Santander Regular eSaver for 1|2|3 World or Santander Select customers 5% interest from next week April 2017
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Santander Regular eSaver for 1|2|3 World or Santander Select customers 5% interest from next week April 2017

80
Found 31st Mar
Hi.. Just a heads up. Thought it might be of benefit to some..

Have just been to Santander to open my regular eSaver account and been informed by the staff that starting from next week the rates for 123 customer will increase from 3% to 5%.

To open the account you must be:

a UK resident, maximum one account per customer, account can only be held in single name;
aged 16 or over;
signed up or are going to sign up for Online or Mobile Banking; and
a Santander current account customer, not available to 1|2|3 Mini account in Trust customers.
To be eligible for the higher interest rate you must be a 1|2|3 World or a Santander Select customer at point of opening.

Opening
Log on to Online Banking and apply.
Visit any Santander branch.

Deposits
There is no minimum monthly deposit. You can save up to a maximum of £200 each month for 12 months by standing order from your Santander current account.
You can make any number of payments via standing order and you don’t have to make a deposit every month. The amount can vary each month, provided the monthly limit isn’t exceeded.
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.
Standing orders are only processed Monday to Friday. If your standing order falls on a weekend or bank holiday your payment will be made on the next working day, if this is the last day of the month your payment won’t reach us until the following month.
If you don’t fund the account from your Santander current account or if you deposit more than £200 in any month, Santander reserve the right to revert your account into an Everyday Saver.

Manage the account
Online and Mobile Banking.
Statements are issued annually in April in Online Banking only.

Can I withdraw money?
Yes, withdrawals can be made at any time by transfer to your Santander current account in Online and Mobile Banking.
If you make a withdrawal and then pay it back in, it will count towards your £200 monthly limit.

80 Comments

First Direct's better. Same 5% but up to £300/month. £97.50 interest after 12 months. Whoopee!

Many thanks.
It would have been better if Santander had told me.

landros1

Many thanks.It would have been better if Santander had told me.


They sent me an email. Does that mean you don't have the appropriate account?

Cool. Already have a joint 123 account for our everyday bills, etc. Will check it out next week and set up. That'd be our sixth regular saver coming out each month!

tyke

They sent me an email. Does that mean you don't have the appropriate … They sent me an email. Does that mean you don't have the appropriate account?



I have mailed them for clarification,
Perhaps they have not forgiven me for saying "Santander sucks" in a previous blog when the rates went down from 5% to 3%.

** To be eligible for the higher interest rate you must be a 1|2|3 World or a Santander Select customer **

I have a 123 Current Account, but far as I was aware it's just called 123 Current Account (the one that charges a fiver a month)! So what is a 1|2|3 World or a Santander Select customer then?

If it ain't me then I'm with "Santander Sucks" above.

Edited by: "FiveBobBill" 31st Mar

Original Poster

FiveBobBill

** To be eligible for the higher interest rate you must be a 1|2|3 World … ** To be eligible for the higher interest rate you must be a 1|2|3 World or a Santander Select customer **I have a 123 Current Account, but far as I was aware it's just called 123 Current Account (the one that charges a fiver a month)! So what is a 1|2|3 World or a Santander Select customer then?If it ain't me then I'm with "Santander Sucks" above.



i have the same account type as you, so yes, u should be eligible to the higher interest rate

They used to insist you went in to branch to open one of these hence i could never be bothered, it was the only account you couldn't open online!

If they have changed that will open one tomorrow

Original Poster

matengawhat

They used to insist you went in to branch to open one of these hence i … They used to insist you went in to branch to open one of these hence i could never be bothered, it was the only account you couldn't open online!If they have changed that will open one tomorrow



from what i can see on the link, it can now be opened online, but the 5% rate is not showing/live yet.

matengawhat

They used to insist you went in to branch to open one of these hence i … They used to insist you went in to branch to open one of these hence i could never be bothered, it was the only account you couldn't open online!If they have changed that will open one tomorrow



This.

Original Poster

Somnus

This.



Opening
Log on to Online Banking and apply.
Visit any Santander branch.

FiveBobBill

** To be eligible for the higher interest rate you must be a 1|2|3 World … ** To be eligible for the higher interest rate you must be a 1|2|3 World or a Santander Select customer **I have a 123 Current Account, but far as I was aware it's just called 123 Current Account (the one that charges a fiver a month)! So what is a 1|2|3 World or a Santander Select customer then?If it ain't me then I'm with "Santander Sucks" above.



123 World customers are just any customers with a 123 product, such as a 123 bank account. A select customer is a "special" customer, you'd know if you were one of them

Psychobunni

123 World customers are just any customers with a 123 product, such as a … 123 World customers are just any customers with a 123 product, such as a 123 bank account. A select customer is a "special" customer, you'd know if you were one of them



I'm a Select customer. It's useless.

Have some heat OP. Much better than the 1.09% my Cash ISA currently returns. Thanks

Somnus

I'm a Select customer. It's useless.



Not true. Preferential mortgage rates.

Is it best to wait until it shows 5% on their website before applying?

Original Poster

manicminer7

Is it best to wait until it shows 5% on their website before applying?



if it makes any difference, the bank staff and manager told me that the account will have the 5% interest rate automatically applied to it next week even when i opened the account today. but yeah, normally i would have waited until the rates are published on their site

Cheers OP.

a little sceptical about this deal. normally Martin Lewis's site, MSE, or the moneywise news email would have something about this sort of offer and I can find nothing on either site to say that Santander are increasing their interest rates.

SHREK007

a little sceptical about this deal. normally Martin Lewis's site, MSE, or … a little sceptical about this deal. normally Martin Lewis's site, MSE, or the moneywise news email would have something about this sort of offer and I can find nothing on either site to say that Santander are increasing their interest rates.



You're thinking: "Today is April fool's day"?

SHREK007

a little sceptical about this deal. normally Martin Lewis's site, MSE, or … a little sceptical about this deal. normally Martin Lewis's site, MSE, or the moneywise news email would have something about this sort of offer and I can find nothing on either site to say that Santander are increasing their interest rates.


People with existing accounts, including me, got sent emails to say they were increasing the rate - so no need to be sceptical about it. It's true the website hasn't changed, but I can see why they would only want to update once on the actual day of the change.

What about Student 123 account?

Thanks OP. My current 5% is going to close next week and I was going to open a 3% so perfect timing for me.

April Fools Day Chaps

qbs

First Direct's better. Same 5% but up to £300/month. £97.50 interest a … First Direct's better. Same 5% but up to £300/month. £97.50 interest after 12 months. Whoopee!



Nationwide 5% as well but up to £500/month £162.50 interest after 12 months, don't spend it all at once

abhijitdash123

April Fools Day Chaps


But the post was added on the 31/03, hence not in April.

How to join the Santander Select

Santander Select criteria

I stumble at the first hurdle....................£5000 per month!

admirable

How to join the Santander Select Santander Select criteriaI stumble at … How to join the Santander Select Santander Select criteriaI stumble at the first hurdle....................£5000 per month!


Well yes, but most people applying for this will qualify via the 123 account criteria, not that one!

I opened this account online two days ago at 3%. Nothing on their site to say interest rates were increasing. I'll await with interest.... or maybe without......

will have a look next week

Thanks OP

I guess they had to up the rate to 5% since quite a few other banks are offering 5%

lkl265

I guess they had to up the rate to 5% since quite a few other banks are … I guess they had to up the rate to 5% since quite a few other banks are offering 5%


and considering how they have repeatedly destroyed their 123 account over the last 2 years.... I suspect they have lost a hell of a lot of customers....

FiveBobBill

** To be eligible for the higher interest rate you must be a 1|2|3 World … ** To be eligible for the higher interest rate you must be a 1|2|3 World or a Santander Select customer **I have a 123 Current Account, but far as I was aware it's just called 123 Current Account (the one that charges a fiver a month)! So what is a 1|2|3 World or a Santander Select customer then?If it ain't me then I'm with "Santander Sucks" above.



I too was totally confused by that new "1|2|3 World" terminology, but after a bit of digging around the Santander website I finally found:
http://www.santander.co.uk/uk/123-customers
which inter alia says
"A 1|2|3 World customer is someone who holds one or more of the following products:... 1|2|3 Current Account..."

I guess this is one way they could *possibly* reduce people leaving after halving the interest rate on 123 current account and increasing the monthly fee to £5.

The 5 pounds a month fee will more than wipe out the interest

Uns

The 5 pounds a month fee will more than wipe out the interest



Not if you take advantage of all the other features it doesn't

In case anyone is too lazy to do the maths:
Currently - £200/mo @ 3% = £38 interest/yr.
"New" rate - £200/mo @ 5% = £64 interest/yr.

£26/yr difference or £2.17 a month on average - hardly anything to shout about. If they also increased the maximum amount you can save per month then it would be a much more attractive offer.

I got the email. This is straight up. And the rates ARE showing on their website, from April 3rd.

And yes - we know it's not a lot of difference - but if you do all these things correctly, you can park a significant chunk of cash away at 5%, simply by having the same money going around in circles.

looks good. i never closed an account waiting for this.
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