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  • FIRST POST
    • Peanut8472
    • By Peanut8472 29th Nov 17, 1:20 PM
    • 11Posts
    • 6Thanks
    Peanut8472
    Santander 1.5% on 20,000
    • #1
    • 29th Nov 17, 1:20 PM
    Santander 1.5% on 20,000 29th Nov 17 at 1:20 PM
    Edited post
    Last edited by Peanut8472; 29-11-2017 at 2:02 PM.
Page 1
    • badger09
    • By badger09 29th Nov 17, 1:33 PM
    • 5,944 Posts
    • 5,283 Thanks
    badger09
    • #2
    • 29th Nov 17, 1:33 PM
    • #2
    • 29th Nov 17, 1:33 PM
    Hi,
    I was under the impression that 20,000 would earn 300/year, or 25/month. However, it appears it only earns 225/year or 18.78/month.
    I had wondered if this was due to the 5 account fee, but i have checked, and this is deducted seperately.

    Can anyone explain this?
    Originally posted by Peanut8472

    The 5pm is deducted separately.

    Where are you getting the 225 & 18.78 from?
    • Peanut8472
    • By Peanut8472 29th Nov 17, 1:37 PM
    • 11 Posts
    • 6 Thanks
    Peanut8472
    • #3
    • 29th Nov 17, 1:37 PM
    • #3
    • 29th Nov 17, 1:37 PM
    Edited post
    Last edited by Peanut8472; 29-11-2017 at 2:02 PM.
    • westv
    • By westv 29th Nov 17, 1:38 PM
    • 4,525 Posts
    • 2,122 Thanks
    westv
    • #4
    • 29th Nov 17, 1:38 PM
    • #4
    • 29th Nov 17, 1:38 PM
    Because 18.78 is listed as the interest payment on the account.
    Originally posted by Peanut8472
    That's not for part of the month is it? When was the account opened?
    • Nick_C
    • By Nick_C 29th Nov 17, 1:45 PM
    • 3,810 Posts
    • 5,234 Thanks
    Nick_C
    • #5
    • 29th Nov 17, 1:45 PM
    • #5
    • 29th Nov 17, 1:45 PM
    Works out at about 24.83 for a full month, less the 5 fee

    AER is 1.5%. Actual interest is 1.49%. If interest is left to be compounded its 1.5%,but you can't get compound interest on a 20k balance.
    • caveman38
    • By caveman38 29th Nov 17, 1:46 PM
    • 913 Posts
    • 291 Thanks
    caveman38
    • #6
    • 29th Nov 17, 1:46 PM
    • #6
    • 29th Nov 17, 1:46 PM
    Although I have since closed all my 3 San123 accounts (Myself, wife & joint) I can confirm that the last two interest payments were around 25 each time ( 24.45 & 25.30)
    I realised that with the 5 fee each month, the total interest was a mere 1.2% and that's before any tax due at years end.
    The only (in my opinion) benefit was Instant Access. That is unless you use it for cashback.
    • eskbanker
    • By eskbanker 29th Nov 17, 1:47 PM
    • 7,137 Posts
    • 7,562 Thanks
    eskbanker
    • #7
    • 29th Nov 17, 1:47 PM
    • #7
    • 29th Nov 17, 1:47 PM
    Were there two active direct debits on the account throughout the monthly period in question?
    • JustAnotherSaver
    • By JustAnotherSaver 29th Nov 17, 1:49 PM
    • 2,956 Posts
    • 491 Thanks
    JustAnotherSaver
    • #8
    • 29th Nov 17, 1:49 PM
    • #8
    • 29th Nov 17, 1:49 PM
    Send a secure message to Santander to ask them to explain?

    • caveman38
    • By caveman38 29th Nov 17, 1:55 PM
    • 913 Posts
    • 291 Thanks
    caveman38
    • #9
    • 29th Nov 17, 1:55 PM
    • #9
    • 29th Nov 17, 1:55 PM
    Hi,
    I was under the impression that 20,000 would earn 300/year, or 25/month. However, it appears it only earns 225/year or 18.78/month.
    I had wondered if this was due to the 5 account fee, but i have checked, and this is deducted seperately.

    Can anyone explain this?
    Originally posted by Peanut8472

    Has this been the figure for a number of months or is this the first month and has it been a complete one?
    • Peanut8472
    • By Peanut8472 29th Nov 17, 1:55 PM
    • 11 Posts
    • 6 Thanks
    Peanut8472
    Edited post
    Last edited by Peanut8472; 29-11-2017 at 2:03 PM.
    • Nick_C
    • By Nick_C 29th Nov 17, 2:05 PM
    • 3,810 Posts
    • 5,234 Thanks
    Nick_C
    Well thanks for your feedback on what are intended as helpful comments OP!
    • badger09
    • By badger09 29th Nov 17, 3:03 PM
    • 5,944 Posts
    • 5,283 Thanks
    badger09
    @Peanut8472

    It is bad form/rude/mean/unhelpful to simply delete your posts when you realise you have made a schoolboy/girl error. Especially after several posters have tried to help you.

    All you had to do was say 'oops, sorry, I forgot I only had 20k in there for xx days', which we can all surmise anyway
    • IanManc
    • By IanManc 29th Nov 17, 4:01 PM
    • 538 Posts
    • 873 Thanks
    IanManc
    @Peanut8472

    It is bad form/rude/mean/unhelpful to simply delete your posts when you realise you have made a schoolboy/girl error. Especially after several posters have tried to help you.

    All you had to do was say 'oops, sorry, I forgot I only had 20k in there for xx days', which we can all surmise anyway
    Originally posted by badger09
    It also doesn't work if someone has quoted you.

    • badger09
    • By badger09 29th Nov 17, 4:48 PM
    • 5,944 Posts
    • 5,283 Thanks
    badger09
    It also doesn't work if someone has quoted you.

    Originally posted by IanManc
    Indeed, but I was trying to be constructive, rather than embarrass OP
    • No_6
    • By No_6 29th Nov 17, 9:34 PM
    • 637 Posts
    • 129 Thanks
    No_6
    May be P-N had too many red wines and has fallen from high
    and will now be known as a PH
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