Santander Easy Access Saver - What to do with it?

Hal17

Can someone who has closed their Santander account, please explain what they did? I want to close the account so I can get my £1K plus interest paid now rather than wait until September. Many thanks.

Johnny-Cage

Hal17 said:

Can someone who has closed their Santander account, please explain what they did? I want to close the account so I can get my £1K plus interest paid now rather than wait until September. Many thanks.

I phoned up Fri to close the account, They transferred my total balance in to my current account (Halifax) instantly and said the interest will be credited within 2 working days to same account. Still not arrived so far obviously Mon was a BH

Checking the app now says I have no accounts with them

parchedpeas

Hal17 said:

Can someone who has closed their Santander account, please explain what they did? I want to close the account so I can get my £1K plus interest paid now rather than wait until September. Many thanks.

You can ask for it to be closed in the Chat option. Type Close Account and then follow the prompts. They'll ask for your address, for you to confirm that there are no more inward / outward payments, and for the account to pay interest into.

Takes 2 days max. so withdraw the balance to 0 yourself so you're only waiting for the interest.

simonsmithsays

I've got 'Close account' option in the app

friolento

simonsmithsays said:

I've got 'Close account' option in the app

You must be on the new app then. Option not available in the old one, or in the Pilot version. Closing via Chat should be easy enough though

Johnny-Cage

Not sure if this has happened to anyone else.
I closed the Santander account last week and they transferred the balance to a current account over the phone
was told interest will be credited within 2 days but still not got it
just been on chat on the app and they said a cheque been issued which will be received in 7 - 10 working days 

jameseonline

Johnny-Cage said:

Not sure if this has happened to anyone else.
I closed the Santander account last week and they transferred the balance to a current account over the phone
was told interest will be credited within 2 days but still not got it
just been on chat on the app and they said a cheque been issued which will be received in 7 - 10 working days 

So you don't have a Santander Current Account they could transfer all the money into & then you could transfer everything out of that?

A cheque when they already transferred the bulk of the money, that's not great because you have to rely on royal mail.

Johnny-Cage

jameseonline said:

Johnny-Cage said:

Not sure if this has happened to anyone else.
I closed the Santander account last week and they transferred the balance to a current account over the phone
was told interest will be credited within 2 days but still not got it
just been on chat on the app and they said a cheque been issued which will be received in 7 - 10 working days 

So you don't have a Santander Current Account they could transfer all the money into & then you could transfer everything out of that?

A cheque when they already transferred the bulk of the money, that's not great because you have to rely on royal mail.

Don’t have any other Santander account, They transferred the full balance in to a Halifax account that I always used to fund there account. TBF the cheque just been delivered so still pretty quick just a slight inconvenience than a bank transfer 

jameseonline

Johnny-Cage said:

jameseonline said:

Johnny-Cage said:

Not sure if this has happened to anyone else.
I closed the Santander account last week and they transferred the balance to a current account over the phone
was told interest will be credited within 2 days but still not got it
just been on chat on the app and they said a cheque been issued which will be received in 7 - 10 working days 

So you don't have a Santander Current Account they could transfer all the money into & then you could transfer everything out of that?

A cheque when they already transferred the bulk of the money, that's not great because you have to rely on royal mail.

Don’t have any other Santander account, They transferred the full balance in to a Halifax account that I always used to fund there account. TBF the cheque just been delivered so still pretty quick just a slight inconvenience than a bank transfer 

Ahh, might be worth getting one in future, possibly with a switch offer, once I get current accounts I keep them for ease to transfer between accounts and out.

I CBA dealing with A) Cheques (so old fashioned and take a while to process) B ) Relying on Royal Mail etc (postal system isn't great these days is it?) . I'm digital as much as possible.

Maybe set some extra current accounts with an existing provider, purely just to switch for when offers come around.

I setup a few Nationwide Flex accounts ages ago, recently got rid of my last one to switch to take advantage of an Ulster Bank switch offer.

Still got my FlexDirect though 😊

Think there's a limit (3 or 4?) to how many current accounts you can have with Nationwide at a time but yeah.

It makes sense Santander would pay into your Halifax, don't know why they wouldn't pay the interest there too though.

RoystonV

Apologies if this has already been covered but if I transfer existing funds from my Santander 5.2% Saver prior to May 20th (leaving NIL balance), should I formally close the account or leave it open to receive the accrued interest and if close it, would the interest be paid to my Santander current account? Either way, how long should I expect to wait for the interest to be paid?