We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Santander Easy Access Saver - What to do with it?

Options
1246719

Comments

  • Bigwheels1111
    Bigwheels1111 Posts: 3,036 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Chip 5.1% easy access isa.
  • cloud_dog
    cloud_dog Posts: 6,321 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 28 April 2024 at 11:50PM
    I opted for monthly interest, which is next due to be paid before the rate reduction comes into effect and will have the account completely empty by Wednesday due to regular savers anyway so will just skim the final interest payment off when its paid and then pretty much ignore it from then on.

    I'll keep mine as Santander's cheque deposit limits in the app go by per account per day rather than just per day so keeping it gives me the option to deposit an extra £1k of cheques in the app per day if needed. The account won't have anything in it and I won't be losing out on any interest by keeping it sat there empty so I see little point in closing it.
    Except that the latest upgrade to the Santander app doesn't support paying in cheques.  Apparently, they 'hope' to make ot available in a few weeks time!
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • cloud_dog
    cloud_dog Posts: 6,321 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 28 April 2024 at 11:58PM
    Re the account, I had forgotten that it had a 1 year bonus rate applied.  Ordinarily I would have left it open with a minimal amount remaining, simply because 4.2% might be reasonable in the future as rates reduce, but I'll probably just close it.  Hopefully Coventry Triple Access will remain high(ish) for a while longer.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • Bridlington1
    Bridlington1 Posts: 3,711 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    cloud_dog said:
    I opted for monthly interest, which is next due to be paid before the rate reduction comes into effect and will have the account completely empty by Wednesday due to regular savers anyway so will just skim the final interest payment off when its paid and then pretty much ignore it from then on.

    I'll keep mine as Santander's cheque deposit limits in the app go by per account per day rather than just per day so keeping it gives me the option to deposit an extra £1k of cheques in the app per day if needed. The account won't have anything in it and I won't be losing out on any interest by keeping it sat there empty so I see little point in closing it.
    Except that the latest upgrade to the Santander app doesn't support paying in cheques.  Apparently, they 'hope' to make it available in a few weeks time!
    I was unaware of this at the time of typing that, I'm still on the old app for now, though I can see it available in the app store to upgrade, which I'll probably do at some point today.

    Regardless though if they do make cheque deposits available in a few weeks there is a chance that having the empty account will enable me to deposit more cheques in a single day, if not then it won't be costing me anything to maintain with a nil balance just in case it comes in useful later.
  • Btw, for those who opened it at the time, you can still fund the Vanquis 90d accounts with new money. Issue 2 pays 5.50% AER.
  • jaypers
    jaypers Posts: 1,034 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    No brainer for me……I’ll empty it and leave it open. The odd few hundred quid will float through it and can see no real point going to the effort of closing it. 
  • ua8
    ua8 Posts: 34 Forumite
    10 Posts First Anniversary
    already have Chase been using it for the 1% cashback so will transfer out and into 5.1% Chase, also have Chip which is doing 5.1% instant cash ISA
  • soulsaver
    soulsaver Posts: 6,606 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 29 April 2024 at 10:51AM
    Btw, for those who opened it at the time, you can still fund the Vanquis 90d accounts with new money. Issue 2 pays 5.50% AER.
    This is the provider whose summary doesn't show that they give 30 day notice of a reduction in rates? But you still have to give 90 day notice to take your money out  - so when they do reduce the rate, your hard earned ££ could spend at least 60 days at a rate of their choosing before being able to move it.


  • drphila
    drphila Posts: 334 Forumite
    Part of the Furniture 100 Posts Name Dropper
    soulsaver said:
    Btw, for those who opened it at the time, you can still fund the Vanquis 90d accounts with new money. Issue 2 pays 5.50% AER.
    This is the provider whose summary doesn't show that they give 30 day notice of a reduction in rates? But you still have to give 90 day notice to take your money out  - so when they do reduce the rate, your hard earned ££ could spend at least 60 days at a rate of their choosing before being able to move it.



    Is that definitely the case? The Savings T&Cs say this in respect of changes they make to the terms (my bold):

    Your options if you’re not happy with a
    change we’re making

    If you’re unhappy with a change we’re

    making, you can tell us but you may

    need to close your account. You must

    tell us before the change comes into

    force.

    If your Product Information document

    says you have to give us notice to

    close your account, this won’t apply

    from the date we give you notice until

    the date the change is made.

  • BreakingGlass
    BreakingGlass Posts: 143 Forumite
    100 Posts Second Anniversary Photogenic Name Dropper
    edited 29 April 2024 at 10:39PM
    I am slowly* moving the money out of Santander and into my new Shawbrook 45-day notice account at 5.16% - I want to do so now in case the latter becomes non-available hence stops accepting deposits.  My other accounts with >5% are near FSCS limit, and I am trying to avoid opening further new accounts this tax year in order to simplify my finances.

    (* Slowly due to £25k per day limit for withdrawals)

    I will then close the account and take the interest elsewhere.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.