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.
Top comments
qbs
31 Mar 177#1
First Direct's better. Same 5% but up to £300/month. £97.50 interest after 12 months. Whoopee! :disappointed:
FiveBobBill
31 Mar 176#6
** 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.
timp123
1 Apr 174#38
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.
Decentbloke to SHREK007
1 Apr 173#20
You're thinking: "Today is April fool's day"?
All comments (82)
qbs
31 Mar 177#1
First Direct's better. Same 5% but up to £300/month. £97.50 interest after 12 months. Whoopee! :disappointed:
mikemod to qbs
1 Apr 172#25
Nationwide 5% as well but up to £500/month £162.50 interest after 12 months, don't spend it all at once :smile:
landros1
31 Mar 172#2
Many thanks.
It would have been better if Santander had told me.
tyke to landros1
31 Mar 17#3
They sent me an email. Does that mean you don't have the appropriate account?
mjb1975
31 Mar 171#4
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!
landros1
31 Mar 171#5
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%.
FiveBobBill
31 Mar 176#6
** 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.
1rose to FiveBobBill
31 Mar 171#7
i have the same account type as you, so yes, u should be eligible to the higher interest rate :smiley:
Psychobunni to FiveBobBill
31 Mar 17#12
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 :smile:
mk-donald to FiveBobBill
1 Apr 17#34
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..."
matengawhat
31 Mar 17#8
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
1rose to matengawhat
31 Mar 17#9
from what i can see on the link, it can now be opened online, but the 5% rate is not showing/live yet.
Somnus to matengawhat
31 Mar 17#10
This.
1rose
31 Mar 17#11
Opening
Log on to Online Banking and apply.
Visit any Santander branch.
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Opening post
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.
Top comments
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.
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.
All comments (82)
It would have been better if Santander had told me.
Perhaps they have not forgiven me for saying "Santander sucks" in a previous blog when the rates went down from 5% to 3%.
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.
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..."
If they have changed that will open one tomorrow
Log on to Online Banking and apply.
Visit any Santander branch.