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 

Frogletina

Does anyone have the key facts for this account?

I closed mine 6 weeks into the tax year 24/25 and have just found out that all the interest has been paid in that tax year. I queried HMRC as they have sent me an amended tax code for 24/25 and reduced my pension this month and will for the remainder of this tax year.

Santander do not send out tax statements automatically. I managed to find the closing statement on their app...very difficult. The final statement does not mention interest at all but says closing balance sent to (current account) but does show an incoming payment on the same day of the amount of the accrued interest...it just does not call it interest . The previous statement dated 05/04/2024 shows no interest paid.
.
I raised a complaint with Santander but they closed it saying it was calculated in accordance with their terms and conditions

dealyboy

I do have it @Frogletina ...



So interest was paid gross annually or monthly as determined on opening.

You may also be interested to read the changes to the T&Cs communicated by e-mail on 11 July 2023, notably the change of name eSaver to Easy Access Saver and the term 12 months to 20 months ...



I opened the saver on 12 October 2022 and received gross interest on 13 October 2023 (12 months) and 13 June 2024 (12-20 months).

From what you have said I would have expected the closing interest to have been paid gross into your current account in the 2024/25 tax year and included in the tax on savings assessment in 2025 for 2024/25. If tax were due HMRC might have sent a tax demand or make the changes that you have described.

I hope this helps.

allegro120

Frogletina said:

Does anyone have the key facts for this account?

I closed mine 6 weeks into the tax year 24/25 and have just found out that all the interest has been paid in that tax year. I queried HMRC as they have sent me an amended tax code for 24/25 and reduced my pension this month and will for the remainder of this tax year.

Santander do not send out tax statements automatically. I managed to find the closing statement on their app...very difficult. The final statement does not mention interest at all but says closing balance sent to (current account) but does show an incoming payment on the same day of the amount of the accrued interest...it just does not call it interest . The previous statement dated 05/04/2024 shows no interest paid.
.
I raised a complaint with Santander but they closed it saying it was calculated in accordance with their terms and conditions

I have key facts for eSaver Limited Edition (Issue 1).  I'm not sure if it's the same account described in the title of this thread.  It was launched in October 2022, I think.

eskbanker

Frogletina said:

I closed mine 6 weeks into the tax year 24/25 and have just found out that all the interest has been paid in that tax year. I queried HMRC as they have sent me an amended tax code for 24/25 and reduced my pension this month and will for the remainder of this tax year.

Do you mean that they've adjusted your code for 2025/26?  If Santander paid you interest in May 2024 then they'd have reported this to HMRC a few months ago and HMRC's default assumption is that you'll earn the same interest each year, so they'll set tax codes on that basis.  If that's inaccurate, you can advise them of more accurate numbers to use, reflecting accounts that have been closed, etc.

Details on threads such as:

https://forums.moneysavingexpert.com/discussion/6651686/update-savings-income-current-year
https://forums.moneysavingexpert.com/discussion/6646484/help-contacting-hmrc-to-change-estimated-to-actual-untaxed-interest

Frogletina

dealyboy said:

I do have it @Frogletina ...



So interest was paid gross annually or monthly as determined on opening.

You may also be interested to read the changes to the T&Cs communicated by e-mail on 11 July 2023, notably the change of name eSaver to Easy Access Saver and the term 12 months to 20 months ...



I opened the saver on 12 October 2022 and received gross interest on 13 October 2023 (12 months) and 13 June 2024 (12-20 months).

From what you have said I would have expected the closing interest to have been paid gross into your current account in the 2024/25 tax year and included in the tax on savings assessment in 2025 for 2024/25. If tax were due HMRC might have sent a tax demand or make the changes that you have described.

I hope this helps.

Thank you. I think that the interest was applied correctly now, but the bank statements confused me as no mention of interest at all on either statement. 

I asked HMRC for a list of accounts for the tax year 24/25 because they originally said the estimated interest was £1589 and in December last year they amended that figure to £3483 and said I owed £607.40 and it would be collected by April 2026. 

My pension was reduced by about £100 this month which leaves over £500 to be collected over the next 3 months

Frogletina

eskbanker said:

Frogletina said:

I closed mine 6 weeks into the tax year 24/25 and have just found out that all the interest has been paid in that tax year. I queried HMRC as they have sent me an amended tax code for 24/25 and reduced my pension this month and will for the remainder of this tax year.

Do you mean that they've adjusted your code for 2025/26?  If Santander paid you interest in May 2024 then they'd have reported this to HMRC a few months ago and HMRC's default assumption is that you'll earn the same interest each year, so they'll set tax codes on that basis.  If that's inaccurate, you can advise them of more accurate numbers to use, reflecting accounts that have been closed, etc.

Details on threads such as:

https://forums.moneysavingexpert.com/discussion/6651686/update-savings-income-current-year
https://forums.moneysavingexpert.com/discussion/6646484/help-contacting-hmrc-to-change-estimated-to-actual-untaxed-interest

Thanks Eskbanker

Oh yes, I did mean 25/26 tax year but it came as tax calculation for 24/25


I usually keep good records of my interest each year and it usually matches up with HMRC records. Unfortunately during the last two years I lost some records on my computer and I also was unwell so it's taken me a while to get up to date again.

In April I will be able to put more money into an ISA and only keep the money I'm putting in my higher interest regular savers out of Isas so this problem should not arise again

dealyboy

Frogletina said:

dealyboy said:

I do have it @Frogletina ...



So interest was paid gross annually or monthly as determined on opening.

You may also be interested to read the changes to the T&Cs communicated by e-mail on 11 July 2023, notably the change of name eSaver to Easy Access Saver and the term 12 months to 20 months ...



I opened the saver on 12 October 2022 and received gross interest on 13 October 2023 (12 months) and 13 June 2024 (12-20 months).

From what you have said I would have expected the closing interest to have been paid gross into your current account in the 2024/25 tax year and included in the tax on savings assessment in 2025 for 2024/25. If tax were due HMRC might have sent a tax demand or make the changes that you have described.

I hope this helps.

Thank you. I think that the interest was applied correctly now, but the bank statements confused me as no mention of interest at all on either statement. 

I asked HMRC for a list of accounts for the tax year 24/25 because they originally said the estimated interest was £1589 and in December last year they amended that figure to £3483 and said I owed £607.40 and it would be collected by April 2026. 

My pension was reduced by about £100 this month which leaves over £500 to be collected over the next 3 months

@Frogletina I received the  following in online Statements and Documents ...

statement 12th Oct 2022 to 5th Apr 2023 (received 17 April 2023)
account summary 6 April 2022 to 5 April 2023 (received 17 May 2023) interest zero
statement 6th Apr 2023 to 5th Apr 2024 (received 10 April 2024)
  note: interest shows in 'Interest and refunds paid this period' first page and inline
account summary 6 April 2023 to 5 April 2024 (received 22 May 2024) shows interest
statement 6th Apr 2024 to 5th Apr 2025 (now Everyday Saver received 12 April 2025) shows interest
account summary 6 April 2024 to 5 April 2025 (received 16 May 2025) shows interest