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Santander Easy Access Limited Edition
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baser999 said: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?baser999 said: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?0 -
coey said:So much for the "12 month term" [snip]2
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I think putting the interest down a whole % point on limited issue, 12 month fixed term, account is a bad look for Santander, especially since the base rate hasn't shifted at all since it was launched and when it does it's highly unlikely to come down by anything like as much.
I accept totally it's their right to do this but I'm not full of gratitude that they've done it, extra notice or otherwise.6 -
My Santander EA Saver Interest is dropping by 1% from 5.08% as from May
So it looks like the race is on to shift cash savings to avoid losing out on the coming interest rate cuts coming soon
Anyone got any ideas on the banks or building societies which are more likely to be last to drop their interest rate0 -
Rates aren't just determined by BOE base rate. Despite the fanatical coverage it receives. Lenders set their deposit / savings rates according to their own demands for cash.
Any account which offers a rate above base rate (or is similar too) is worth locking into.3 -
Rates aren't just determined by BOE base rate. Despite the fanatical coverage it receives. Lenders set their deposit / savings rates according to their own demands for cash.
Any account which offers a rate above base rate (or is similar too) is worth locking into.
You are not going to get a easy access account that you can hold a large sum in that pays above base rate.
Currently a 1yr fix 5.28 min dep £10000
The current best easy excess with Virgin 5.11% but restricted to 3 withdrawals before rate is reduced
Cynergy may be a better bet 5.1% but only for a year
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The only people mentioning the relationship to the base rate are posters here - Santander, in the letter, say it's 'because of expected changes in the interest rates we receive'.1
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BooJewels said:The only people mentioning the relationship to the base rate are posters here - Santander, in the letter, say it's 'because of expected changes in the interest rates we receive'.1
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WillPS said:BooJewels said:The only people mentioning the relationship to the base rate are posters here - Santander, in the letter, say it's 'because of expected changes in the interest rates we receive'.3
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WillPS said:I think putting the interest down a whole % point on limited issue, 12 month fixed term, account is a bad look for Santander, especially since the base rate hasn't shifted at all since it was launched and when it does it's highly unlikely to come down by anything like as much.
I accept totally it's their right to do this but I'm not full of gratitude that they've done it, extra notice or otherwise.
Santander evidently don't need as much money as they're currently paying out 5.2% interest on so are reducing it - the base rate could be 100% and it wouldn't make a difference (aside from the economy crash obviously!) - if they don't need it, they don't need it. You'd presumably do the same in reverse (i.e. you're paying out interest on an overdraft while you have excessive amounts of money in your savings account)?
Your suggestion that they just put the excess in a BOE account and pass on the interest doesn't seem particularly logical when they're likely going to drop below 5.2% in the near future.0
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