Santander eSaver

t33

Posted this wrongly elsewhere.

Am I remembering correctly that Santander eSaver Issue 1, currently 3.25%AER rate is to be increased (by .25%?) on June 2nd (possibly applies to other issues).  Is this correct or am I daydreaming ?

Secondly, there used to be an easy way to find the legacy/no longer available accounts interest most current rates on the Savings section of their website, but no longer seems to be where I remember it (used to open a pdf IIRC).  Does anyone know where these can be found on their website now?  Googling produces a lot of out of date or irrelevant stuff.

Thanks

Band7

You posted your query in the right thread initially, and there is an answer to it

 https://forums.moneysavingexpert.com/discussion/comment/80057035/#Comment_80057035

southone

Seems unlikely https://www.santander.co.uk/personal/support/savings-and-investments/changes-to-your-savings-accounts

RG2015

t33 said:

Posted this wrongly elsewhere.

Am I remembering correctly that Santander eSaver Issue 1, currently 3.25%AER rate is to be increased (by .25%?) on June 2nd (possibly applies to other issues).  Is this correct or am I daydreaming ?

Secondly, there used to be an easy way to find the legacy/no longer available accounts interest most current rates on the Savings section of their website, but no longer seems to be where I remember it (used to open a pdf IIRC).  Does anyone know where these can be found on their website now?  Googling produces a lot of out of date or irrelevant stuff.

Thanks

Where did you hear about this?

There have now been two reports of this. Or is this how rumours are spread?

I will ignore the temptation to say "Oh yes, I heard that as well" 

PS: See the link below to Santander's legacy rates.

https://www.santander.co.uk/personal/savings-and-investments/interest-rate-finder

ForumUser7

t33 said:

Posted this wrongly elsewhere.

Am I remembering correctly that Santander eSaver Issue 1, currently 3.25%AER rate is to be increased (by .25%?) on June 2nd (possibly applies to other issues).  Is this correct or am I daydreaming ?

Secondly, there used to be an easy way to find the legacy/no longer available accounts interest most current rates on the Savings section of their website, but no longer seems to be where I remember it (used to open a pdf IIRC).  Does anyone know where these can be found on their website now?  Googling produces a lot of out of date or irrelevant stuff.

Thanks

I think OP got this idea from the MSE article ~ https://www.moneysavingexpert.com/news/2023/05/bank-of-england-base-rate-mortgages-loans/

“Santander will increase rates on its tracked savings products by 0.25 percentage points from 2 June and by  0.15 percentage points from 2 June for non-tracked products.”

It doesn’t say the rate is increasing on all products though, but even if it did, it says 0.15%, not 0.25%, for non-tracked which the eSaver limited edition issue 1 is.

Santander did not include it in their list of changing rates (https://www.santander.co.uk/personal/support/customer-support/bank-of-england-base-rate-change https://www.santander.co.uk/personal/support/savings-and-investments/changes-to-your-savings-accounts), so I would say it probably isn’t increasing. Also, they say ‘several’ are increasing, not all. If it does increase, it’s a nice surprise though - but it isn’t covered by their current announcement IMO. 

t33

Thanks for replies, and sorry for confusion.  It seems I got the wrong end of the stick.  But thanks for the savings rate finder schedule.

TheBanker

Last time the rate increased, I think it was announced late in the day, possibly on a Friday?

This suggests they did it because they were seeing customers withdrawing funds to other banks, who at that point were offering higher rates. We may see something similar happen this time round, or we might not. Depends on how the Santander customers respond to the market, and how much Santander need their money. If their Fixed Rate ISAs achieved their targets then maybe they'll be happy to let the E-Saver balances reduce. 

4justice2

eSaver is going to drop to everyday saver rate from October (below 1%,) anyway. Is it worth them even raising the rate? I've left a small amount in (handy for moving to my Santander current account). But when it drops in five months, even that small amount will be moved elsewhere!

lohr500

I would be very surprised if Santander don't roll forward their rates on esaver in October or offer something new to retain customers.

jaypers

lohr500 said:

I would be very surprised if Santander don't roll forward their rates on esaver in October or offer something new to retain customers.

They are already behind the game as the rate is now very uncompetitive (same as Atom). Already emptied mine. 

TheBanker

Like I said before, their fixed rate ISAs (with the £50 voucher) seemed very popular. Maybe they don't need the Easy Access cash as much now.