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stoneman

I set mine up last week but it was 5.02% then. Will I get grandfathered in to the higher rate?

Jchisley

stoneman said:

Jchisley said:

BooJewels said:

I personally would @Jchisley - just send over a small amount to ensure that the account is funded and remains open.  

Thanks - but wait until the pin and security codes come in the post before transferring a large sum ? 

If you’ve already got their app or online banking it will already be showing up on there. No need to wait for any paperwork

No I don’t have the Santander app and haven’t had an account with them before so for now I’ve just transferred £1 until the log in details arrive in the post - hope I’ll still get the 5.2%

Cosmic_Life

stoneman said:

I set mine up last week but it was 5.02% then. Will I get grandfathered in to the higher rate?

The 5.2% is If interest is paid annually, you might have selected the monthly option

refluxer

Jchisley said:

stoneman said:

Jchisley said:

BooJewels said:

I personally would @Jchisley - just send over a small amount to ensure that the account is funded and remains open.  

Thanks - but wait until the pin and security codes come in the post before transferring a large sum ? 

If you’ve already got their app or online banking it will already be showing up on there. No need to wait for any paperwork

No I don’t have the Santander app and haven’t had an account with them before so for now I’ve just transferred £1 until the log in details arrive in the post - hope I’ll still get the 5.2%

If you applied before the cut-off and got documents confirming the 5.2% rate, then that's the rate you'll get regardless of how long the letters take to get to you, so I wouldn't worry.

I also don't tend to fund accounts until I get online access but, as Santander are members of the Confirmation of Payee scheme, the bank you're sending from should be able to confirm that the details are correct. Sending a £1 test payment is a good idea as it'll confirm those details and also ensure the account is funded, should the letters you're waiting for take a while to arrive.

refluxer

stoneman said:

I set mine up last week but it was 5.02% then. Will I get grandfathered in to the higher rate?

If that is actually 5.08%, then that'll be the gross monthly interest option (as mentioned above) which equates to 5.20% AER when allowed to compound (you get 'interest on the interest') over 12 months.

I had to Google 'grandfathered', BTW - never heard that expression in this context before !

pink_puff

I applied last night at 9pm. I got an email at 10am this morning but on the paperwork it says the rate is 2.5%. I’m not sure if this means that I won’t get the higher rate. Is anyone else in a similar situation? I’m waiting on log-in details so that I can double check. 

denzil13

pink_puff said:

I applied last night at 9pm. I got an email at 10am this morning but on the paperwork it says the rate is 2.5%. I’m not sure if this means that I won’t get the higher rate. Is anyone else in a similar situation? I’m waiting on log-in details so that I can double check. 

Same here. Applied last night at 10pm email received today telling me my easy saver account has been opened. However the key facts state interest is only 2.5% aer not the 5.2% that was offered when I applied. I took a screenshot of the 5.2% rate when I applied. Waiting for them to get back to me. If they don't honour their offer I'll just close the account.

MSE_Helen_K

Hello! We know that some MoneySavers have reported being told they will be put onto Santander's new 2.5% rate despite taking out the 5.2% rate before it was pulled. But Santander has told us it will honour the 5.2% rate for everyone who applied in time.

A Santander spokesperson said: "All customers who applied for the Easy Access Limited Edition 3 Saver before applications closed will benefit from the 5.2% rate. Customers with this account will see the correct rate show within five days of opening and can contact customer services if they want to discuss any concerns with a member of the team after that time."

MSE Helen K

Bazzalona13295

refluxer said:

stoneman said:

I set mine up last week but it was 5.02% then. Will I get grandfathered in to the higher rate?

If that is actually 5.08%, then that'll be the gross monthly interest option (as mentioned above) which equates to 5.20% AER when allowed to compound (you get 'interest on the interest') over 12 months.

I had to Google 'grandfathered', BTW - never heard that expression in this context before !

I heard this term for the very first time over the weekend whilst watching American car racing.
Had no idea either!

callum9999

Bazzalona13295 said:

refluxer said:

stoneman said:

I set mine up last week but it was 5.02% then. Will I get grandfathered in to the higher rate?

If that is actually 5.08%, then that'll be the gross monthly interest option (as mentioned above) which equates to 5.20% AER when allowed to compound (you get 'interest on the interest') over 12 months.

I had to Google 'grandfathered', BTW - never heard that expression in this context before !

I heard this term for the very first time over the weekend whilst watching American car racing.
Had no idea either!

FYI to both of you, the word wasn't used in the correct context.

If something is "grandfathered" then you continue receiving benefits/following rules etc that aren't accessible to new users.

You can't be "grandfathered" into something new or better - the whole point is that whatever you have remains the same.