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How best to deal with Santander Reg Savers
Sea_Shell
Posts: 10,431 Forumite
Looking to switch away main joint CA from Santander, but we have a regular saver each with a few months contributions in, which don't mature until June.
Assume we can't keep these if we switch away, so what's the easiest way to deal with them.
Allow them to be closed automatically?
Withdraw the balance and request closure before switching , getting interest to date?
Withdraw balance but leave closing to happen automatically?
Something else?
WWYD
Ps, I'm not looking to open additional accounts to be able to remain a customer, as I know some people do, as I have in the past! 😉
Assume we can't keep these if we switch away, so what's the easiest way to deal with them.
Allow them to be closed automatically?
Withdraw the balance and request closure before switching , getting interest to date?
Withdraw balance but leave closing to happen automatically?
Something else?
WWYD
Ps, I'm not looking to open additional accounts to be able to remain a customer, as I know some people do, as I have in the past! 😉
How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)
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Comments
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From the T&Cs:
"You can also close your account at any other time outside this cancellation period – we won’t charge you."
So probably the most straightforward option is to empty and close your accounts before the switch.1 -
I'm not 100% sure, but you can probably keep the RS account. CA is only needed for opening the RS.Sea_Shell said:Looking to switch away main joint CA from Santander, but we have a regular saver each with a few months contributions in, which don't mature until June.
Assume we can't keep these if we switch away, so what's the easiest way to deal with them.
Allow them to be closed automatically?
Withdraw the balance and request closure before switching , getting interest to date?
Withdraw balance but leave closing to happen automatically?
Something else?
WWYD
Ps, I'm not looking to open additional accounts to be able to remain a customer, as I know some people do, as I have in the past! 😉
I know that they won't close the account without giving you a warning. Warnings from Santander come well in advance, at least in my experience.
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To get the money out of a Santander Monthly Saver, you need a Santander (current) account.1 -
friolento said:
To get the money out of a Santander Monthly Saver, you need a Santander (current) account.
But once it matures, into an Everyday Saver, you can then set up an external payee?
I have no need for the balances before they mature in June.How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)0 -
Can you open an Edge current account, Edge saver whilst you have the original current account. Close the RS then put the funds from the existing current account into the Edge saver. The Edge saver beats the RS rate anyway, and you can go up to £4K immediately to take advantage of the ES rate and bonus.
As long as you don't set up any DDs in the Edge current, you shouldn't have the monthly fee triggered. After nearly a year, if you wish, you can then close the new ES, open a new one to trigger another year of bonus (if rates make sense at that time).
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I could do lots of hokey cokey with accounts, but I'd rather not.
Been there, done that, got the t-shirt 😉
See OP!How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)1 -
Ooh I didn't read that footnote! Fair enough, it sounds more complicated than it is in practice. With rates heading down the edge saver could be very useful to have anyway, but I appreciate it's a bit of a faff.Sea_Shell said:I could do lots of hokey cokey with accounts, but I'd rather not.
Been there, done that, got the t-shirt 😉
See OP!0 -
Didn't know the interest rate was fixed...Altior said:
Ooh I didn't read that footnote! Fair enough, it sounds more complicated than it is in practice. With rates heading down the edge saver could be very useful to have anyway, but I appreciate it's a bit of a faff.Sea_Shell said:I could do lots of hokey cokey with accounts, but I'd rather not.
Been there, done that, got the t-shirt 😉
See OP!0 -
The rate isn't fixed but they do have to give at least 2 months notice of any interest rate reductions, which is rather generous compared to many.nottsphil said:
Didn't know the interest rate was fixed...Altior said:
Ooh I didn't read that footnote! Fair enough, it sounds more complicated than it is in practice. With rates heading down the edge saver could be very useful to have anyway, but I appreciate it's a bit of a faff.Sea_Shell said:I could do lots of hokey cokey with accounts, but I'd rather not.
Been there, done that, got the t-shirt 😉
See OP!0 -
??? Looks fixed to me 😉How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)0
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