Santander Regular eSaver 5% Interest
324°Expired

Santander Regular eSaver 5% Interest

99
Found 15th Mar 2016
You can have this account with any Santander current account only excluding 123 mini

The instant access savings account funded from your Santander current account
A Regular eSaver lets you save up to £200 each month for 12 months. Funding must come as a standing order from your Santander current account.
You can apply for the Regular eSaver, in branch or by calling us, please see more details in the 'How to apply' tab.
You can manage this account using Online or Mobile Banking only. Your annual statements will be available to view in Online Banking only.

Eligibility
Account available to UK residents. Your Regular eSaver must be funded by standing order from your Santander current account (not including 1|2|3 Mini Current Account). Maximum one account per customer, account can only be held in sole name. You must be signed up or are going to be signed up for Online or Mobile Banking. Please ensure you have read the eligibility requirements section at the end of this page.
Interest rates
Account name Regular eSaver
AER/Gross rate (variable) for first 12 months from opening 5.00%
Up to and including 5 April 2016, you’ll receive interest net unless you have registered to receive interest gross. From 6 April 2016, you’ll receive interest gross, with no income tax deducted. Take a look at our information pages to learn more
Based on a regular payment of £200 per month for 12 months at 5.00% gross (variable), you could earn up to £64.66 in interest. If the interest rate changes within this time you may get more or less than this interest amount.
Your interest is calculated daily and paid annually on account maturity.
There is no cash card or passbook with this account.
A 14-day cancellation period applies.
After 12 months the account will become an Everyday Saver account currently paying 0.25% AER/Gross (variable) on balances from £1.
Funding your Regular eSaver
You can deposit up to the maximum monthly deposit limit of £200 in each month*. You can pay into the Regular eSaver by standing order from your Santander current account.
*Your month is calculated by the date that you open your Regular eSaver, e.g. you open the Regular eSaver on the 16th of a month, your month will run from 16th of one month to the 15th of the next month.
Deposits
You can make any number of standing order payments into the Regular eSaver in a month and your monthly deposit amount can vary each month, provided that the applicable monthly limit of £200 is not exceeded. You don’t have to deposit into the Regular eSaver every month
Paying in by standing order
Payments will be sent Monday to Friday. Please make sure that your standing order gives you enough time for your payment to reach the account before the last day of your funding month. For example if you set up your standing order for the last day of your month and this is a Saturday, your payment won’t reach us until the following month.
Withdrawals
You can withdraw funds from your Regular eSaver by transferring to your Santander current account using Online Banking. There’s no penalty for withdrawals but if you do make a withdrawal and then pay it back in, it will count towards your monthly deposit limit.
Eligibility requirements
The Regular eSaver account has a funding limit of £200 every month, if you deposit more than £200 in any month into your Regular eSaver, Santander reserve the right to revert your Regular eSaver into an Everyday Saver
The Regular eSaver must be funded from your Santander current account via a standing order, if you do not fund the account from your Santander current account, Santander reserve the right to revert your Regular eSaver into an Everyday Saver
The Regular eSaver and its interest rates are subject to availability. Rates are variable and effective as at 14 March 2016.
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99 Comments
Wow 200 whole pounds a month?
good stuff
Seems pretty decent if you have 123 current account(s) anyway. No online application is disappointing though.
I thought interest was going to be tax free up to a £1000???

And if you have done all the switching 5 per cent seems a nice return even if it is limited to £200 a month

Jane
boostii

After tax, the max interest you can get back over a year is £48 pounds. … After tax, the max interest you can get back over a year is £48 pounds. You can get more than that for switching your current account. By the time you have balled about with the paperwork and presenting money laundering documents is it worth it?


first £1000 interest tax free for 20% tax payers from next month?
Jiming

Seems pretty decent if you have 123 current account(s) anyway. No online … Seems pretty decent if you have 123 current account(s) anyway. No online application is disappointing though.


You can have this account with any Santander current account ony excluding 123 mini
If it's coming from a 123 account you're getting 3% anyway so the real interest boost is 2% on an average £1200 (before tax and assuming you put the max in) so £24/yr. Don't think I'll bother
Bit rubbish IMHO, be better off sticking up to 12k a year in a stocks and shares ISA, over a long term you're very likely to receive a lot better interest than this, all tax free.
6% at First Direct and you don't have to bank with Santander
As from April 2016 you do not pay tax on the 1st £1000 of interest
rotor

If it's coming from a 123 account you're getting 3% anyway so the real … If it's coming from a 123 account you're getting 3% anyway so the real interest boost is 2% on an average £1200 (before tax and assuming you put the max in) so £24/yr. Don't think I'll bother


extra 24/yr, i dont mind to be honest
Roger_Irrelevant

Bit rubbish IMHO, be better off sticking up to 12k a year in a stocks and … Bit rubbish IMHO, be better off sticking up to 12k a year in a stocks and shares ISA, over a long term you're very likely to receive a lot better interest than this, all tax free.


You mean 15.4K
good points about the tax free interest coming in but still the most you can get back from Santander is £60. better than nothing though which is what lots of banks give.
Works out at 2.5% over the year as you only receive 5% on the first £200 investment then in the 2nd month 11/12ths of 5% then10/12ths etc
Edited by: "hookl" 15th Mar 2016
Still a good deal as it will offset the price increase on the123 account.
I wonder why you cant apply online for this?
leeparsons

I wonder why you cant apply online for this?


Just applied by phone which takes an eternity and it appears nobody knows why it cannot be done online.
HSBC advance current gives 6% and TSB gives 5%. Also they allow you to apply online!

It is a good option for existing Santander customers but a hassle to phone up and go in branch
Edited by: "AstalaVista" 15th Mar 2016

boostii

After tax, the max interest you can get back over a year is £48 pounds. … After tax, the max interest you can get back over a year is £48 pounds. You can get more than that for switching your current account. By the time you have balled about with the paperwork and presenting money laundering documents is it worth it?


Anyway, how can you switch if you got already got the account your switching to?
I tried to get this and the soonest they could open one for me was with an appointment on 5th April (when I will be working anyhow). They said phone won't be any quicker
Applied today and set up within the 20 min call, just checked online and it's all there with the standing order in.place.
My wife and I have a joint 123 account for all the bills, etc so I'd like to think we could each open our own regular savers with the standing order coming from the same 123 account, not sure if that's allowed though.

The extra £24 ish extra a year didn't put me off but the non online application does. What a faff in this day and age!

Not sure we'll bother either.
hookl

Works out at 2.5% over the year as you only receive 5% on the first £200 … Works out at 2.5% over the year as you only receive 5% on the first £200 investment then in the 2nd month 11/12ths of 5% then10/12ths etc



Plus the 3% the money is earning in the 123 feeder account.
I'll stick with Lloyds + Zopa
eslick

6% at First Direct and you don't have to bank with Santander


Yes, but you have to bank with FirstDirect
rotor

If it's coming from a 123 account you're getting 3% anyway so the real … If it's coming from a 123 account you're getting 3% anyway so the real interest boost is 2% on an average £1200 (before tax and assuming you put the max in) so £24/yr. Don't think I'll bother



But is you already have 20,000 in your 1-2-3 account it's a good deal.
Well the interest on this at least pays the increased £5 per month 123 current account charge
I believe HSBC, First Direct and TSB also do the same kinda thing, allowing you to pay in between £200 and £300 a month depending on the account (I remember TSB is up to £250 for example).
eslick

6% at First Direct and you don't have to bank with Santander



£300 a month too
eslick

6% at First Direct and you don't have to bank with Santander



Thanks, might be worth the effort as I've aleady got an ISA with them, and setting it up should be a doddle.....mind you £117 interest over the year isn't really worth it
Edited by: "Askrulous" 16th Mar 2016
I have a regular santander account, and they dont seem to be taking 5£ a month? i have about put 20k max in there to max most of it but no intrwst -.-
nb2508

Yes, but you have to bank with FirstDirect



As until recently Santander was the worst bank for customer service and FD are always best. I know which one I would be with, however if when something goes wrong and you have issues the good point with Santander is they will send you a free pen as a sorry.
Those with Nationwide FlexPlus accounts can get their regular saver account, which is 5% on up to £500 per month. If you open one mid month you can stick £500 in, then another £500 in on the first of the next month.

IIRC it works out at earning about £165 over the first year.

That said if you've already got a lump of money to put somewhere these regular savers aren't that great.


Link:

nationwide.co.uk/pro…its
Edited by: "Scorpion" 16th Mar 2016
whelan189

I have a regular santander account, and they dont seem to be taking 5£ a … I have a regular santander account, and they dont seem to be taking 5£ a month? i have about put 20k max in there to max most of it but no intrwst -.-


You only get 3% in the 123 current a/c.
Speculator

You only get 3% in the 123 current a/c.


I know that....
All these small bean regular savings accounts added up.
Shame though they put the extra hoop in the way "You can apply for the Regular eSaver, in branch or by calling us"
Should have known as phoneSaver or branchSaver. Why call eSaver when we can't open an account online?
Nationwide, £500 per month, 5%
TSB, £250 per month, 5%
First Direct, £300 per month, 6%
M and S, £250 per month, 6%
Santander, £200 per month, 5%

It's a nice way to stick £1500 a month in savings and they all add up. At the end of the year, pay them all into a Santander 123 account (you'll have 18k plus interest) and then repeat the exercise.

Two hours work, free money forever.
boostii

After tax, the max interest you can get back over a year is £48 pounds. … After tax, the max interest you can get back over a year is £48 pounds. You can get more than that for switching your current account. By the time you have balled about with the paperwork and presenting money laundering documents is it worth it?



What about the 3.5 million customers who already have a Santander current account? Or those who have maxed out on switch bonuses? (there's plenty of us about)

Took 15 minutes for me to get the account open over the phone. They set up the standing order, they transfer the initial £200, no paperwork to fill.

£60 for 15 minutes work is certainly worth it for me and I suspect many others.

Unless you earn more than £240 per hour??
Roger_Irrelevant

Bit rubbish IMHO, be better off sticking up to 12k a year in a stocks and … Bit rubbish IMHO, be better off sticking up to 12k a year in a stocks and shares ISA, over a long term you're very likely to receive a lot better interest than this, all tax free.



Note the key words 'very likely' folks.

As with all stocks and shares ISAs, there is some blurb about 'your capital being at risk' and 'you may get back less than you originally invested'.

Do it right and all is good, but do it wrong...
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