Santander Easy Access Limited Edition

nedwilsher

The Key Document ofr this account states the annual interest at 5.20% AER/gross and the monthly interest rate at 5.08% AER/gross. Should the monthly not read 5.08% gross (5.20% AER)? Or have I misunderstood how AER works?

Nebulous2

nedwilsher said:

The Key Document ofr this account states the annual interest at 5.20% AER/gross and the monthly interest rate at 5.08% AER/gross. Should the monthly not read 5.08% gross (5.20% AER)? Or have I misunderstood how AER works?

It wouldn't be 5.2% AER if you withdraw the interest monthly. That's what the 5.08% represents in my opinion. 

AndyTh_2

nedwilsher said:

The Key Document ofr this account states the annual interest at 5.20% AER/gross and the monthly interest rate at 5.08% AER/gross. Should the monthly not read 5.08% gross (5.20% AER)? Or have I misunderstood how AER works?

yes it's a mistake Satander made in their Key Document.

AER needs to account for compounding of paid interest for the year as if it was kept in the account. (Not an opinion)

Rollinghome

nedwilsher said:

The Key Document ofr this account states the annual interest at 5.20% AER/gross and the monthly interest rate at 5.08% AER/gross. Should the monthly not read 5.08% gross (5.20% AER)? Or have I misunderstood how AER works?

A mistake. It should read as you say. The amount of interest as shown in the example is correct for both - assuming the £1k is untouched for 12 months.

dosh37

I just attempted to open one of these accounts.

After entering all the details the website froze.

The final 'Continue' button had no effect.

After a while I received a timeout and error message.

I repeated the process using MS Edge in case there was an issue with Firefox + uBlock Origin but had the same issue.

Hal17

Does anyone know if you can upgrade a current Easy Access Account to this latest edition? I have an account currently paying 4.2%.

southone

Sounds like they're overwhelmed with applications I would try again later

SaveTheEuro

Hal17 said:

Does anyone know if you can upgrade a current Easy Access Account to this latest edition? I have an account currently paying 4.2%.

You just open a new 5.2% account and then transfer the funds over.

Swipe

Hal17 said:

Does anyone know if you can upgrade a current Easy Access Account to this latest edition? I have an account currently paying 4.2%.

No, it's not possible. Just log in and open a new one and move your funds across. Takes less than 2 mins to do.

Bigwheels1111

As above open the new one.

I funded the old one and moved the money over rather than setting up a new payee.

To open the new account and fund from Tandem and chip took 5 minutes in total.

dosh37

Hmmm - So I just logged on to Santander Online Banking using old details (I no longer have any accounts with them). I then followed the process to open a new Easy Access Savings Account as an existing customer. That appears to have worked.

Either they have deliberately blocked new customers from opening one of these savings accounts or the application process on the website is broken.

It could be that the issue is already sold out as per bullet point 3 above.