Santander eSaver Limited Edition (Issue 1)

london21

Personally not too bothered about chasing the next increased interest rate account 

Happy with the santander 2.75% unless maybe it gets to 5%+ for example then will be worth it.

Just keeping the funds there until I decide the next investment worth the effort. 

35har1old

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

You had the option for monthly interest

RedImp_2

Wish there was a way of seeing inflows and outflows of these accounts ( I do realise this is pie in the sky) just I would be interested in how much went into this account when it opened as it caused a bit of excitement and how much has subsequently moved out.

jimjames

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.

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

I can understand why for the hassle involved. I've opened a Cynergy account to get a better rate. I received the email confirming it was open but to register online and see account details I need a code that is being posted to me in 7 days and expires in 14 days. I go away before then so code will probably arrive when I'm away and will then expire so will have to request another on my return. By that point rates might have changed with other options and the account may never get activated as a result. In the meantime I still have the Santander account getting interest but Tesco who I already have an account with are offering close to this interest so might just stick with them.

phillw

My esaver is still open as I setup all payees on it. Cynergy is still being opened, but my float is in Skipton tracker issue 3.

baser999

london21 said:

Personally not too bothered about chasing the next increased interest rate account 

Happy with the santander 2.75% unless maybe it gets to 5%+ for example then will be worth it.

Just keeping the funds there until I decide the next investment worth the effort. 

I’m of the same mind; I don’t have a significant enough amount in any account to make it worthwhile moving around for the odd .25%. 

Bit like looking for foreign exchange where you can get an extra 2€ by changing up your £ at another outlet. Unless you’re cashing up £££s, not worth the hassle

cloud_dog

This is why it is useful to keep accounts open with the regular top or near top providers.

In this instance I decided to move from the Santander account and it must have taken me maybe 30 seconds effort. 😯

EssexHebridean

The judgement and sneering sometimes levelled on here towards those who choose to behave differently with their money to the way some people feel they “should” is incredibly off putting - and if people REALLY want this section of the site to be helpful and inclusive, dialling that judgement back might be a good way forwards IMO. 

There can be so many reasons why someone might choose to keep money in a lower paying account. In our case for example, we have our “easy access” emergency fund in Marcus still. Of course we could have moved it elsewhere for a bit more interest - particularly over the last few months when Marcus has been very laggy in passing on rate rises, but there are some solid reasons for us leaving it there right now. 

For a start, this is our “right now emergency” money - we have funds elsewhere earning higher rates, but they cannot be accessed in any way quickly, and in some cases, not for more than 6 months. It’s the fund that would pay immediate expenses should “the worst happen”. Because of that, it needs to be immediately accessible by both of us - and it needs to be somewhere that we are both comfortable and confident with using, even when perhaps stressed and panicked. We also need to be confident that when we request money, it will arrive fast. We are also currently in a position where we shortly expect to be applying for a mortgage - so neither of us want a credit check on our history right now, meaning that our options are fairly well limited to providers we already have accounts with. I did recently opt to shift my own personal easy access savings from the Santander 2.75% to Atom EA - but again, that was simply opening an account with a provider I already use, and that money only need to be accessed by me, so the sole account is fine.

I’m not posting the above for any sort of justification - just explanation. This is just a handful of perfectly valid reasons why chasing the next top rate might not be the best thing for everyone - in the same way that my approach might not be the right one for someone else. In my experience there aren’t too many areas of life when a totally black and white approach is applicable - and this is certainly true here! Our money isn’t just sitting in a current account earning nothing, and we’re not leaving huge amounts more at 2.8% than we need to - for us, right now, it works. 

surreysaver

EssexHebridean said:

The judgement and sneering sometimes levelled on here towards those who choose to behave differently with their money to the way some people feel they “should” is incredibly off putting - and if people REALLY want this section of the site to be helpful and inclusive, dialling that judgement back might be a good way forwards IMO. 

There can be so many reasons why someone might choose to keep money in a lower paying account. In our case for example, we have our “easy access” emergency fund in Marcus still. Of course we could have moved it elsewhere for a bit more interest - particularly over the last few months when Marcus has been very laggy in passing on rate rises, but there are some solid reasons for us leaving it there right now. 

For a start, this is our “right now emergency” money - we have funds elsewhere earning higher rates, but they cannot be accessed in any way quickly, and in some cases, not for more than 6 months. It’s the fund that would pay immediate expenses should “the worst happen”. Because of that, it needs to be immediately accessible by both of us - and it needs to be somewhere that we are both comfortable and confident with using, even when perhaps stressed and panicked. We also need to be confident that when we request money, it will arrive fast. We are also currently in a position where we shortly expect to be applying for a mortgage - so neither of us want a credit check on our history right now, meaning that our options are fairly well limited to providers we already have accounts with. I did recently opt to shift my own personal easy access savings from the Santander 2.75% to Atom EA - but again, that was simply opening an account with a provider I already use, and that money only need to be accessed by me, so the sole account is fine.

I’m not posting the above for any sort of justification - just explanation. This is just a handful of perfectly valid reasons why chasing the next top rate might not be the best thing for everyone - in the same way that my approach might not be the right one for someone else. In my experience there aren’t too many areas of life when a totally black and white approach is applicable - and this is certainly true here! Our money isn’t just sitting in a current account earning nothing, and we’re not leaving huge amounts more at 2.8% than we need to - for us, right now, it works. 

Agree with this. I keep my immediately accessible money in my Santander 2.75% account simply because my main current account is with Santander, and it is literally immediately transferrable to my main current account. Otherwise, with these other accounts, it might not go through until the following working day and all this other nonsense.
Don't get me wrong, I don't keep a huge amount in the 2.75% account, I keep most of my money elsewhere, but different people have different amounts of time available to be able to faff about moving money around, or different levels of interest in doing so

dealyboy

EssexHebridean said:

...

Wow ...