Santander Easy Access Limited Edition

cloud_dog

Have set a reminder in my calendar for 19 May.

Brewer21

Just had notification of this too.

I've just had a switch bonus from Ulster after opening an account there. They offer a Loyalty Saver @5.20% so the same (currently as Santander)  but you need £5k+ in to get that rate, it too can reduce the rate, interest paid annually. Might switch it there but hold fire.

happybagger

So we get an email from Santander telling us the rate's going down and to log into the account to read a document to see the new rate and date.

Must be an exercise in seeing how many actually read emails and follow their instruction, as it wouldn't have been hard for them to say 4.2% from 20 May in that email!

Brewer21

happybagger said:

So we get an email from Santander telling us the rate's going down and to log into the account to read a document to see the new rate and date.

Must be an exercise in seeing how many actually read emails and follow their instruction, as it wouldn't have been hard for them to say 4.2% from 20 May in that email!

I thought that was odd too.
Also a few days ago me and the Mrs had emails (both in Santander) guarding against scammers via email. Makes you think, is this latest a scam, obviously not now but you do think this.

Johnny-Cage

Reminder set will look nearer the time for another Easy Access account 

Fingerbobs

At this moment in time, I have a couple of other instant-access accounts that would beat the new Santander rate from May, but of course it's possible those rates will also drop in the meantime, so Santander could well remain the best option.

(No email received here yet, incidentally. I wait with bated breath...)

friolento

happybagger said:

So we get an email from Santander telling us the rate's going down and to log into the account to read a document to see the new rate and date.

Must be an exercise in seeing how many actually read emails and follow their instruction, as it wouldn't have been hard for them to say 4.2% from 20 May in that email!

The document is proof that they sent us the notification, and they will also know whether we opened the document or not. An email might not be considered proof.

subjecttocontract

I see no point in opening the document seeing as their announcement to reduce the interest rate is already reported in the media. 

TheBanker

subjecttocontract said:

Santander are likely to catch a cold with this.
We have x2  of these accounts which are likely to be moved elsewhere. Santander cash ISA rates are not competitive either so come April 6th we have x4 of these that are likely to be transferred elsewhere as well......about £150,000 in total. We can t be the only ones about to say we're off.

That is presumably what they want to happen. They know people who have this account opened it recently, so are likely to be the kind of people that chase the best rate, rather than sticking with one bank out of loyalty or inertia.

It is possible for a bank to have too much money, or in this case too much expensive money. They're probably quite happy to see some of it leave, rather than keep paying above market rates. 

Qyburn

I'll wait as well. There's no obvious alternative springing out that would suit both of us, I know Mrs Q wouldn't go for an app only and has limited patience for rate chasing.