Santander Easy Access Saver - What to do with it?

ColdIron

cloud_dog said:

ColdIron said:

cloud_dog said:

BreakingGlass said:

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.

I'm sure you can change the daily transfer amount to £100k in the mobile app (old version certainly).

I have the old app and the maximum is £25,000

Very strange because I was using an old Santander account for processing a deceased estate (back end of last year / early this year) and was able increase the default and make disbursement payments up to £100k in total.

Was it CHAPS? I think that's still £100,000

You used to be able to make multiple £25,000 payments up to a daily limit of £100,000, not sure if you still can

Wheres_My_Cashback

ColdIron said:

cloud_dog said:

ColdIron said:

cloud_dog said:

BreakingGlass said:

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.

I'm sure you can change the daily transfer amount to £100k in the mobile app (old version certainly).

I have the old app and the maximum is £25,000

Very strange because I was using an old Santander account for processing a deceased estate (back end of last year / early this year) and was able increase the default and make disbursement payments up to £100k in total.

Was it CHAPS? I think that's still £100,000

You used to be able to make multiple £25,000 payments up to a daily limit of £100,000, not sure if you still can

You still can.

dealyboy

@SAC2334 said:

dealyboy said:

In addition to my Santander Easy Access Saver Issue 3's reduction in interest rate on May 20, my Easy Access Saver Issue 1 is changing to an Everyday Saver Issue 2 on June 12th with the interest rate 1.20%.

I am more concerned about my EA Saver Issue 1, whereas it only has a residual balance of 2p and has had that since my credit interest was received in October 23, it is used as my distribution hub whereby all my other accounts are maintained. I hope that my payees will be retained when my account converts.

Regarding the EA Saver Issue 3, I will move funds to the Chase Saver at 5.1%, bar 3p. I hope I can move funds from Chase to the Everyday Saver Issue 2, hopefully retaining its original account number.

Get ready to have the transfers blocked and they  fraud check you .Santander appear to have increased fraud checks but I expect its because they know I am over 70 and therefore plain stupid ..I made a few transfers to the Chase 5.1 account  and was blocked three times with two being an hour apart with the second block taking 35 mins to answer the phone .I was doing it in several transfers as my money was very slow coming in from Shawbook . Next time on 20 th May I will just do one big transfer and expect to be blocked .

Hi ... Thanks for the warning ... I'm just under 70 and a couple of days ago received a court summons for jury service ... great ... but back to point ...

I have just phoned for information regarding the EA issue 1 'conversion' and was advised that my account number and payees would be retained (one is for Chase) ... we'll wait and see ... if necessary I'll setup the payees on another one of my Santander accounts, but I'm too lazy to do this now. 

BreakingGlass

Wheres_My_Cashback said:

ColdIron said:

cloud_dog said:

ColdIron said:

cloud_dog said:

BreakingGlass said:

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.

I'm sure you can change the daily transfer amount to £100k in the mobile app (old version certainly).

I have the old app and the maximum is £25,000

Very strange because I was using an old Santander account for processing a deceased estate (back end of last year / early this year) and was able increase the default and make disbursement payments up to £100k in total.

Was it CHAPS? I think that's still £100,000

You used to be able to make multiple £25,000 payments up to a daily limit of £100,000, not sure if you still can

You still can.

Thanks - I just made a further £9k withdrawal on the app, so a total of £34k today.  My wife just did the same but using the website rather than app.

Having been bitten by the Santander anti-fraud checks about a year ago, I think I was being over-cautious!

jaceyboy

I  will be withdrawing to Secure Trust account

simonsmithsays

I was going to revert to a 5.15% at Cynergy (issue 67) but am having all sorts of issues with login.

The OH is having the same issues too.

We've had dozens of these issues before but haven't accessed them for months.

Is anyone else having issues currently?

Historical link below 

https://forums.moneysavingexpert.com/discussion/6489162/cynergy-bank-it-issues-cant-access-their-website-is-it-just-me/p1

Stargunner

I will be transferring mine to Family B.Soc, because their NLA EA online saver 5 is paying 5.1% and they accept debit card deposits which is convenient for my Halifax reward accounts.

Bobblehat

simonsmithsays said:

I was going to revert to a 5.15% at Cynergy (issue 67) but am having all sorts of issues with login.

The OH is having the same issues too.

We've had dozens of these issues before but haven't accessed them for months.

Is anyone else having issues currently?

Historical link below 

https://forums.moneysavingexpert.com/discussion/6489162/cynergy-bank-it-issues-cant-access-their-website-is-it-just-me/p1

PC login today using passkey device .... no problem!

saverbynature

Sea_Shell said:

What are peoples plans once the rate drops on this account on 20th May.

Move the money out, obviously 

But what of the account itself, especially if you opted for annual interest (Like i did)

Will you leave a £ in and then just wait for the interest to be credited, at the anniversary (Sept for me), in the (vain) hope that the rate may increase again in the future.

All in same tax year, so no consideration needed on that score.

Or ask for it to be closed, so interest is credited to date, and take a chance on any new products in the future?

This way you can keep the compounding going, at whatever better rate you find elsewhere.  

Thoughts?      Closure seems to be the best option, but have I missed anything?

I've already transferred the new tax years ISA allowance into the Virgin 1 year fixed ISA Exclusive @ 5.05%  (luckily I hadn't closed my Virgin current account even though it has a £0 balance!)  I'll leave it until nearer May 20th before deciding on which easy and limited access accounts to move the remaining balance to. I haven't decided yet whether to close the account on May 20th and get the interest or leave it open until the interest is paid. 

A._Badger

simonsmithsays said:

I was going to revert to a 5.15% at Cynergy (issue 67) but am having all sorts of issues with login.

The OH is having the same issues too.

We've had dozens of these issues before but haven't accessed them for months.

Is anyone else having issues currently?

Historical link below 

https://forums.moneysavingexpert.com/discussion/6489162/cynergy-bank-it-issues-cant-access-their-website-is-it-just-me/p1

I was going to withdraw my money from Santander and put it with Cynergy but the authorisation code they sent me was refused multiple times, as were the two replacement codes. Reading others comments about Cynergy, I'm now glad I gave up with them and went to another bank instead. They are clearly useless.