Santander's new 8% regular saver?

boco803

What are peoples' thoughts on their new offering - especially for existing customers?

Is it a no brainer? How quick was it to actually close your old RS when going via chat before you were able to open the new RS?

I note that rather than rolling into a new RS in 12 months time (with accumulated funds and accrued interest auto-transferred to your current account), this one leave your funds in the account to earn 3% from month 13. I suppose there's nothing stopping you to transfer out the £2400 yourself? Or even go through the process of closing the account to open another new RS this time next year?

Any good or bad points to consider leaving it as is with the 5% account? There's nothing to suggest it'll be maintained at 5%.

Middle_of_the_Road

Think you've covered all the variables. Definitely worth closing the existing one to open the 8% version. Takes a couple of days to close once requested in chat.

Newly_retired

A no- brainer at 8%. Closure of the 5% isn’t instant, it’s two or three days before you can open a new one, but if you transfer your money out before closure you can park it elsewhere at a better rate until needed.

boco803

Thanks for your replies.

When closing via Sandi, is it normal to be told to hold (not close chat) whilst they pass your details and closure request to an agent to sort / deal with?

dingling68

https://forums.moneysavingexpert.com/discussion/comment/82075632#Comment_82075632

Santander & Sandi,

Yes, I had this when I tried to close the account, the agent closed it straight away

tr7phil

In case it's any use to anyone, my wife's Santander regular saver at 5% matured yesterday, as this account doesn't close we were expecting her to have to close it and open a new one to get the new rate but no, it went to 8% automatically.

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/82076082#Comment_82076082

This is good news, thank you, as that didn't happen when mine matured not so long ago, and had to close and open a new one. One less bit of faff to deal with.

boco803

Thanks for the replies.

Is it normal to wait over 5-10 minutes for an agent to respond on chat?

friolento

https://forums.moneysavingexpert.com/discussion/comment/82077483#Comment_82077483

I don't think there's a normal response time - it will depend on how many agents with the right skills are available to pick up your request. I would say 5-10 minutes wait is quite good for closing an account. I usually just put in my request and leave them to deal with it. Sometimes they process it within hours, sometimes it takes a couple of days.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82077483#Comment_82077483

With Santander? Yes. Often over an hour from my experience. Perhaps I'm picking the busiest time of day.

pfpf

never had a San RS does this allow the 31/07 then 01/08 deposit option for first 2 months deposits?