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  • FIRST POST
    • karlie88
    • By karlie88 2nd Oct 18, 9:41 AM
    • 8,714Posts
    • 107,911Thanks
    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
    • 2,143 Posts
    • 992 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
    • 8,626 Posts
    • 23,418 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
    • 2,599 Posts
    • 2,161 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
    • 8,714 Posts
    • 107,911 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
    • 313 Posts
    • 377 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
    • 6,436 Posts
    • 5,864 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
    • 79 Posts
    • 54 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
    • 3,007 Posts
    • 4,128 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
    • 2,143 Posts
    • 992 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
    • 317 Posts
    • 39 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
    • 2,428 Posts
    • 1,268 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
    • 317 Posts
    • 39 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
    • 3,212 Posts
    • 2,087 Thanks
    greenglide
    Lots of banks do this. Generally interest after tax of 0.00!
    • RG2015
    • By RG2015 13th Oct 18, 8:30 AM
    • 1,471 Posts
    • 921 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
    • 732 Posts
    • 1,340 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
    • 1,471 Posts
    • 921 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
    • adindas
    • By adindas 19th Oct 18, 8:51 AM
    • 3,617 Posts
    • 2,244 Thanks
    adindas
    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.
    Originally posted by karlie88
    Well many people like to grab the cake but they do not like to bite the dust. However, without the dust which in turn become the soil that grow the crops you will not get cake, do not they ?

    So allowing dust to turn into soil is not bad as part of turning it into cake.
    • karlie88
    • By karlie88 19th Oct 18, 9:27 AM
    • 8,714 Posts
    • 107,911 Thanks
    karlie88
    Well many people like to grab the cake but they do not like to bite the dust. However, without the dust which in turn become the soil that grow the crops you will not get cake, do not they ?

    So allowing dust to turn into soil is not bad as part of turning it into cake.
    Originally posted by adindas
    How long will it take for the dust to turn into soil and then for the soil to grow crops to eventually become cake?

    Also, would a lemon drizzle take longer than a cherry madeira?
    Official MSE canny forumite and HUKD VIP badge member
    • karlie88
    • By karlie88 20th Oct 18, 9:21 AM
    • 8,714 Posts
    • 107,911 Thanks
    karlie88
    My son’s 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.
    Originally posted by IanManc
    I think this glitch has now been fixed.

    It looks like there was a period from between 2nd Oct up to 19th Oct where any Reg Saver that auto-renewed was being converted from an Issue 5 to an Issue 6 (i.e. their IT system was just moving them up an issue number). Issue 6 was the previous reg saver offering 5% to 123 World customers and 3% to non-123 World customers. I'm not 100% sure when this glitch was fixed; it's likely to have been a few days before the 19th Oct.

    My Reg Saver matured yesterday evening and I can see that it's been converted to an Issue 7 paying 3%.

    For those who have a Reg Saver auto-renewing from today, could you post what the new Reg Saver Issue number/interest rate is please? Just to confirm that the glitch has been fixed...
    Official MSE canny forumite and HUKD VIP badge member
    • IanManc
    • By IanManc 20th Oct 18, 11:27 AM
    • 732 Posts
    • 1,340 Thanks
    IanManc
    I think this glitch has now been fixed.

    It looks like there was a period from between 2nd Oct up to 19th Oct where any Reg Saver that auto-renewed was being converted from an Issue 5 to an Issue 6 (i.e. their IT system was just moving them up an issue number). Issue 6 was the previous reg saver offering 5% to 123 World customers and 3% to non-123 World customers. I'm not 100% sure when this glitch was fixed; it's likely to have been a few days before the 19th Oct.

    My Reg Saver matured yesterday evening and I can see that it's been converted to an Issue 7 paying 3%.

    For those who have a Reg Saver auto-renewing from today, could you post what the new Reg Saver Issue number/interest rate is please? Just to confirm that the glitch has been fixed...
    Originally posted by karlie88
    It wasn't a glitch - they sent me an e-document telling me they were converting it into a 123 Regular eSaver Issue 6 paying 5%. It arrived in my e-documents 17 days before it happened.

    It said: "What this means for you:
    If your Regular eSaver account has a standing order in place from an open Santander Current account:
    Your account will now automatically renew to a new Regular eSaver for another 12 months. The final balance (including any
    interest earned) will be moved to your Santander current account from which the standing order was paid three days after
    maturity, including if your current account is in joint names. For example, if your account matures on the 1st of the month the
    final balance will be transferred on the 4th. You will still earn interest on the full balance in your account at the rate shown below
    during this time. Any funds deposited after maturity alongside any additional interested earned will be included as part of your
    next maturity."

    And further down: "Your new interest rate:
    Your new interest rate is shown below and a Key Facts Document has been included with this letter to confirm the details of your new account.
    New account name New balance tiers New interest rate
    Regular eSaver (Issue 6) for 1I2I3 World or Santander Select customers £1+ 5.00% Gross / AER (fixed)."

    I'm sorry that the same hasn't happened to yours Karlie.
    Last edited by IanManc; 20-10-2018 at 11:39 AM.
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