Santander Easy Access Limited Edition

WillPS

BooJewels said:

WillPS said:

callum9999 said:

WillPS said:

callum9999 said:

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.

Why do you think the base rate is relevant?

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.

Seems incredibly poor planning to swamp the market with an eyecatching offer on a short 12 month term and then find themselves 6 months in to it having bitten off more than they could chew. 

There were other levers available than to notch down a full % point. They're absolutely entitled to do what they've done - my point is merely that it's a bad look; Santander will have captured a lot of new business with this offer and you can only imagine a good amount of them will be thinking along similar lines with this.

But that's not what they did... They varied the rate of their variable rate savings account.

Yes, but they decided that this was the best one. I assume you aren't claiming you know better than them, despite having absolutely no idea what the data driving this decision was? 

People moan about anything and everything. Do you take think Santander are oblivious to the idea that people prefer higher savings rates? They'll be well aware that some people will leave/remove money. 

Not moaning. I will continue to use Santander's services, which I do well out of. Just disagreeing with others filled with gratitude for 13 days more notice than they contractually committed to and additionally commenting in my opinion it's a bad look to 'outdrop' the BoE base rate on a 12 month fixed saver.

It's OK if we have a different opinion, the thread will contain both views

But it's not a 'fixed saver' and is clearly labelled as having a variable rate of interest.  The name of the account is Easy Access Saver Limited Edition (Issue 3) and the 'term' of the account is for 12 months, at which time it will revert to an Everyday Saver.  People may well remove their money, as @callum9999 suggested - maybe that's what Santander actually need, if they're holding too much on deposit for their current lending needs.

I wouldn't say I was 'filled with gratitude' but Santander are operating the account well within their published terms.  Maybe you're feeling unhappy about it because you misunderstood what those were.

I'm quite aware of the product I signed up for, ta.

You're misrepresenting what I said, which was that it was fixed term, and relatively short as these things go. Whatever happened to the rate, the account matures after 12 months. If Santander did nothing and absorbed whatever it was, or tracked the base rate with 0.25%/0.5% chunks knocked off, it would still only have been until Sept/Oct when the last of them will mature.

Nor did I say I was unhappy. In fact, on the contrary I've ackowledged they're entirely within their right to do it, and I've acknowledged that I will continue to bank with Santander.

All I've said is that it's a bad look to do what they've done, notice or no.

Johnny-Cage

WillPS said:

BooJewels said:

WillPS said:

callum9999 said:

WillPS said:

callum9999 said:

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.

Why do you think the base rate is relevant?

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.

Seems incredibly poor planning to swamp the market with an eyecatching offer on a short 12 month term and then find themselves 6 months in to it having bitten off more than they could chew. 

There were other levers available than to notch down a full % point. They're absolutely entitled to do what they've done - my point is merely that it's a bad look; Santander will have captured a lot of new business with this offer and you can only imagine a good amount of them will be thinking along similar lines with this.

But that's not what they did... They varied the rate of their variable rate savings account.

Yes, but they decided that this was the best one. I assume you aren't claiming you know better than them, despite having absolutely no idea what the data driving this decision was? 

People moan about anything and everything. Do you take think Santander are oblivious to the idea that people prefer higher savings rates? They'll be well aware that some people will leave/remove money. 

Not moaning. I will continue to use Santander's services, which I do well out of. Just disagreeing with others filled with gratitude for 13 days more notice than they contractually committed to and additionally commenting in my opinion it's a bad look to 'outdrop' the BoE base rate on a 12 month fixed saver.

It's OK if we have a different opinion, the thread will contain both views

But it's not a 'fixed saver' and is clearly labelled as having a variable rate of interest.  The name of the account is Easy Access Saver Limited Edition (Issue 3) and the 'term' of the account is for 12 months, at which time it will revert to an Everyday Saver.  People may well remove their money, as @callum9999 suggested - maybe that's what Santander actually need, if they're holding too much on deposit for their current lending needs.

I wouldn't say I was 'filled with gratitude' but Santander are operating the account well within their published terms.  Maybe you're feeling unhappy about it because you misunderstood what those were.

I'm quite aware of the product I signed up for, ta.

You're misrepresenting what I said, which was that it was fixed term, and relatively short as these things go. Whatever happened to the rate, the account matures after 12 months. If Santander did nothing and absorbed whatever it was, or tracked the base rate with 0.25%/0.5% chunks knocked off, it would still only have been until Sept/Oct when the last of them will mature.

Nor did I say I was unhappy. In fact, on the contrary I've ackowledged they're entirely within their right to do it, and I've acknowledged that I will continue to bank with Santander.

All I've said is that it's a bad look to do what they've done, notice or no.

It was always a variable rate account and not fixed so dunno why you think it’s a bad look on Santander 

WillPS

Johnny-Cage said:

WillPS said:

BooJewels said:

WillPS said:

callum9999 said:

WillPS said:

callum9999 said:

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.

Why do you think the base rate is relevant?

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.

Seems incredibly poor planning to swamp the market with an eyecatching offer on a short 12 month term and then find themselves 6 months in to it having bitten off more than they could chew. 

There were other levers available than to notch down a full % point. They're absolutely entitled to do what they've done - my point is merely that it's a bad look; Santander will have captured a lot of new business with this offer and you can only imagine a good amount of them will be thinking along similar lines with this.

But that's not what they did... They varied the rate of their variable rate savings account.

Yes, but they decided that this was the best one. I assume you aren't claiming you know better than them, despite having absolutely no idea what the data driving this decision was? 

People moan about anything and everything. Do you take think Santander are oblivious to the idea that people prefer higher savings rates? They'll be well aware that some people will leave/remove money. 

Not moaning. I will continue to use Santander's services, which I do well out of. Just disagreeing with others filled with gratitude for 13 days more notice than they contractually committed to and additionally commenting in my opinion it's a bad look to 'outdrop' the BoE base rate on a 12 month fixed saver.

It's OK if we have a different opinion, the thread will contain both views

But it's not a 'fixed saver' and is clearly labelled as having a variable rate of interest.  The name of the account is Easy Access Saver Limited Edition (Issue 3) and the 'term' of the account is for 12 months, at which time it will revert to an Everyday Saver.  People may well remove their money, as @callum9999 suggested - maybe that's what Santander actually need, if they're holding too much on deposit for their current lending needs.

I wouldn't say I was 'filled with gratitude' but Santander are operating the account well within their published terms.  Maybe you're feeling unhappy about it because you misunderstood what those were.

I'm quite aware of the product I signed up for, ta.

You're misrepresenting what I said, which was that it was fixed term, and relatively short as these things go. Whatever happened to the rate, the account matures after 12 months. If Santander did nothing and absorbed whatever it was, or tracked the base rate with 0.25%/0.5% chunks knocked off, it would still only have been until Sept/Oct when the last of them will mature.

Nor did I say I was unhappy. In fact, on the contrary I've ackowledged they're entirely within their right to do it, and I've acknowledged that I will continue to bank with Santander.

All I've said is that it's a bad look to do what they've done, notice or no.

It was always a viable rate account and not fixed so dunno why you think it’s a bad look on Santander 

My rationale is right there in the post you quoted the one two quotes up in the quote pyramid also offers the assurance that it's only an opinion and it's OK if yours differs.

BooJewels

WillPS said:

BooJewels said:

WillPS said:

callum9999 said:

WillPS said:

callum9999 said:

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.

Why do you think the base rate is relevant?

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.

Seems incredibly poor planning to swamp the market with an eyecatching offer on a short 12 month term and then find themselves 6 months in to it having bitten off more than they could chew. 

There were other levers available than to notch down a full % point. They're absolutely entitled to do what they've done - my point is merely that it's a bad look; Santander will have captured a lot of new business with this offer and you can only imagine a good amount of them will be thinking along similar lines with this.

But that's not what they did... They varied the rate of their variable rate savings account.

Yes, but they decided that this was the best one. I assume you aren't claiming you know better than them, despite having absolutely no idea what the data driving this decision was? 

People moan about anything and everything. Do you take think Santander are oblivious to the idea that people prefer higher savings rates? They'll be well aware that some people will leave/remove money. 

Not moaning. I will continue to use Santander's services, which I do well out of. Just disagreeing with others filled with gratitude for 13 days more notice than they contractually committed to and additionally commenting in my opinion it's a bad look to 'outdrop' the BoE base rate on a 12 month fixed saver.

It's OK if we have a different opinion, the thread will contain both views

But it's not a 'fixed saver' and is clearly labelled as having a variable rate of interest.  The name of the account is Easy Access Saver Limited Edition (Issue 3) and the 'term' of the account is for 12 months, at which time it will revert to an Everyday Saver.  People may well remove their money, as @callum9999 suggested - maybe that's what Santander actually need, if they're holding too much on deposit for their current lending needs.

I wouldn't say I was 'filled with gratitude' but Santander are operating the account well within their published terms.  Maybe you're feeling unhappy about it because you misunderstood what those were.

I'm quite aware of the product I signed up for, ta.

You're misrepresenting what I said, which was that it was fixed term, and relatively short as these things go. [Snip]

I'm not sure how I'm misrepresenting you, when I quoted you verbatim - twice - and put it in inverted commas to indicate as much.  I just wanted to ensure that you - and others reading - understood the distinction between a 'fixed saver' and a variable interest easy access account over a fixed term.  If you're happy with the arrangement, then all's good.

friolento

WillPS said:

BooJewels said:

WillPS said:

callum9999 said:

WillPS said:

callum9999 said:

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.

Why do you think the base rate is relevant?

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.

Seems incredibly poor planning to swamp the market with an eyecatching offer on a short 12 month term and then find themselves 6 months in to it having bitten off more than they could chew. 

There were other levers available than to notch down a full % point. They're absolutely entitled to do what they've done - my point is merely that it's a bad look; Santander will have captured a lot of new business with this offer and you can only imagine a good amount of them will be thinking along similar lines with this.

But that's not what they did... They varied the rate of their variable rate savings account.

Yes, but they decided that this was the best one. I assume you aren't claiming you know better than them, despite having absolutely no idea what the data driving this decision was? 

People moan about anything and everything. Do you take think Santander are oblivious to the idea that people prefer higher savings rates? They'll be well aware that some people will leave/remove money. 

Not moaning. I will continue to use Santander's services, which I do well out of. Just disagreeing with others filled with gratitude for 13 days more notice than they contractually committed to and additionally commenting in my opinion it's a bad look to 'outdrop' the BoE base rate on a 12 month fixed saver.

It's OK if we have a different opinion, the thread will contain both views

But it's not a 'fixed saver' and is clearly labelled as having a variable rate of interest.  The name of the account is Easy Access Saver Limited Edition (Issue 3) and the 'term' of the account is for 12 months, at which time it will revert to an Everyday Saver.  People may well remove their money, as @callum9999 suggested - maybe that's what Santander actually need, if they're holding too much on deposit for their current lending needs.

I wouldn't say I was 'filled with gratitude' but Santander are operating the account well within their published terms.  Maybe you're feeling unhappy about it because you misunderstood what those were.

I'm quite aware of the product I signed up for, ta.

You're misrepresenting what I said, which was that it was fixed term, and relatively short as these things go. Whatever happened to the rate, the account matures after 12 months. If Santander did nothing and absorbed whatever it was, or tracked the base rate with 0.25%/0.5% chunks knocked off, it would still only have been until Sept/Oct when the last of them will mature.

Nor did I say I was unhappy. In fact, on the contrary I've ackowledged they're entirely within their right to do it, and I've acknowledged that I will continue to bank with Santander.

All I've said is that it's a bad look to do what they've done, notice or no.

When you told Santander that this rate drop looks bad, what have they said?

WillPS

friolento said:

WillPS said:

BooJewels said:

WillPS said:

callum9999 said:

WillPS said:

callum9999 said:

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.

Why do you think the base rate is relevant?

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.

Seems incredibly poor planning to swamp the market with an eyecatching offer on a short 12 month term and then find themselves 6 months in to it having bitten off more than they could chew. 

There were other levers available than to notch down a full % point. They're absolutely entitled to do what they've done - my point is merely that it's a bad look; Santander will have captured a lot of new business with this offer and you can only imagine a good amount of them will be thinking along similar lines with this.

But that's not what they did... They varied the rate of their variable rate savings account.

Yes, but they decided that this was the best one. I assume you aren't claiming you know better than them, despite having absolutely no idea what the data driving this decision was? 

People moan about anything and everything. Do you take think Santander are oblivious to the idea that people prefer higher savings rates? They'll be well aware that some people will leave/remove money. 

Not moaning. I will continue to use Santander's services, which I do well out of. Just disagreeing with others filled with gratitude for 13 days more notice than they contractually committed to and additionally commenting in my opinion it's a bad look to 'outdrop' the BoE base rate on a 12 month fixed saver.

It's OK if we have a different opinion, the thread will contain both views

But it's not a 'fixed saver' and is clearly labelled as having a variable rate of interest.  The name of the account is Easy Access Saver Limited Edition (Issue 3) and the 'term' of the account is for 12 months, at which time it will revert to an Everyday Saver.  People may well remove their money, as @callum9999 suggested - maybe that's what Santander actually need, if they're holding too much on deposit for their current lending needs.

I wouldn't say I was 'filled with gratitude' but Santander are operating the account well within their published terms.  Maybe you're feeling unhappy about it because you misunderstood what those were.

I'm quite aware of the product I signed up for, ta.

You're misrepresenting what I said, which was that it was fixed term, and relatively short as these things go. Whatever happened to the rate, the account matures after 12 months. If Santander did nothing and absorbed whatever it was, or tracked the base rate with 0.25%/0.5% chunks knocked off, it would still only have been until Sept/Oct when the last of them will mature.

Nor did I say I was unhappy. In fact, on the contrary I've ackowledged they're entirely within their right to do it, and I've acknowledged that I will continue to bank with Santander.

All I've said is that it's a bad look to do what they've done, notice or no.

When you told Santander that this rate drop looks bad, what have they said?

I haven't said anything to them. I'm referring to what I've said in this thread.

unprinted

Having got the letter with its somewhat pathetic reasoning for cutting the interest, I looked at the documents I was sent when I opened it. 

The summary of the account absolutely says that the rate is variable but refers me to the larger document for how and when they can do this.

And I can't spot anything relevant there. 

Where is it? 

friolento

WillPS said:

friolento said:

WillPS said:

BooJewels said:

WillPS said:

callum9999 said:

WillPS said:

callum9999 said:

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.

Why do you think the base rate is relevant?

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.

Seems incredibly poor planning to swamp the market with an eyecatching offer on a short 12 month term and then find themselves 6 months in to it having bitten off more than they could chew. 

There were other levers available than to notch down a full % point. They're absolutely entitled to do what they've done - my point is merely that it's a bad look; Santander will have captured a lot of new business with this offer and you can only imagine a good amount of them will be thinking along similar lines with this.

But that's not what they did... They varied the rate of their variable rate savings account.

Yes, but they decided that this was the best one. I assume you aren't claiming you know better than them, despite having absolutely no idea what the data driving this decision was? 

People moan about anything and everything. Do you take think Santander are oblivious to the idea that people prefer higher savings rates? They'll be well aware that some people will leave/remove money. 

Not moaning. I will continue to use Santander's services, which I do well out of. Just disagreeing with others filled with gratitude for 13 days more notice than they contractually committed to and additionally commenting in my opinion it's a bad look to 'outdrop' the BoE base rate on a 12 month fixed saver.

It's OK if we have a different opinion, the thread will contain both views

But it's not a 'fixed saver' and is clearly labelled as having a variable rate of interest.  The name of the account is Easy Access Saver Limited Edition (Issue 3) and the 'term' of the account is for 12 months, at which time it will revert to an Everyday Saver.  People may well remove their money, as @callum9999 suggested - maybe that's what Santander actually need, if they're holding too much on deposit for their current lending needs.

I wouldn't say I was 'filled with gratitude' but Santander are operating the account well within their published terms.  Maybe you're feeling unhappy about it because you misunderstood what those were.

I'm quite aware of the product I signed up for, ta.

You're misrepresenting what I said, which was that it was fixed term, and relatively short as these things go. Whatever happened to the rate, the account matures after 12 months. If Santander did nothing and absorbed whatever it was, or tracked the base rate with 0.25%/0.5% chunks knocked off, it would still only have been until Sept/Oct when the last of them will mature.

Nor did I say I was unhappy. In fact, on the contrary I've ackowledged they're entirely within their right to do it, and I've acknowledged that I will continue to bank with Santander.

All I've said is that it's a bad look to do what they've done, notice or no.

When you told Santander that this rate drop looks bad, what have they said?

I haven't said anything to them. I'm referring to what I've said in this thread.

Will you tell them it looks bad? If not, why not?

WillPS

unprinted said:

Having got the letter with its somewhat pathetic reasoning for cutting the interest, I looked at the documents I was sent when I opened it. 

The summary of the account absolutely says that the rate is variable but refers me to the larger document for how and when they can do this.

And I can't spot anything relevant there. 

Where is it? 

You raise a good point - although I think they have a get out of jail free card with the phrasing "why we might make changes", which is not language which prevents them doing it for any reason they like. If that wasn't enough, they also add "we can’t predict the future, so we may also need to make changes for reasons that aren’t covered here.".

[It does, however, call out the BoE base rate as a reason they 'might' make changes, to all those who piled on with rubbishing the suggestion that it ought to be considered.]

unprinted

unprinted said:

And I can't spot anything relevant there. 

Where is it? 

Ah, looking for every use of the word "interest", it's section 20, "making changes".

I still think going 'Oh, the Bank of England might perhaps maybe lower interest rates in two months' time' is a rubbish reason.