Santander Easy Access Limited Edition

schiff

Why do we need a notification of any kind? It's clear enough on MSE!

SpanishBlue

huw01 said:

I have the account, it's going down, it was bound to. They have given more than ample notice of this and the communication has been clear.

Yes it is going down, come May I will probably move the money elsewhere if better rates on easy access are available dependent on who the provider is. If the rates are only marginally better by then, I may not bother - especially if the interface is clunky e.g Cynergy.

As my current account is with Santander it has been really handy so I will see.

I don't think anyone can complain that the communication has been poor, so what if you read it online before getting the email

If you open a Cynergy account now (5.1%) and stick a pound in it, at least you are more or less guaranteed that rate till next March, as they normally just bring out new issues with a different rate if the rates change rather than change the rate on the existing one.

If you wait till May, there's a chance that rates would have dropped by then for new accounts.

1spiral

SpanishBlue said:

If you open a Cynergy account now (5.1%) and stick a pound in it, at least you are more or less guaranteed that rate till next March, as they normally just bring out new issues with a different rate if the rates change rather than change the rate on the existing one.

If you wait till May, there's a chance that rates would have dropped by then for new accounts.

That is what they do when rates are rising. In a falling rate environment, they reduce the underlying rate and leave the bonus the same. (Or at least that is what they did last time rates were falling)

Johnny-Cage

SpanishBlue said:

huw01 said:

I have the account, it's going down, it was bound to. They have given more than ample notice of this and the communication has been clear.

Yes it is going down, come May I will probably move the money elsewhere if better rates on easy access are available dependent on who the provider is. If the rates are only marginally better by then, I may not bother - especially if the interface is clunky e.g Cynergy.

As my current account is with Santander it has been really handy so I will see.

I don't think anyone can complain that the communication has been poor, so what if you read it online before getting the email

If you open a Cynergy account now (5.1%) and stick a pound in it, at least you are more or less guaranteed that rate till next March, as they normally just bring out new issues with a different rate if the rates change rather than change the rate on the existing one.

If you wait till May, there's a chance that rates would have dropped by then for new accounts.

Just opened a Cynergy account, all went thru and gave me sort code and account.
put the details in my halifax to transfer £1 but just says account doesn’t exist 

Kim_13

mebu60 said:

Hattie627 said:

Putting aside FCA requirements for intimating a reduction in interest rate and looking at it purely from a practical communication point of view, Santander have given customers

• a clear email indicating (in bold) that action is required by opening the documents section in the app/online banking and also outlining the imminent change
• a clearly written letter in the app/online banking detailing the change and when it takes effect

What more can they realistically do?
 

As you asked:
- they could have included the salient details in the email, would have zero cost apart from a little thought (as well as the online document);
- they could also have sent out the document followed by the email a little earlier so customers heard the news first from them rather than reading about it in the media.

Agree absolutely on the first point. The title also doesn’t mention a rate reduction, so some account holders may assume it is a notification of a statement that they don’t need to look at (and there’s nothing wrong with not looking at a statement if you instead keep a check of your account activity online or via the app.)

On the second, as MSE had originally posted the date of the reduction as the 8th and then the 20th, I am guessing that Santander changed it after realising they would not be able to get all emails out on the 8th for whatever reason. Other providers may well have put the date out, worked their way through the emails (by which date some would not have personally had the specified period of notice) and only paid the extra interest for the days missing from the notice to those that complained. It is to their credit that those in later batches still get (probably) in excess of the notice required, and definitely the minimum.

I doubt many are hearing about it in the media. MSErs are not representative of the general population and as the account was a Limited Edition, it probably doesn’t merit a news channel or paper featuring it when Santander have behaved quite fairly. The new reduced rate will still beat Chase and others, especially high street names.

where_are_we

Got my Santander email 2 hours ago - Clear indication of interest rate and account number going down in email. More than 2 months notice which is more than reasonable. Forumites would do better to spend time opening best alternatives rather than complaining.

coey

So much for the "12 month term" then......another one to keep an eye on is the edge saver account , the 7% interest reduces to zero for anything above the 4K max so make sure you transfer any interest out of the account sharpish , ps you can't have the interest paid to a different account but you can sign up for notification of when balance exceeds 4K........." At the end of the term The term of the account is 12 months. At the end of the term, we’ll transfer your account to an Everyday Saver. We’ll contact you with more details, including your new interest rate, before the account term ends. "

friolento

coey said:

So much for the "12 month term" then......another one to keep an eye on is the edge saver account , the 7% interest reduces to zero for anything above the 7K max so make sure you transfer any interest out of the account sharpish , ps you can't have the interest paid to a different account but you can sign up for notification of when balance exceeds 7K.

I thought the limit for interest on the Edge Save is £4,000?

baser999

friolento said:

coey said:

So much for the "12 month term" then......another one to keep an eye on is the edge saver account , the 7% interest reduces to zero for anything above the 7K max so make sure you transfer any interest out of the account sharpish , ps you can't have the interest paid to a different account but you can sign up for notification of when balance exceeds 7K.

I thought the limit for interest on the Edge Save is £4,000?

So did I. I make a point of transferring the monthly interest out to keep the balance at £4k

coey

friolento said:

coey said:

So much for the "12 month term" then......another one to keep an eye on is the edge saver account , the 7% interest reduces to zero for anything above the 7K max so make sure you transfer any interest out of the account sharpish , ps you can't have the interest paid to a different account but you can sign up for notification of when balance exceeds 7K.

I thought the limit for interest on the Edge Save is £4,000?

sorry , now corrected