Santander Easy Access Limited Edition

WillPS

friolento said:

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?

No. Having 'done my time' in retail I know how annoying and futile it is when customers tell you stuff they dislike which you have no power to do anything about. I've no desire to inflict that upon any random person in Santander (which realistically would be all I'd get, nobody close to the decision making).

I don't have cause for complaint, I just have an opinion.

friolento

WillPS said:

friolento said:

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?

No. Having 'done my time' in retail I know how annoying and futile it is when customers tell you stuff they dislike which you have no power to do anything about. I've no desire to inflict that upon any random person in Santander (which realistically would be all I'd get, nobody close to the decision making).

I don't have cause for complaint, I just have an opinion.

It's like shouting at the weather when it keeps raining

Bazzalona13295

friolento said:

WillPS said:

friolento said:

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?

No. Having 'done my time' in retail I know how annoying and futile it is when customers tell you stuff they dislike which you have no power to do anything about. I've no desire to inflict that upon any random person in Santander (which realistically would be all I'd get, nobody close to the decision making).

I don't have cause for complaint, I just have an opinion.

It's like shouting at the weather when it keeps raining

I think Santander had rather more say in their decision than the sun or rain do.

WillPS

unprinted said:

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.

... and almost definitely not by a full % point if they do.

xylophone

they're a profit driven company almost exclusively concerned about their bottom line. 

  Santander is a business and a banking business at that.  And aren't we all as individuals concerned with our bottom line - and I don't mean with our appearance in trousers.....

If we weren't, we'd not be continually moving funds from one provider to the next  in search of the best rates.... 

southone

We should be thankful we've been given two months notice is longer than many banks would give

cloud_dog

southone said:

We should be thankful we've been given two months notice is longer than many banks would give

Ah, a voice of reason.

silvercue

Another day and still no email about this.  Maybe they have decided that - I alone, can keep the higher rate...Nice of them.  

I am sure it was posted a few pages back, but could someone tell me what date it is changing please?

BooJewels

From 20th May 2024.  The new AER will be 4.2% and gross / monthly interest will be 4.12%.

WillPS

southone said:

We should be thankful we've been given two months notice is longer than many banks would give

Why? If they'd given us less than 60 days notice they'd be in breach of their terms.