The Top Regular Savers Discussion Thread

flaneurs_lobster

However, I've noticed that the details on my matured regular Saver now say the interest rate is 8%, and I can't find anything in the terms and conditions that says the balance is transferred out after 12 payments plus interest.

So you have £2400 (plus interest) sitting in an account earning 8%?

I'd be leaving it well alone.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82063367#Comment_82063367

Better safe than sorry, I reckon. I'll be withdrawing early to top up other regular savers, as my easy access funds are completely depleted. A couple of days at slightly lower interest rates, so might lose me a few pence, but potentially saves me the hassle of a long phone call.

clairec666

Shhh, don't say anything in case Santander notice! Keep the full balance in there.

Does Santander show "pending interest" like some others do? If so, you can verify that you're getting 8% on the full balance.

Essex123

Many years ago there was a Santander First Home Saver account which paid way above market rates (IIRC 5% when general rates were 1-2%) had a low monthly subscription limit and a max balance of £50k.

The terms said if you paid in more than the monthly limit they “may” close or transfer the account. A few days before the interest was paid, I dropped £45k into the account and then waited to see whether the 5% interest was calculated on the full amount. It was, and this account was highly profitable for a number of years!

BRO1959

https://forums.moneysavingexpert.com/discussion/comment/82063376#Comment_82063376

Yes, but only matured today, so if it follows previous pattern it will be moved to my current account today or tomorrow, and the Regular Saver will reset from 0 at 8%. My list of standing orders shows that the next payment is due next month.

BRO1959

It doesn't say 'pending interest'. The interest has been credited to the account.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82063429#Comment_82063429

Not sure what you are fretting about, either the cash is earning 8% or it's going to get moved out to somewhere where you can arrange for it to be earning 4.5% with little effort.

Not exactly known for their speed of closing accounts, yer Santander.

Is the problem that you are keen to get the first £200 into the 8% saver?

BRO1959

https://forums.moneysavingexpert.com/discussion/comment/82063440#Comment_82063440

Not fretting, but possibly a little impatient! I've just found the letter re maturity in the banking app, dated 21st June, so before the 8% offer.

It says that funds are moved to current account 3 days after maturity, and a new Regular Saver starts. It does say that it pays 5%, but I think I will get 8%, as that's what it says on the account.

Standing order shows as not going out again until next month, so I don't know whether it will automatically be funded this month, whether I can pay in manually, or if I'll have to wait until the following month.

I'll try to work out what happened when the last one matured.

I'll possibly get the 8% on the existing balance for 3 days!

Section62

https://forums.moneysavingexpert.com/discussion/comment/82063444#Comment_82063444

I'll possibly get the 8% on the existing balance for 3 days!

Maybe, but the interest rate displayed by Santander can be a bit quirky… as an example showing 0% if you go over the £4k limit on the Edge Saver.

So it is possible you'll get the 8%, but don't go out on a spending spree until the interest has been paid. 😉

Bigwheels1111

https://forums.moneysavingexpert.com/discussion/comment/82063316#Comment_82063316

I've just called them, they took my bank details and ran a cop check, all is good now.

Set up and ready to go.