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  • FIRST POST
    • karlie88
    • By karlie88 2nd Oct 18, 9:41 AM
    • 8,532Posts
    • 106,452Thanks
    karlie88
    Santander Regular E-Saver - rate reduced from 5% to 3%
    • #1
    • 2nd Oct 18, 9:41 AM
    Santander Regular E-Saver - rate reduced from 5% to 3% 2nd Oct 18 at 9:41 AM
    As previously thought from last week - newly launched Issue 7 has a rate of 3%. Those who opened a regular e-saver before the rate change will still earn 5%.

    https://www.santander.co.uk/uk/savings/regular-esaver

    Another one bites the dust.
    Official MSE canny forumite and HUKD VIP badge member
Page 3
    • soulsaver
    • By soulsaver 3rd Oct 18, 10:45 AM
    • 2,086 Posts
    • 944 Thanks
    soulsaver
    Is it still limited to "one per customer" - I can't find any wording in the T&Cs that suggests it is ?
    Originally posted by Paul_DNAP
    "How do I open and manage my account?
    To open the account you must be:
    a 1|2|3 World, Santander Select or Private Banking customer
    a UK resident aged 16 or over
    signed up for Online or Mobile Banking
    You can only have one Regular eSaver per customer, the account canít be held jointly and isnít available to 1|2|3 Mini Account in Trust customers."
    • EachPenny
    • By EachPenny 3rd Oct 18, 10:46 AM
    • 7,292 Posts
    • 19,747 Thanks
    EachPenny
    Is it still limited to "one per customer" - I can't find any wording in the T&Cs that suggests it is ?
    Originally posted by Paul_DNAP
    The wording is a little vague when it comes to the matter of different issues, but my reading of the T&C's (one of the first things I did ) is the restriction is one Regular E-saver per customer, not one of each issue.

    Someone might want to test that of course.
    "In the future, everyone will be rich for 15 minutes"
    • veryintrigued
    • By veryintrigued 3rd Oct 18, 10:47 AM
    • 2,534 Posts
    • 2,071 Thanks
    veryintrigued
    Is it still limited to "one per customer" - I can't find any wording in the T&Cs that suggests it is ?
    Originally posted by Paul_DNAP
    Yep.

    System recognises you already hold one when you apply.
    • karlie88
    • By karlie88 3rd Oct 18, 10:50 AM
    • 8,532 Posts
    • 106,452 Thanks
    karlie88
    Thanks - I've edited the post to clarify (for those who don't read all the thread).

    PS To avoid the £1 pm charge you just don't have DDs on it? Or is there a specific action required..
    Originally posted by soulsaver
    Thanks to spec for the heads up - all I did was open a Lite and ensured that I didn't set up any DDs on the account. No monthly charge has been taken and you remain eligible for their 123 products.
    Official MSE canny forumite and HUKD VIP badge member
    • Paul_DNAP
    • By Paul_DNAP 3rd Oct 18, 12:16 PM
    • 289 Posts
    • 347 Thanks
    Paul_DNAP
    "How do I open and manage my account?
    To open the account you must be:
    a 1|2|3 World, Santander Select or Private Banking customer
    a UK resident aged 16 or over
    signed up for Online or Mobile Banking
    You can only have one Regular eSaver per customer, the account canít be held jointly and isnít available to 1|2|3 Mini Account in Trust customers."
    Originally posted by soulsaver

    Aaah, so that's where it's hiding, thanks to all.
    (Although I could be wrong, I often am.)
    • badger09
    • By badger09 3rd Oct 18, 3:37 PM
    • 6,291 Posts
    • 5,671 Thanks
    badger09
    Join, get the gift, then flog it on Facebook/ebay/gumtree for around £100.
    Originally posted by karlie88
    Or use gift as a Christmas present. The tech ones look ok. No idea of the value though and I'm not sufficiently interested to check
    • EJS_Superted
    • By EJS_Superted 3rd Oct 18, 4:48 PM
    • 76 Posts
    • 52 Thanks
    EJS_Superted
    There really aren't many reasons to be with Santander now. I get a decent amount of cashback from my Santander mortgage in my 123 Lite but once my mortgage deal expires i'll be off.

    Given how much their products have worsened over the last few years I get the feeling their strategy is just relying on customers being too lazy to switch away.
    • ceredigion
    • By ceredigion 3rd Oct 18, 8:02 PM
    • 2,921 Posts
    • 3,978 Thanks
    ceredigion
    Thanks - I've edited the post to clarify (for those who don't read all the thread).

    PS To avoid the £1 pm charge you just don't have DDs on it? Or is there a specific action required..
    Originally posted by soulsaver
    It is in the T&C's and always has been. The same clause is also in the terms for the full 123 account.
    https://www.santander.co.uk/csdlvlr/BlobServer?blobtable=MungoBlobs&blobkey=id&blobcol =urldata&blobheader=application%2Fpdf&blobheaderva lue1=inline%3Bfilename%3D123+Lite+Current+Account+ KFD+do-ec-317.pdf&blobwhere=1314025305122&blobheadername1=Co ntent-Disposition

    Third paragraph in the third section. Note: "first time"
    • soulsaver
    • By soulsaver 3rd Oct 18, 11:03 PM
    • 2,086 Posts
    • 944 Thanks
    soulsaver
    That link doesn't work - but I've found the key line from the clues to which you refer.

    Does that make it impossible to avoid when converting from a qualified full 123 ac?
    • DennisTenus
    • By DennisTenus 7th Oct 18, 8:56 PM
    • 299 Posts
    • 37 Thanks
    DennisTenus
    Thanks - I've edited the post to clarify (for those who don't read all the thread).

    PS To avoid the £1 pm charge you just don't have DDs on it? Or is there a specific action required..
    Originally posted by soulsaver
    I didn't know the £1 charge could be avoided? How?
    • Ed-1
    • By Ed-1 7th Oct 18, 9:09 PM
    • 2,388 Posts
    • 1,244 Thanks
    Ed-1
    I didn't know the £1 charge could be avoided? How?
    Originally posted by DennisTenus
    Once it's activated it can't be avoided. However if you never set up any direct debits, you never activate it.
    • DennisTenus
    • By DennisTenus 7th Oct 18, 9:57 PM
    • 299 Posts
    • 37 Thanks
    DennisTenus
    Mine has just matured and interest paid. However it says INTEREST AFTER TAX! I thought all interest was paid gross now? I got £63.53 that right?
    • greenglide
    • By greenglide 7th Oct 18, 10:10 PM
    • 3,179 Posts
    • 2,065 Thanks
    greenglide
    Lots of banks do this. Generally interest after tax of 0.00!
    • RG2015
    • By RG2015 13th Oct 18, 8:30 AM
    • 1,374 Posts
    • 846 Thanks
    RG2015
    Is monthly saver still renewing at 5%?
    My sonís Santander regular saver matured on 9th October and £2,467 was transferred to his current account on 11th October. His original £200 standing order was set up to stop after 12 payments so he set up a new one with the initial payment on 11th October. This was in accord with his email saying that the regular saver would automatically renew if there was a standing order in place.

    The balance is now £200 and the stated interest on the account on the Santander app is 5%.

    Has anyone else experienced this and is it just an error by Santander not updating the display indicating the interest rate on the app?
    Last edited by RG2015; 13-10-2018 at 10:59 AM. Reason: To insert a post title
    • IanManc
    • By IanManc 16th Oct 18, 11:48 AM
    • 688 Posts
    • 1,226 Thanks
    IanManc
    Santander Issue 5 at 5% Maturity
    My sonís Santander regular saver matured on 9th October and £2,467 was transferred to his current account on 11th October. His original £200 standing order was set up to stop after 12 payments so he set up a new one with the initial payment on 11th October. This was in accord with his email saying that the regular saver would automatically renew if there was a standing order in place.

    The balance is now £200 and the stated interest on the account on the Santander app is 5%.

    Has anyone else experienced this and is it just an error by Santander not updating the display indicating the interest rate on the app?
    Originally posted by RG2015
    I've discovered the answer to your question by accident!

    My Issue 5 matured, and the balance including interest was transferred to my 123 Lite today.

    I checked my Monthly saver and, like your son's, it stated that it was now an Issue 6, but with an interest rate still at 5%.

    However, in my e-documents I found a letter headed "Your savings account is changing" which explains that my account is becoming a "Regular eSaver (Issue 6) for 123 World or Santander Select customers", paying 5% interest.

    There is also a Regular eSaver (Issue 6) account paying 3%, and it is this one you find if you use the "find your interest rate" page on Santander's website - but that's not the one they've transferred me into.

    Hope this helps.
    • RG2015
    • By RG2015 16th Oct 18, 12:34 PM
    • 1,374 Posts
    • 846 Thanks
    RG2015
    I've discovered the answer to your question by accident!

    My Issue 5 matured, and the balance including interest was transferred to my 123 Lite today.

    I checked my Monthly saver and, like your son's, it stated that it was now an Issue 6, but with an interest rate still at 5%.

    However, in my e-documents I found a letter headed "Your savings account is changing" which explains that my account is becoming a "Regular eSaver (Issue 6) for 123 World or Santander Select customers", paying 5% interest.

    There is also a Regular eSaver (Issue 6) account paying 3%, and it is this one you find if you use the "find your interest rate" page on Santander's website - but that's not the one they've transferred me into.

    Hope this helps.
    Originally posted by IanManc
    Thanks for this. I will check if he also has an e-document. Mine does not mature until April 2019 so I doubt that i would get 5%.

    The Santander website currently has the following information:

    We’ll also automatically renew your Regular eSaver for another 12 months with the same rate and conditions that are available to new customers at the time so you can carry on saving.

    I would still like to know if anyone has renewed their regular saver but only been put on the 3% one.
    Last edited by RG2015; 16-10-2018 at 1:21 PM. Reason: To remove note about Issue 7 which I realise is not relevant
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