Matured Santander Monthly Saver is showing as 3%

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Kernel_Sanders
Kernel_Sanders Posts: 3,617 Forumite
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edited 22 October 2018 at 8:11PM in Savings & investments
First payment was the max £200 paid in on 21 October 2017, so I presume the account matured at the weekend. £63 interest was added today, but the account is still showing as a Monthly Saver on the app. It's also showing as paying 3%, so how long will this last if correct, please, and what Santander regular saver could /should I open now?

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  • RG2015
    RG2015 Posts: 5,911 Forumite
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    Kernel_Sanders wrote: »
    First payment was the max £200 paid in on 21 October 2017, so I presume the account matured at the weekend. £63 interest was added today, but the account is still showing as a Monthly Saver on the app. It's also showing as paying 3%, so how long will this last if correct, please?
    £63 is about right for 5% for the last 12 months. If you were renewed automatically the £2,463 will be transferred to your associated 123 current account. If not they will transfer it to an Everyday Saver paying a very low interest rate.

    3% is the new rate for automatic renewal if your standing order did not have an end date.
  • System
    System Posts: 178,097 Community Admin
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    RG2015 wrote: »
    3% is the new rate for automatic renewal if your standing order did not have an end date.

    Crafty gits. So if your SO has an end date and you set up another at the end of the current 12 month period you get 5%?
  • djd1965
    djd1965 Posts: 4,032 Forumite
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    Tarambor wrote: »
    Crafty gits. So if your SO has an end date and you set up another at the end of the current 12 month period you get 5%?


    No - you get 3%
  • ColdIron
    ColdIron Posts: 9,120 Forumite
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    Tarambor wrote: »
    Crafty gits. So if your SO has an end date and you set up another at the end of the current 12 month period you get 5%?

    No. The new rate is 3%. Santander are saving you bother by setting it up automatically. Nothing crafty at all

    https://forums.moneysavingexpert.com/showthread.php?t=5903353
  • butterflymum
    butterflymum Posts: 987 Forumite
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    Albeit a cynical person might say it was 'crafty' of them to introduce automatic renewal not that long before they then introduced the lower interest rate.
    butterfly )i(
  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,860 Forumite
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    butterflymum wrote: »
    Albeit a cynical person might say it was 'crafty' of them to introduce automatic renewal not that long before they then introduced the lower interest rate.

    That's why I cancelled my automatic renewal two days ago. I won't be bothering with the next one at 3% and its now exclusive to 123 select customers. Over the last five years they have corralled their customers into increasingly useless offerings.
  • ColdIron
    ColdIron Posts: 9,120 Forumite
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    Yorkshire_Pud wrote: »
    and its now exclusive to 123 select customers.
    It's not exclusive to Select customers
    • Regular eSaver (Issue 7) for 1|2|3 World and/or Santander Select or Private Banking customers
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