Santander Easy Access Saver - What to do with it?

Sea_Shell

I've just noticed that I have another Easy Saver with zero balance from a while ago, so I've used this as a "test" to close.  Website rather than app.

Very easy via chat bot "Sandi".   Yes, it gave me the option to transfer any balance to another account with them.

Just start the conversation with "close account".

BooJewels

That's useful to know @Sea_Shell - I have 2 empty old savers that I've not been able to close in the app, so I'll give that a go, they're just cluttering my account.

simonsmithsays

Just a heads-up (it has been mentioned earlier but I think it needs highlighting) that when you use the App 'Close Account' function you get the 'This could take up to 5 Working Days' message.

Hence if you leave it until the 20th to close the account you might have a balance earning a sub standard rate until maybe the 28th (taking weekends and BH into account).

I've just performed my closure now so will report back when it appears in my Santander Current Account.

BooJewels

I just got the same 5 day comment using the chatbot on the web site, as outlined by @Sea_Shell earlier. I was using it to close 2 old Savers with zero balances, so it's irrelevant for me, but might be pertinent if you want to close this account.

intalex

Or you can empty it and then do the close option, so no interest lost on the principal, and the correct accrued interest will be paid out when they close it.

Sea_Shell

Yes, empty it first 😉

simonsmithsays

intalex said:

Or you can empty it and then do the close option, so no interest lost on the principal, and the correct accrued interest will be paid out when they close it.

But you'll be losing interest in the interest! Which may not be insignificant.

Sea_Shell

simonsmithsays said:

intalex said:

Or you can empty it and then do the close option, so no interest lost on the principal, and the correct accrued interest will be paid out when they close it.

But you'll be losing interest in the interest! Which may not be insignificant.

If you are expecting substantial interest, your other choice is to wait until its anniversary, but only earn the lower rate on the interest in the meantime.

You'd have to do your own sums.

intalex

simonsmithsays said:

intalex said:

Or you can empty it and then do the close option, so no interest lost on the principal, and the correct accrued interest will be paid out when they close it.

But you'll be losing interest in the interest! Which may not be insignificant.

You were never going to earn interest on accrued interest, so if any interest is credited during the waiting period it will continue accruing interest until closure and this will reflect in closure proceeds, and if no interest is credited in the waiting period, then on closure you will still earn the right interest accrued on the balances up to the point when you emptied it.

Sea_Shell

This got me wondering...

Could they tell you what interest would be payable, as at today, IF closed?

Would that information be available to them, or could they not tell until the account was actually closed.

🤔