Santander eSaver Rate increase to 3.25%

jimjames

I guess it will be the start of a series of rises from different providers but just received an email from Santander

We're increasing the interest rate on your eSaver Limited Edition (Issue 1) to 3.25% AER / 3.20% gross (variable).

dealyboy

Thanks that's unexpected good news ... switcheroony time.

Haven't had the e-mail but a message before the internet banking dashboard ...

Some good news

In the next five working days we'll increase the interest rate to 3.25% AER/gross (variable) on your eSaver Limited Edition (Issue 1) account.

You don't need to do anything. The interest rate increase will be automatically applied to your account. There are no other changes to how your account works.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay where no income tax has been deducted. Rates may change and we pay interest each month.

Band7

Do we know, is it for both issues of the esaver? I only have special edition one (sitting at 2.75% AER), to which the increase applies. What about the 1.5% AER one?

Middle_of_the_Road

No mention of either current issue or limited edition eSaver

Changes to Your Savings Accounts | Support | Santander UK

We’re also increasing rates on a number of our products that aren’t linked to the base rate on 28 March and 18 April. Details of your new rates are below. 

Account name	Rate shown	Interest rate before 28 March	Effective from 28 March
Everyday Saver	AER/gross (variable)	0.60%	0.70%
Private Everyday Saver	AER/gross (variable)	0.60%	0.70%
Instant Saver	AER/gross (variable)	0.60%	0.70%
Special Reserve Account	AER/gross (variable)	0.60%	0.70%
Charity Investment Account	AER/gross (variable)	0.60%	0.70%
eSaver (Issue 18)	AER/tax free (variable)	0.60%	0.70%
eSaver (Issue 19)	AER/tax free (variable)	0.60%	0.70%
Private eSaver (Issue 7)	AER/tax free (variable)	0.60%	0.70%
eISA (Issue 12)	AER/tax free (variable)	0.60%	0.70%
ISA Saver	AER/tax free (variable)	0.60%	0.70%
Easy ISA	AER/gross (variable)	0.60%	0.70%
Inheritance ISA	AER/gross (variable)	0.60%	0.70%
TOISA	AER/gross (variable)	0.60%	0.70%
Abbey National Retirement Investment Account (ANRIA)	AER/gross (variable)	3.75%	4.00%

MX5huggy

Chase vs Santander 

Santander take the lead “within 5 days” so when is that? Move the money on Wednesday night? 

allegro120

jimjames said:

I guess it will be the start of a series of rises from different providers but just received an email from Santander

We're increasing the interest rate on your eSaver Limited Edition (Issue 1) to 3.25% AER / 3.20% gross (variable).

Yes, I expect a number of challengers to go above it soon. Also Virgin has been very quiet on "linked savings" for some time.

Alistair31

Looks like out of Chase and back to Santander then. Yay!

Swipe

Finally, savers revenge after all these years. Roll on 5%

mr_accountant

received the same email Friday evening surprised that they're doing it and especially by the amount, 3.25% ongoing calls for a beer! 

Band7

MX5huggy said:

Chase vs Santander 

Santander take the lead “within 5 days” so when is that? Move the money on Wednesday night? 

The instant access lead has been standing at 3.4% since March 7.

nottsphil

mr_accountant said:

received the same email Friday evening surprised that they're doing it and especially by the amount, 3.25% ongoing calls for a beer! 

Isn't this the 2.75% APR account they launched months ago and  left untouched until now? I'd have thought they would have acted sooner because they must surely have been haemorrhaging money the last few weeks.