Santander Edge 6.00% Saver

RG2015

I have just received a secure message in my Santander online and app as follows.

The interest rate on your Santander Edge Saver will go down to 3.50% AER /3.45% gross (variable) after the first 12 months on 5 January 2026.

I know that the underlying rate of 4.00% is variable and that the bonus rate lasts for 12 months.

However, their message is contradictory as my 12 month period doesn't end until August 2026.

Has anyone else had this message with a similar contradiction?

masonic

They appear to be notifying you of a change to underlying rate, which will not apply until your 12 months is up.

RG2015

masonic said:

They appear to be notifying you of a change to underlying rate, which will not apply until your 12 months is up.

Thanks for your response, but if that is correct why do they mention 5th January 2026?

nottsphil

masonic said:

They appear to be notifying you of a change to underlying rate, which will not apply until your 12 months is up.

I didn't know providers could give ten months notice of an interest rate change... 
The OP is clearly querying why Santander think the 12 months will be up in January.

masonic

RG2015 said:

masonic said:

They appear to be notifying you of a change to underlying rate, which will not apply until your 12 months is up.

Thanks for your response, but if that is correct why do they mention 5th January 2026?

That is when people will start to roll on to the new rate at their anniversary.

masonic

nottsphil said:

masonic said:

They appear to be notifying you of a change to underlying rate, which will not apply until your 12 months is up.

I didn't know providers could give ten months notice of an interest rate change... 
The OP is clearly querying why Santander think the 12 months will be up in January.

They have already given 12 months notice of an interest rate change by applying a bonus rate for 12 months. They are now simply changing what that rate will be and sending a general communication not personalised to the individual anniversary date of each customer.

RG2015

I am pretty sure that Santander are telling me that the underlying rate of 4.00% will be reduced to 3.50% on 5th January 2026.

I am not surprised and my overall rate at 5.50% remains quite attractive. I am just confused by their introduction of the January 2026 date. 

masonic

RG2015 said:

I am pretty sure that Santander are telling me that the underlying rate of 4.00% will be reduced to 3.50% on 5th January 2026.

I am not surprised and my overall rate at 5.50% remains quite attractive. I am just confused by their introduction of the January 2026 date. 

So you are extrapolating that your 6% rate is going down to 5.5%? Then why haven't they said that?

Do the words "after the first 12 months" apply before August 2026 for you? What is your theory about why they included them?

RG2015

Update.

I have just checked their website and the product is now showing an underlying rate of 3.50% with a bonus of 2.50% for 12 months. So it is still 6.00% for 12 months.

Rather poor communications from Santander, in my opinion.

masonic

It must have been confusing given you argued with the person giving the correct explanation and thanked the person who misinterpreted it in the same way as you.

Bobblehat

RG2015 said:

Update.

I have just checked their website and the product is now showing an underlying rate of 3.50% with a bonus of 2.50% for 12 months. So it is still 6.00% for 12 months.

Rather poor communications from Santander, in my opinion.

Santander have not been doing too well lately with their communications have they? There is some mumbling on the top easy access thread too!