Santander Easy Access Saver - What to do with it?

masonic

Sea_Shell said:

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.

🤔

You could work this out if you were so inclined. I would not trust a front-line customer service agent to do a hypothetical interest calculation correctly. I don't think they'd have access to a daily running total.

Sea_Shell

masonic said:

Sea_Shell said:

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.

🤔

You could work this out if you were so inclined. I would not trust a front-line customer service agent to do a hypothetical interest calculation correctly. I don't think they'd have access to a daily running total.

Yes, I could...but I can't be bothered 😉


Wild stab...£240 ish

Average balance £7000, @5.2%, / 12 x 8

dosh37

I would not be surprised if a number of the top paying easy access accounts reduce their rates in response to the flood of cash from savers moving money out of the Santander Easy Access Saver 3.

It might be a good idea to open an account straight away rather than waiting until after 20th May.

jaceyboy

dosh37 said:

I would not be surprised if a number of the top paying easy access accounts reduce their rates in response to the flood of cash from savers moving money out of the Santander Easy Access Saver 3.

It might be a good idea to open an account straight away rather than waiting until after 20th May.

Luckily I kept my Cahoot Simple Saver open which is 5.12%, which is owned by Santander

jameseonline

jaceyboy said:

dosh37 said:

I would not be surprised if a number of the top paying easy access accounts reduce their rates in response to the flood of cash from savers moving money out of the Santander Easy Access Saver 3.

It might be a good idea to open an account straight away rather than waiting until after 20th May.

Luckily I kept my Cahoot Simple Saver open which is 5.12%, which is owned by Santander

You got the Sunny @ 5.2%?

BooJewels

The Sunny is restricted to £3k - the Simple Saver Issue 2 was only on sale for a short time in about January - that's 5.12% AER/5% monthly - and where my Santander money will find itself shortly.  Issue 3 of the Simple Saver is currently on sale at 4.12% AER/4.02% monthly.

happybagger

Yes I shall move some of mine to Cahoot SS2 as transfers to Santander current account are instant, and the bulk of the rest will go to one of my 5.2% legacy accounts

pedrodelgado

Strange that my rate today says 5.2% (was 5.08% as monthly interest). Anyway, it's going to either Tandem @4.9% or my Skipton tracker, currently at 4.95%. As has been said though, these are probably going to be short lived rates anyway and will follow Santander's lead. My Skipton will go down to 4.7% at the next 25 basis point rate cut anyway. Probably inclined to put it in Tandem instead for now as Skipton is sooo slow for transactions. Shame because at Santander it was really handy to just be able to flip money into the current account as and when and still get a market leading rate. All good things come to an end. They have to fund their latest switcher bonus somehow. 

refluxer

pedrodelgado said:

Strange that my rate today says 5.2% (was 5.08% as monthly interest). Anyway, it's going to either Tandem @4.9% or my Skipton tracker, currently at 4.95%. As has been said though, these are probably going to be short lived rates anyway and will follow Santander's lead. 

When did you open your Tandem account ? I seem to recall it became quite popular when it was one of the first easy access accounts to reach 5% last summer but I think the top-up bonus (that made possible) only lasts for a year so if you opened it around that time, you may get a 0.25% drop in a few months time. I've not had my Tandem account long enough to know whether you can simply renew the bonus when it expires, though. 

BTW - the Santander app has been updated recently and it has indeed gone from showing the gross rate on the Easy Access Saver to the AER.

allegro120

pedrodelgado said:

Strange that my rate today says 5.2% (was 5.08% as monthly interest). Anyway, it's going to either Tandem @4.9% or my Skipton tracker, currently at 4.95%. As has been said though, these are probably going to be short lived rates anyway and will follow Santander's lead. My Skipton will go down to 4.7% at the next 25 basis point rate cut anyway. Probably inclined to put it in Tandem instead for now as Skipton is sooo slow for transactions. Shame because at Santander it was really handy to just be able to flip money into the current account as and when and still get a market leading rate. All good things come to an end. They have to fund their latest switcher bonus somehow. 

Skipton tracker is 5.06% AER, 4.95% is gross. Tandem's 4.9% is AER, so atm Skipton pays 0.16% more than Tandem.