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.
Top comments
themadgoose
16 Mar 169#38
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.
eslick
15 Mar 164#9
6% at First Direct and you don't have to bank with Santander :smiley:
cheaperbythe12
16 Mar 163#52
Correct. You may thinks it's convoluted but once set up it's free money. I have £1000 circulating through 5/6 different current accounts and achieve between 3-5%. Obviously you need money in these accounts as well, so say £2k in TSB (5%), £2.5k Natiownide FlexPlus (5% + bonuses like gadget and travel insurance, breakdown cover etc so covers the £10 monthly fee), £20k Santander etc, but by circulating the standing orders, you make some decent interest. It doesn't take long as it's online so just log on and then set it up (probably takes less than 20 mins for 4/5/6 separate accounts. It is a bit of time but once done, it's easy money and £100's a year. For wife and I, that goes towards flights and hotels for a holiday. Certainly better than nought!
All comments (99)
benjai
15 Mar 161#1
Wow 200 whole pounds a month?
kramer2088
15 Mar 16#2
good stuff
Jiming
15 Mar 162#3
Seems pretty decent if you have 123 current account(s) anyway. No online application is disappointing though.
shishiragarwal to Jiming
15 Mar 16#6
You can have this account with any Santander current account ony excluding 123 mini
Nanajane
15 Mar 16#4
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
52919
15 Mar 161#5
first £1000 interest tax free for 20% tax payers from next month?
rotor
15 Mar 161#7
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
shishiragarwal to rotor
15 Mar 16#11
extra 24/yr, i dont mind to be honest
Ferrari100 to rotor
16 Mar 161#26
But is you already have 20,000 in your 1-2-3 account it's a good deal.
Roger_Irrelevant
15 Mar 161#8
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.
mcormack to Roger_Irrelevant
15 Mar 16#12
You mean 15.4K
snack_attack to Roger_Irrelevant
16 Mar 16#40
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...
alex_dis to Roger_Irrelevant
16 Mar 16#66
Yeah, 'long term' but S&S ISAs are getting a battering at the moment. Maybe I shouldn't have invested so heavily in China :disappointed:
eslick
15 Mar 164#9
6% at First Direct and you don't have to bank with Santander :smiley:
nb2508 to eslick
16 Mar 16#25
Yes, but you have to bank with FirstDirect
ajisquire to eslick
16 Mar 16#29
£300 a month too
Askrulous to eslick
16 Mar 16#30
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
Boxer to eslick
16 Mar 16#62
But you do have to bank with First Direct. My experience with First Direct was appalling. I tried to switch and they cocked it right up. Three weeks and still no transfer.
I was lied to, had to wait the best part of 1/4 of an hour each time I called. I was told they all see the same system yet one department didn't know what the other was doing. I expect all banks will have a few people with bad experiences, but I wouldn't trust my money with FD. I understand they are the highest voted for bank in Briton. I'd like to know where you vote so I can cast my displeasure. :smiley:
Newbold to eslick
16 Mar 16#69
I think you may be living in the past. The Santander 123 account has always had good feedback from its customers (take a look at MSE). I use FD and Santander, have been for years, and I have to say that Santander has been faultless. Santander used to be awful (though they did regularly pay me £30 in compensation for their errors) but the 123 account, aimed at a different type of customer, has been excellent.
It also pays 3% on up to £20k for a fiver a month, as well as cashback - First Direct can't even begin to match that!
taxman
15 Mar 161#10
As from April 2016 you do not pay tax on the 1st £1000 of interest
boostii
15 Mar 16#13
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.
hookl
15 Mar 16#14
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
Speculator to hookl
16 Mar 16#23
Plus the 3% the money is earning in the 123 feeder account.
billybob59
15 Mar 16#15
Still a good deal as it will offset the price increase on the123 account.
leeparsons
15 Mar 16#16
I wonder why you cant apply online for this?
billybob59 to leeparsons
15 Mar 16#17
Just applied by phone which takes an eternity and it appears nobody knows why it cannot be done online.
AstalaVista
15 Mar 16#18
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
leeparsons
15 Mar 16#19
Anyway, how can you switch if you got already got the account your switching to?
DreamerV
15 Mar 16#20
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 :/
margamboy
15 Mar 161#21
Applied today and set up within the 20 min call, just checked online and it's all there with the standing order in.place.
mjb1975
15 Mar 161#22
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.
losdamianos
16 Mar 16#24
I'll stick with Lloyds + Zopa
tolester
16 Mar 16#27
Well the interest on this at least pays the increased £5 per month 123 current account charge
FrostbiteXIII
16 Mar 16#28
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).
whelan189
16 Mar 16#31
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 -.-
Speculator to whelan189
16 Mar 16#34
You only get 3% in the 123 current a/c.
eslick
16 Mar 16#32
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.
Scorpion
16 Mar 162#33
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.
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"
lhwjud
16 Mar 161#37
Should have known as phoneSaver or branchSaver. Why call eSaver when we can't open an account online?
themadgoose
16 Mar 169#38
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.
snack_attack to themadgoose
16 Mar 162#42
Finally, someone on my wavelength.
chizhuk to themadgoose
16 Mar 16#47
Seems very convoluted IMO. Each of these providers insist that the funding is from an internal account. Surely this means you have to set up multiple standing orders to transfer to each of the other banks, if it is at all permitted by each provider?
Nationwaide criteria:
If you can do it though I suppose it is £750+ you wouldn't normally have.
snack_attack to themadgoose
16 Mar 16#53
Don't forget HSBC paying 4%-6% interest on £250 per month.
Lloyds paying 4% on £400 per month.
So that's a potential £2150 per month earning around 5% interest.
And there are plenty of local building societies paying 3.5-4% interest on regular savers.
Bank of England may have interest rates stuck at 0.5% for several years, but these accounts have been around for many years too. You have to work to make your savings grow these days.
snack_attack
16 Mar 162#39
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??
snack_attack
16 Mar 16#41
Put the effort in.
If I told you to work for 1 hour behind a desk/on a building site/as a taxi driver etc. and for that hour you'd get £117 would you do it?
The only other job that potentially pays better is an escort service.
boostii
16 Mar 161#43
If you told me to work for half an hour on a building site or in a taxi, but I had to give £1200 to the foreman to wine and dine his missus leaving me short for the rest of the year. Then a year later he gives me the money back and pays me for the work I did a year ago.
That is the analogy.....
:confused:
cheaperbythe12
16 Mar 161#44
I like it when people come up with things like you've quoted from earlier in the thread. With the looming crisis, you do NOT want your money invested in most companies as the share price will collapse pretty much over night. Therefore, you may well be in the black on shares now, but not when it happens, which may well be precipated if we leave the EU in a few months. I do say 'if' but it's another thing which could get the ball rolling.
Anyway, agree that it may not be a huge amount but if you can afford to put in £200 a month to this, along with the other reg saver accounts mentioned such as First Direct, Nationwide, TSB etc, it all adds up at the end of the day. I'd certainly like an extra £50-60 in my pocket for the time it takes to set this up (on the phone now to do just that!).
tom6195
16 Mar 16#45
Could do with some advice re: ISAs if someone has the time?
but for people like us with tsb and hsbc and m and s regular savers already well worth it!
snack_attack
16 Mar 16#50
Nice 'analagy'.
But do you have a better place to put the money for a risk-free 5% return on your money? (apart from FD, M&S Bank and HSBC regular savers offering 6%)
Chiptivo
16 Mar 16#51
Thanks for the heads up op, I have just gone through the call centre, which was long winded, and set one up. All good many thanks.
Watch the pennies and the pounds look after themselves.
cheaperbythe12
16 Mar 163#52
Correct. You may thinks it's convoluted but once set up it's free money. I have £1000 circulating through 5/6 different current accounts and achieve between 3-5%. Obviously you need money in these accounts as well, so say £2k in TSB (5%), £2.5k Natiownide FlexPlus (5% + bonuses like gadget and travel insurance, breakdown cover etc so covers the £10 monthly fee), £20k Santander etc, but by circulating the standing orders, you make some decent interest. It doesn't take long as it's online so just log on and then set it up (probably takes less than 20 mins for 4/5/6 separate accounts. It is a bit of time but once done, it's easy money and £100's a year. For wife and I, that goes towards flights and hotels for a holiday. Certainly better than nought!
snack_attack
16 Mar 161#55
I think you're confusing the FlexPlus account with the FlexDirect account.
The FlexPlus account pays 3% interest and has a monthly fee of £10 with added extras. The FlextDirect account offers 5% interest but with no fee.
whats
16 Mar 16#56
Phone call took 17 minutes, they like to talk a lot. Thankfully I'm not one one of the annoying people here and calculate what I would have earned if I was working vs the interest. But I did it whilst working so all good :smiley:
008
16 Mar 16#57
>>>>>
Or just buy one deal on HUKD and save the whole £48 instantly and put it in a Sock or Baked bean tin for an end of year treat for the family ;-)
snappyfish
16 Mar 16#58
Anyone know best % saving account for balances of 50k +
snack_attack to snappyfish
16 Mar 162#61
Easy.
TSB 5% up to £2000 + £250 monthly saver
Nationwide 5% up to £2500 + £500 monthly saver
Lloyds 4% up to £5000 + £400 monthly saver
Santander 3% up to £20000 + 5% £200 monthly saver
Bank of Scotland 3% up to £15000
cheaperbythe12
16 Mar 16#59
Think it's the FlexPlus account but whatever it's called it's a fantastic product. It's the one wife and I have and just opened the regular saver which also pays 5% upto £500/month, though pretty sure you need to have the £10/month FlexPlus account to access it.
snack_attack
16 Mar 16#60
Yes, from what you described it's the FlexPlus but was just correcting the interest rate.
You can have the £500 monthly saver with any 3 of their 'Flex' accounts.
cheaperbythe12
16 Mar 16#63
Good post about what people can make on interest with different banks :smirk:
So better make it clear, I read all the T&C's and I believe with Nationwide's FlexPlus account, it's 3% interest for the year but £10/month for the benefits (so on interest there's max of 2.5K = £60/yr, though £75 after April 1st).NW then have a separate regular saver account which wife and I now pay into and will be 5% on upto £500/month for 12 months, so well over £100+ if you can afford to put max figure of £500/month away each month. That's on one bank account. With the others you can easily max £750+ with interest on saving of, say, £30k pa.
eslick
16 Mar 16#64
there can always be issues with any of the switching services, all I can say is we have been with them since they started 20 something years ago, never had an issue, easiest customer service and website to use. tried others including Santander and they lost my application 4 times, twice told me I hadn't even applied so gave up and opened an account elsewhere. When I complained they said they had had lots of applications, and couldn't find it but as a gesture of goodwill they included a plastic pen with Santander on it, no sorry just could you apply again!
With FD we use their regular savings, but also have our mortgage with them now, have had it since the day the rates were reduced to 0.5% and got a tracker 0.59% above the base rate with no fees was well chuffed and only saw it because it was advertised for a few hours on their website, if I hadn't been with them would have being paying a lot more :smiley:
tolester
16 Mar 16#65
Isnt it bank scotland 3% upto 5k and not 15k?
Speculator
16 Mar 161#67
you are allowed to open 3 x BOS a/cs so £15K in total.
Roger_Irrelevant
16 Mar 16#68
If your money is in some accumulator funds you should be rubbing your hands now at the thought of all those cheap shares you can be snappig up. :wink:
If I told you to work for 1 hour behind a desk/on a building site/as a taxi driver etc. and for that hour you'd get £117 would you do it?
No to the first two, and maybe to the third, providing it was in a tesla (so I could test drive it and earn something at the same time)
Shine600
16 Mar 16#76
First Direct is different. If you need to make a partial withdrawal at any time you have to close the account and don't get the high rate.
The Santander account isn't that appealing though. The TSB current account with a linked saver is the one I'd suggest is definitely worth checking out.
snack_attack
16 Mar 16#77
Let me put it into perspective for you.
You've posted deals where you save £1 on oranges, 50p on doritos, 50p on kitchen roll, £1 on curry paste, £1 on lurpark and so on.
In that time you could have gained so much more with bank account interest rates.
Of course, we're all entitled to our opinion and can spend/not spend our money on whatever we like. I like to buy nice cars.
BeerGoggles
16 Mar 16#78
Yea but you can save up to 20k. There is none of this max £2000 forcing you to put in max of 250 a month.
Speculator
16 Mar 16#79
Was replying to whelan189.
he said "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 -.-"
Askrulous
16 Mar 16#80
I think you misunderstand the point of hduk, its not about finding deals that have made you a fortune, its about benefiting the majority.
For instance, I could post a deal about a house I might be buy for peanuts and make a few more quid than £117 refurbing it, or maybe a share thats about to give me a couple of grand profit in a week, but I doubt it would benefit many others.
Horses for courses basically. You stick to your ways of making money and I'll stick to mine.
snack_attack
16 Mar 16#81
Thus making a regular saver which could potentially benefit thousands of hukd users a deal.
Askrulous
16 Mar 16#82
Yes.....and for some, not really worth the effort
snack_attack
16 Mar 16#83
In which case, why comment on a deal you have no interest in?
Askrulous
16 Mar 16#84
I initially commented because I was thanking someone, the rest is utterly pointless waffle
snack_attack to Askrulous
16 Mar 16#86
Reading back to your initial comment, it makes complete sense now(!)
You're happy to earn 1.5% interest on your First Direct ISA, but don't want to put the effort in to earn 6% interest with the same bank.
Might go and transfer my £2000 from M&S bank earning 6% into their ISA earning 1.5%...not sure it's worth the effort though.
acidstrato
16 Mar 16#85
2x direct debits set up as well?
Askrulous
16 Mar 16#87
Its interesting (pardon the pun) how you fixate on the interest rather than what you actually earn.
snack_attack
16 Mar 16#88
£100k (as a nice round example) earning 1.5% = £1500 per year
£98.2k earning 1.5% and £300/month earning 6% = £1590 per year
Regardless of the amount in your ISA, you're essentially throwing money down the drain.
Feel free to waffle on, I'm here all night.
Askrulous
16 Mar 161#89
Wow, £90 extra a year....let me just reorganise my life for that life changing amount
snack_attack to Askrulous
16 Mar 16#90
No need to reorganise your life. A 5-minute phone call is all it takes. Same amount of time you've spent replying to me.
madscientis to Askrulous
16 Mar 16#93
Why not ? At least you can pay 123 ACC fees with it so you have free Santander account. If you have time do it. Sounds fair for me. You can set up a direct debit between ACC. No need to work through ACC every month.
Askrulous
16 Mar 16#91
A reply takes seconds. Setting up an account takes times, moving regular amounts takes time, then theres the extra paperwork which I have to keep for myself and my accountant, then theres all the passwords for different accounts..I have trouble remembering passwords just for accounts set up with different establishments to keep under the fscs, so really don't need to extra headache for what is a very little amount
Fergieboy
16 Mar 161#92
Many thanks for posting the deal. £66 for an easy 20 min telephone call. That's 6 x M&S dine in for two next year and £6 left over to pay the tax on the sugary drinks next year.
snack_attack
16 Mar 16#94
Several replies takes minutes.
Takes 5 minutes to open the account, as much time as you reading and replying 8 times within this thread.
There is no extra paperwork for you. All kept online. Your accountant's job is to manage your paperwork.
You've already explained that you have a First Direct ISA, thus you will not need new login details - just use the same one and both accounts will appear within online banking.
Either get a secure password manager program or do some memory training exercises.
Askrulous
16 Mar 16#95
I appreciate that it works for you and others, I'm glad its worth it for you, just not for me. As for my memory, there's no hope for that!
snack_attack
16 Mar 16#96
Fair enough.
snoopy18
17 Mar 16#97
Thanks op
RogerN
23 Mar 16#98
Every little helps, thanks for this. But as mentioned, switching out £200 pm from 123 to saver only makes £24 or so extra, not worth phone or in-branch hassle. Complained to 123 by secure message(_;)
In meantime, looking at Quidco etc for another bank account preferably with highish interest rates
redtapehater
6 Apr 16#99
Having been encouraged to bank on line I find this a stupid requirement. I have been with Santander and its previous incarnations in the UK since 1969 and still have to go through this rigamaroll.No offence to the front line staff but they really need to get some authority to filter down to the staff facing the customers. I also wish they would get rid of the notice thank you for waiting. If I want to get to the counter what is my other ortion apart from waiting,pleae inform me.T
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Opening post
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.
Top comments
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.
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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
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...
I was lied to, had to wait the best part of 1/4 of an hour each time I called. I was told they all see the same system yet one department didn't know what the other was doing. I expect all banks will have a few people with bad experiences, but I wouldn't trust my money with FD. I understand they are the highest voted for bank in Briton. I'd like to know where you vote so I can cast my displeasure. :smiley:
It also pays 3% on up to £20k for a fiver a month, as well as cashback - First Direct can't even begin to match that!
It is a good option for existing Santander customers but a hassle to phone up and go in branch
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.
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:
http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits
Shame though they put the extra hoop in the way "You can apply for the Regular eSaver, in branch or by calling us"
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.
Nationwaide criteria:
If you can do it though I suppose it is £750+ you wouldn't normally have.
Lloyds paying 4% on £400 per month.
So that's a potential £2150 per month earning around 5% interest.
And there are plenty of local building societies paying 3.5-4% interest on regular savers.
Bank of England may have interest rates stuck at 0.5% for several years, but these accounts have been around for many years too. You have to work to make your savings grow these days.
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??
If I told you to work for 1 hour behind a desk/on a building site/as a taxi driver etc. and for that hour you'd get £117 would you do it?
The only other job that potentially pays better is an escort service.
That is the analogy.....
:confused:
Anyway, agree that it may not be a huge amount but if you can afford to put in £200 a month to this, along with the other reg saver accounts mentioned such as First Direct, Nationwide, TSB etc, it all adds up at the end of the day. I'd certainly like an extra £50-60 in my pocket for the time it takes to set this up (on the phone now to do just that!).
but for people like us with tsb and hsbc and m and s regular savers already well worth it!
But do you have a better place to put the money for a risk-free 5% return on your money? (apart from FD, M&S Bank and HSBC regular savers offering 6%)
Watch the pennies and the pounds look after themselves.
The FlexPlus account pays 3% interest and has a monthly fee of £10 with added extras. The FlextDirect account offers 5% interest but with no fee.
Or just buy one deal on HUKD and save the whole £48 instantly and put it in a Sock or Baked bean tin for an end of year treat for the family ;-)
TSB 5% up to £2000 + £250 monthly saver
Nationwide 5% up to £2500 + £500 monthly saver
Lloyds 4% up to £5000 + £400 monthly saver
Santander 3% up to £20000 + 5% £200 monthly saver
Bank of Scotland 3% up to £15000
You can have the £500 monthly saver with any 3 of their 'Flex' accounts.
So better make it clear, I read all the T&C's and I believe with Nationwide's FlexPlus account, it's 3% interest for the year but £10/month for the benefits (so on interest there's max of 2.5K = £60/yr, though £75 after April 1st).NW then have a separate regular saver account which wife and I now pay into and will be 5% on upto £500/month for 12 months, so well over £100+ if you can afford to put max figure of £500/month away each month. That's on one bank account. With the others you can easily max £750+ with interest on saving of, say, £30k pa.
With FD we use their regular savings, but also have our mortgage with them now, have had it since the day the rates were reduced to 0.5% and got a tracker 0.59% above the base rate with no fees was well chuffed and only saw it because it was advertised for a few hours on their website, if I hadn't been with them would have being paying a lot more :smiley:
Use your initiative.
You can have a maximum of three accounts with Vantage.
No to the first two, and maybe to the third, providing it was in a tesla (so I could test drive it and earn something at the same time)
The Santander account isn't that appealing though. The TSB current account with a linked saver is the one I'd suggest is definitely worth checking out.
You've posted deals where you save £1 on oranges, 50p on doritos, 50p on kitchen roll, £1 on curry paste, £1 on lurpark and so on.
In that time you could have gained so much more with bank account interest rates.
Of course, we're all entitled to our opinion and can spend/not spend our money on whatever we like. I like to buy nice cars.
he said "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 -.-"
For instance, I could post a deal about a house I might be buy for peanuts and make a few more quid than £117 refurbing it, or maybe a share thats about to give me a couple of grand profit in a week, but I doubt it would benefit many others.
Horses for courses basically. You stick to your ways of making money and I'll stick to mine.
You're happy to earn 1.5% interest on your First Direct ISA, but don't want to put the effort in to earn 6% interest with the same bank.
Might go and transfer my £2000 from M&S bank earning 6% into their ISA earning 1.5%...not sure it's worth the effort though.
£98.2k earning 1.5% and £300/month earning 6% = £1590 per year
Regardless of the amount in your ISA, you're essentially throwing money down the drain.
Feel free to waffle on, I'm here all night.
Takes 5 minutes to open the account, as much time as you reading and replying 8 times within this thread.
There is no extra paperwork for you. All kept online. Your accountant's job is to manage your paperwork.
You've already explained that you have a First Direct ISA, thus you will not need new login details - just use the same one and both accounts will appear within online banking.
Either get a secure password manager program or do some memory training exercises.
In meantime, looking at Quidco etc for another bank account preferably with highish interest rates