into the Marcus account.

Even though you could get at least 10% more in other accounts? 

london21

The same account had the option for monthly or annual. 

My santander interest is  every month.

Will shop around again but as I already bank with santander was an easy decision opening the 2.75% account.

Also have the Barclays rainy day saver 5% but just £5000

Also went for the Barclays 1 year fixed Isa at 4%.

dealyboy

I have moved most of the cash to Chase, but am leaving a couple of k for convenience and manoeuvrability (the spelling is correct MSE) reasons. Hint: Basic current accounts can be useful.

TBH I think unless one has a high amount of cash the significant difference between the ten or so instant acces savings accounts congregating around the 3% mark at the moment is the other factors, considering that inflation is over 10%.

GeoffTF

Band7 said:

williambrian said:

Thanks very much to everyone that replied, I suspected what you have all said, just wanted to make sure, probably will put it back into the Marcus account.

Even though you could get at least 10% more in other accounts? 

How much is his time worth? If he only has a few thousand in there it does not matter. The account is already open. He does not have to convince Santander that Marcus is not a scammer, and risk getting locked out of his account in the process. Records of the account already have to be kept. The interest already has to be reported to HMRC. There will be another account paying slightly more interest along in a few more weeks time.

Band7

GeoffTF said:

Band7 said:

williambrian said:

Thanks very much to everyone that replied, I suspected what you have all said, just wanted to make sure, probably will put it back into the Marcus account.

Even though you could get at least 10% more in other accounts? 

How much is his time worth? If he only has a few thousand in there it does not matter. The account is already open. He does not have to convince Santander that Marcus is not a scammer, and risk getting locked out of his account in the process. Records of the account already have to be kept. The interest already has to be reported to HMRC. There will be another account paying slightly more interest along in a few more weeks time.

Not sure what all this time-thing is supposed to be as I don’t charge myself for managing my money and I have dozens of accounts. Sure, it takes a minute or two to open a new account but from thereon it’s easy to make extra money, even if only pennies. It’s quite odd to see people on a money saving expert site effectively sponsoring banks by encouraging acceptance of lower interest rates.

But each to their own.

GeoffTF

Band7 said:
It’s quite odd to see people on a money saving expert site effectively sponsoring banks by encouraging acceptance of lower interest rates.

You are doing that by putting any more of your money than you need to do in any of these accounts. The interest rates are all rubbish. They are much less than the base rate, and much, much less than inflation. It is better to spend your time doing what you can to protect the bulk of your money, rather than the small change.

subjecttocontract

Band7 said:

GeoffTF said:

Band7 said:

williambrian said:

Thanks very much to everyone that replied, I suspected what you have all said, just wanted to make sure, probably will put it back into the Marcus account.

Even though you could get at least 10% more in other accounts? 

How much is his time worth? If he only has a few thousand in there it does not matter. The account is already open. He does not have to convince Santander that Marcus is not a scammer, and risk getting locked out of his account in the process. Records of the account already have to be kept. The interest already has to be reported to HMRC. There will be another account paying slightly more interest along in a few more weeks time.

Not sure what all this time-thing is supposed to be as I don’t charge myself for managing my money and I have dozens of accounts. Sure, it takes a minute or two to open a new account but from thereon it’s easy to make extra money, even if only pennies. It’s quite odd to see people on a money saving expert site effectively sponsoring banks by encouraging acceptance of lower interest rates.

But each to their own.

Well let's be realistic and accept that not everyone is like you. Yes, this is a money saving web site but some of us view the time required to make very small increases in interest payments can sometimes be put to better use. I accept that if you already have an account open then transfering money from a lower interest account is generally very easy. But if the account is not already open it can take some time to set up and some accounts are more time consuming than others. That's not to say it's not worthwhile but it really does depend on the amount of money involved and the increase in interest payments. For example I wouldn't be particularly interested in spending time moving any money to make £5 extra over the next few months because I can generate more income by using my time doing other things. Participation in this forum is not dependent on everyone adopting your way of organising your finances.

Band7

..... but some of us view the time required to make very small increases in interest payments can sometimes be put to better use.......

Like: writing long posts on the MSE Forum about the time it takes to move your money to the best paying accounts?