Santander Easy Access Saver - What to do with it?

Hal17

Thanks for all the help today.

It was really easy to close the Santander Easy Saver. I transferred the existing balance to my Lloyds Current Account leaving a zero balance. Logged into on-line Chat and typed in "Close Account". It provided all the relevant information to close the account and transfer any balances (including) interest to my Santander Current Account. Stated I will receive  any balance in 5 days. All very straightforward. 

allegro120

RoystonV said:

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?

According to T&C the minimum balance is £1.  I don't know if they enforce this rule, so I'm going to test it - empty the account on 20th and see what happens. They will warn before closing the account and if they do I will leave £1 in there.  

If you close it your interest should be paid into your current account on the date of closure.  If you leave it running you will get interest on the date you would normally get it (monthlyversary or anniversary of opening the account, depending on which option you chose).

RoystonV

allegro120 said:

RoystonV said:

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?

According to T&C the minimum balance is £1.  I don't know if they enforce this rule, so I'm going to test it - empty the account on 20th and see what happens. They will warn before closing the account and if they do I will leave £1 in there.  

If you close it your interest should be paid into your current account on the date of closure.  If you leave it running you will get interest on the date you would normally get it (monthlyversary or anniversary of opening the account, depending on which option you chose).

Thanks for your insight

jameseonline

allegro120 said:

RoystonV said:

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?

According to T&C the minimum balance is £1.  I don't know if they enforce this rule, so I'm going to test it - empty the account on 20th and see what happens. They will warn before closing the account and if they do I will leave £1 in there.  

If you close it your interest should be paid into your current account on the date of closure.  If you leave it running you will get interest on the date you would normally get it (monthlyversary or anniversary of opening the account, depending on which option you chose).

They should enforce the rule of £1, you'll get a message in your email &/or your app inbox saying if you don't have £1 in by a certain date they will close the account etc.

Had it before with a previous limited edition that I've kept open & that rate is due to go down too

Bridlington1

allegro120 said:

RoystonV said:

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?

According to T&C the minimum balance is £1.  I don't know if they enforce this rule, so I'm going to test it - empty the account on 20th and see what happens. They will warn before closing the account and if they do I will leave £1 in there.  

If you close it your interest should be paid into your current account on the date of closure.  If you leave it running you will get interest on the date you would normally get it (monthlyversary or anniversary of opening the account, depending on which option you chose).

In my experience they don't enforce the £1 minimum balance rule. I've had Santander's limited edition eSaver issue 1 at a nil balance for well over a year and have never received a message threatening to close the account or anything. The only correspondence I've had in relation to the account since emptying it was a statement and a letter telling me that my account will mature soon.

My 5.2% account has also regularly gone down to a nil balance (which it sits at now) and is still alive and well.

NameWithheld

Bridlington1 said:

allegro120 said:

RoystonV said:

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?

According to T&C the minimum balance is £1.  I don't know if they enforce this rule, so I'm going to test it - empty the account on 20th and see what happens. They will warn before closing the account and if they do I will leave £1 in there.  

If you close it your interest should be paid into your current account on the date of closure.  If you leave it running you will get interest on the date you would normally get it (monthlyversary or anniversary of opening the account, depending on which option you chose).

In my experience they don't enforce the £1 minimum balance rule. I've had Santander's limited edition eSaver issue 1 at a nil balance for well over a year and have never received a message threatening to close the account or anything. The only correspondence I've had in relation to the account since emptying it was a statement and a letter telling me that my account will mature soon.

I also have this account and it has been empty since Jan 2023. I recently received a notice that they will close it in July if it remains empty. Fine by me

allegro120

jameseonline said:

allegro120 said:

RoystonV said:

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?

According to T&C the minimum balance is £1.  I don't know if they enforce this rule, so I'm going to test it - empty the account on 20th and see what happens. They will warn before closing the account and if they do I will leave £1 in there.  

If you close it your interest should be paid into your current account on the date of closure.  If you leave it running you will get interest on the date you would normally get it (monthlyversary or anniversary of opening the account, depending on which option you chose).

They should enforce the rule of £1, you'll get a message in your email &/or your app inbox saying if you don't have £1 in by a certain date they will close the account etc.

Had it before with a previous limited edition that I've kept open & that rate is due to go down too

This isn't the case with limited edition isue 1.  I've opened it in October 2022, reduced my balance to £0 in April 2023 and the account is still opened (no warning messages or e-mails).

dealyboy

I opened my Easy Access Saver Limited Edition (Issue 1) on 12th October 2022 and have actively used it and still do. I received an e-mail notification of a digital letter dated 11 April 2024 'Savings & Cash ISA Maturity Letter' in online banking ... 'Your savings account is changing' to an Everyday Saver (Issue 2) on 12 June 2024.

Are they picking on me?

BooJewels

Did you really mean issue 1 - in which case, I suspect that's because you opened an Issue 1 late, when the active AE Saver, LE was Issue 3 in September.  It could be that June was always the end point for Issue 1.

ETA: Apologies, just saw it was October 22, not 2023. In that case, that account should have expired sooner, so it sounds like you got some extra time, not less.  I seem to vaguely remember that one of them was extended.

sheslookinhot

Hal17 said:

Thanks for all the help today.

It was really easy to close the Santander Easy Saver. I transferred the existing balance to my Lloyds Current Account leaving a zero balance. Logged into on-line Chat and typed in "Close Account". It provided all the relevant information to close the account and transfer any balances (including) interest to my Santander Current Account. Stated I will receive  any balance in 5 days. All very straightforward. 

I did the same, 30k transferred out leaving £0 and account closed via Chat. However, 5 working days to confirm account closure and 10 working days to receive cheque with interest.