Santander Easy Access Saver (Issue 1) Limited Edition up to 4.05%

refluxer

GeoffTF said:

refluxer said:

GeoffTF said:

I am glad that I did not bother with one of these accounts.

Why ? It was the highest-paying easy access account for quite a while when it launched and the latest issue (released last month at 5.2%) still remains one of the highest-paying easy access accounts with unrestricted access.

4.05% is now a long way from being the highest paying easy access account. I am using Shawbrook, which has been better at keeping up (currently at 5.11% AER). I try to minimise my account moves, and the record keeping and tax reporting associated with that.

Issue 1 was one of the highest-paying easy accounts for around 3 months at the end of last year before it started to lag behind. The average MSE forumite will have moved their money elsewhere long before Santander upped it to 4% but, for me, keeping £1 in it made it nice and easy to open issue 3 which is still higher than the majority of easy access accounts currently available.

I take your point about minimising account moves though and, in that respect, Shawbrook have done a good job of doing that this year with their easy access account. They haven't always been good at staying competitive though - I was forced to transfer away the easy access ISA I held with them at the end of last year, when they let the rate stagnate for many months to the point where the rate was literally half of what you could get elsewhere.

One thing I like about Santander's Easy Access Saver is that payments in and out are instant and there is no need for a nominated account, so you can pay away to any other account. I also hold the Shawbrook easy access account but, by comparison, it's slower and has more restrictions - payments in take many hours to show, withdrawals are next day (minimum £500), £1000 minimum balance etc.

Anyway - whichever accounts we hold, we should be thankful of the competition between banks for our money - it's not that long ago that rates were heading to zero !

dealyboy

@refluxer said:

GeoffTF said:

refluxer said:

GeoffTF said:

I am glad that I did not bother with one of these accounts.

Why ? It was the highest-paying easy access account for quite a while when it launched and the latest issue (released last month at 5.2%) still remains one of the highest-paying easy access accounts with unrestricted access.

4.05% is now a long way from being the highest paying easy access account. I am using Shawbrook, which has been better at keeping up (currently at 5.11% AER). I try to minimise my account moves, and the record keeping and tax reporting associated with that.

Issue 1 was one of the highest-paying easy accounts for around 3 months at the end of last year before it started to lag behind. The average MSE forumite will have moved their money elsewhere long before Santander upped it to 4% but, for me, keeping £1 in it made it nice and easy to open issue 3 which is still higher than the majority of easy access accounts currently available.

I take your point about minimising account moves though and, in that respect, Shawbrook have done a good job of doing that this year with their easy access account. They haven't always been good at staying competitive though - I was forced to transfer away the easy access ISA I held with them at the end of last year, when they let the rate stagnate for many months to the point where the rate was literally half of what you could get elsewhere.

One thing I like about Santander's Easy Access Saver is that payments in and out are instant and there is no need for a nominated account, so you can pay away to any other account. I also hold the Shawbrook easy access account but, by comparison, it's slower and has more restrictions - payments in take many hours to show, withdrawals are next day (minimum £500), £1000 minimum balance etc.

Anyway - whichever accounts we hold, we should be thankful of the competition between banks for our money - it's not that long ago that rates were heading to zero !

Good post ... worth another copy ...

I still have my eas issue 1 (4.05%) and the issue 3. Why? ... well I was using the former as my hub with lots of payees, well established, without blocks or OTPs. Of course I keep it empty but it's simple enough to transfer money from the eas issue 3 to make a transfer.

... and you never know they may up it just to spite everybody