Santander eSaver Rate increase to 3.25%

dealyboy

Hi @eastmidsaver ...

eastmidsaver said:

i got the email last night,  and today it is showing as 3.2% in the Santander app,  so have transferred it over from Chase. 

... I presume you're set for monthly interest, mine is 3.25% in online banking, annual.

Band7

Stargunner said:

Band7 said:

MX5huggy said:

Band7 said:

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.

I just have these 2 with current accounts I use, can’t be bothered with others for what would be about £10 per year extra. Anymore gets put to work elsewhere. 

Whether it’s £10 or any other amount for you, it is simply not true that Santander lead the instant access offerings which have always been far numerous than only Chase and Santander

They are not the market leader, but they are competitive again. Some people are not comfortable with the ‘open banking’ procedure that CHIP use.

I appreciate that some people will be reticent about Open Banking and it’s only prudent that to inform yourself before jumping onto something new. There’s a useful MSE guide about OB, and there is certainly no reason to cut your nose off to spite your face.

https://www.moneysavingexpert.com/banking/open-banking/

CHIP also offer debit card / ApplePay / GooglePay deposits, though these are (with the exception of  Halifax Reward purposes, perhaps) quite useless IMO.

Qyburn

Stargunner said:
They are not the market leader, but they are competitive again. Some people are not comfortable with the ‘open banking’ procedure that CHIP use.

As far as I can see this applies only to the account available for a short time last Autumn (eSaver Limited Edition Issue 1). It doesn't look like you can open a new savings account and get 3.25%

If that's true it's a little odd as they won't get new business as a result.

Did the Issue 2 get a rise as well?

PosterBoy77

Qyburn said:

Stargunner said:
They are not the market leader, but they are competitive again. Some people are not comfortable with the ‘open banking’ procedure that CHIP use.

As far as I can see this applies only to the account available for a short time last Autumn (eSaver Limited Edition Issue 1). It doesn't look like you can open a new savings account and get 3.25%

If that's true it's a little odd as they won't get new business as a result.

Did the Issue 2 get a rise as well?

I suspect they only increased the Special Issue 1 as many holders have probably moved lots of money out over the last few months. The people that got them are the most likely to move their money. Those who were happy with issue 2 probably moved much less money out. I guess they probably think it is easier to entice the existing holders of issue 1 back by increasing rates than offering a new account with all the admin to open them all.

dealyboy

@Qyburn

Qyburn said:

Stargunner said:
They are not the market leader, but they are competitive again. Some people are not comfortable with the ‘open banking’ procedure that CHIP use.

As far as I can see this applies only to the account available for a short time last Autumn (eSaver Limited Edition Issue 1). It doesn't look like you can open a new savings account and get 3.25%

If that's true it's a little odd as they won't get new business as a result.

Did the Issue 2 get a rise as well?

... I think it is only the Issue 1, they explicitly state 'Issue 1' when logging in (see post 2) ... I was surprised as I thought it was a means to an end, move on type account and I would have expected an 'Issue 3' whereupon I would have switched to that one, plus there would be new money from new account applicants as you say.

eastmidsaver

dealyboy said:

Hi @eastmidsaver ...

eastmidsaver said:

i got the email last night,  and today it is showing as 3.2% in the Santander app,  so have transferred it over from Chase. 

... I presume you're set for monthly interest, mine is 3.25% in online banking, annual.

dealyboy said:

Hi @eastmidsaver ...

eastmidsaver said:

i got the email last night,  and today it is showing as 3.2% in the Santander app,  so have transferred it over from Chase. 

... I presume you're set for monthly interest, mine is 3.25% in online banking, annual.

yes,  mine is monthly.

Alexland

I just upgraded the interest rate on my Santander Cash ISA and 3.2% feels pretty good for a substantial amount of money in easy access ready for when I give what was previously in my iWeb ISA to my wife to buy her out of the house. Let's hope the divorce drags on so I benefit from the new rate...

inflationbuster

Just in time as was going to move  my savings  to Zopa, whom offer a similar rate. 

trust.no.1

Middle_of_the_Road said:

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. 

You are quite right- the latest issue of the eSaver (issue 21) is still languishing at 1.5%. I am one of the old "loyal" Abbey National faithfull and have so far resisted finding a new home for my savings, instead opening and transferring to newer eSaver issues - for some reason Santander do not allow you to directly upgrade eSaver accounts

I'm hoping that Santander upgrades the rates on eSaver issue 21 on April 18th or introduce an eSaver issue 22 at the new rate. If they don't I will finally have to get my backside into gear and seek a better home for my savings.

jaypers

trust.no.1 said:

Middle_of_the_Road said:

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. 

You are quite right- the latest issue of the eSaver (issue 21) is still languishing at 1.5%. I am one of the old "loyal" Abbey National faithfull and have so far resisted finding a new home for my savings, instead opening and transferring to newer eSaver issues - for some reason Santander do not allow you to directly upgrade eSaver accounts

I'm hoping that Santander upgrades the rates on eSaver issue 21 on April 18th or introduce an eSaver issue 22 at the new rate. If they don't I will finally have to get my backside into gear and seek a better home for my savings.

I have to ask why you haven’t moved your money out to somewhere else? You can easily achieve 3.2% and it would take you just a few minutes to open an account with somewhere like Atom, or even Marcus (only 3%) if you wanted web based rather than app, both of which use immediate Faster Payments. You are throwing money away!