Santander Regular eSaver for 1|2|3 World or Santander Select customers 5% interest @ Santander

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

Santander1 Apr 17

Source: HotUKDeals | Deals > All categories

Opening post

1rose

31 Mar 17

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 17 7 #1

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

FiveBobBill

31 Mar 17 6 #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 17 4 #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 17 3 #20

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

Latest comments (82)

andreasuk

14 Jun 17 #82

it has been posted before!

rodman

20 Apr 17 #81

same here, no probs.

fossman

5 Apr 17 #80

It wouldn't let me set the standing order up on the app but I logged onto the website and it worked.

Sharpharp

4 Apr 17 #79

LOL, "significant" at £200 max a month with interest cumulatively? :smirk:

b33r

4 Apr 17 #78

Are you definitely trying to set up the standing order FROM your 123 account and not your regular saver? I didn't have a problem setting up a SO as soon as it was opened.

fossman

4 Apr 17 #77

Thanks, I would have missed this if it wasn't posted on here.

I have opened the account tonight and transferred in the first £200.

For some reason I am unable to set up a standing order to transfer the money over in future months, is this just a glitch because the accounts only just been opened?

throwawaysociety

4 Apr 17 #76

Nice deal, I've opened this to go along with my Nationwide 5% regular saver and Virgin Money 2.25% saver. It may not be brilliant but in these times of low interest rates I say grab whatever is going!

hukduserr

4 Apr 17 #75

makes me wonder if you are an engineer????

b33r

3 Apr 17 1 #74

Cheers OP, all set up

ssc1

3 Apr 17 #73

how do you know if your a select customer?

edit: just opened on saying im a select customer will see.

FiveBobBill

3 Apr 17 1 #72

Just to clarify. I opened one of these Regular Saver accounts a few days ago when I came across this thread, it was paying 3% then, but this morning it has gone up to 5% and is showing as such when I log in and view my account.
So all done automatically. Thanks for the heads up OP.

However, IMO Santander still 'sucks' for reducing the 123 Current Account down to 1.5% and charging a fiver just to have it :stuck_out_tongue:

morgaine

3 Apr 17 1 #71

Thanks OP. Account up and running this morning.

Somnus

3 Apr 17 #70

Opened the account, thanks.

Jiming

3 Apr 17 1 #69

Thanks OP. Account set up online within a minute of opening. Took less than 5 minutes to fill out form & set up standing order.

manicminer7

3 Apr 17 #68

Same as, applied and now all live, set up my £200 SO from tomorrow for 12 months.

MikeT

3 Apr 17 #67

Yes within 30mins I had an email to say my application was setup, up and running now :smiley:

zermattbusby

3 Apr 17 #66

123 Regular eSaver (issue 5)

All setup and running with the first £200.00

MikeT

3 Apr 17 #65

This 5% regular esaver (issue5) is now up and running, apply online and you will get a reference number with the following message: We will contact you within 3 working days with further details on your application

landros1

2 Apr 17 #64

That is why I mailed them to clarify the facts.

Ashe

2 Apr 17 #63

It was posted on 31st March though. The email from Santander went to those who have Issue 4 Regular Saver accounts currently, if you don't have one of those I doubt you will receive an email.

1ab

2 Apr 17 #62

OK OK sounds to be great news.
You might accept that the absence of any coverage of the Santander interest rise in any financial press combined with a Post on April 1st could lead even the most optimistic person to be a tad suspicious of the announcement.

I look forward to receiving my email from Santander bearing the good news.

landros1

2 Apr 17 #61

It is not the 123 account it is the monthly saver.
This is their reply to my email.

"I can confirm that there are no plans to change the interest rate for the 123 Current.
You may have received a letter regarding the Monthly Saver account.
The interest rate on the Monthly Saver account will increase from 3% to 5% on Monday the 3rd April.
This will change automatically and you do not need to take any action."

Ashe

2 Apr 17 1 #60

No, I won't. Several people, including myself, have confirmed being told or having emails directly from Santander confirming this change will happen.

Saying "I'll wait until it's on the website" would be reasonable. Talking about "fake stories" is just nonsense.

landros1

2 Apr 17 #59

It is £500 per month.

1ab

2 Apr 17 #58

Great if it is true. Please provide one link to any financial website that can and does corroborate the claim. Just one will do.
http://www.santander.co.uk/uk/savings/regular-esaver

Ashe

2 Apr 17 1 #57

What are you talking about?! This is a genuine new deal, and a year old story updated four months ago has no relevance.

1ab

2 Apr 17 #56

Now is April 1st significant in the savings world???
Is Hotukdeals immune from fake stories?
http://www.moneywise.co.uk/news/2016-03-22/santander-launches-5-regular-savings-account-it-any-good

Msdemena

2 Apr 17 2 #55

The adviser also confirmed they were only told few days ago, but definitely the 3% will be 5% for existing e-savers. Don't know why they are not shouting about this to win back some of those who left when the 123 acct fee increased to £5. I really like my Santander acct and online staff always very helpful and patient.

Msdemena

2 Apr 17 1 #54

It's all bona-fide. I am a Santander select customer and just called (2/4/2017) and the nice man talked me through applying online. All set up in minutes and new standing order of £200 (for 12mths only) good to go tomorrow when it launches. Yippee

zermattbusby

2 Apr 17 #53

Yes

A 1|2|3 World customer is someone who holds one or more of the following products:

1|2|3 Current Account
1|2|3 Lite Current Account
1|2|3 Student Current Account
1|2|3 Postgraduate Account
1|2|3 Credit Card
1|2|3 Graduate Current Account
1|2|3 Mini Current Account or 1|2|3 Mini (in Trust)

andreasuk

1 Apr 17 #52

u know something..i closed mine about 2 weeks ago

andreasuk

1 Apr 17 #51

can u open this if u have the 123light account?

ec9wrr

1 Apr 17 #50

You're comparing a lump sum put in a savings account to a regular saver drip fed in. That's not really fair is it?

mk-donald

1 Apr 17 #49

??? The a/c "Regular eSaver (Issue 4)" is consistently showing 3% variable (not 5%) for "1|2|3 World or Santander Select customers"
http://www.santander.co.uk/uk/savings/regular-esaver

phil6395

1 Apr 17 #48

I opened this saver last week with the lower rates. Any word as to whether the new rates will be applied?

seaniboy

1 Apr 17 #47

1|2|3 Lite Current Account - £1 a month

"The current account that pays you cashback on your household bills when you use Online or Mobile Banking.
There is a £1 monthly account fee that will be automatically taken from your account each month.
What you get
Monthly cashback on selected household bills
Access to 1|2|3 World offers, including preferential rates and special deals on other Santander products
Plus all the standard features you'd expect from a current account
This is a paper-free account which means:
Your documents, statements and some of your letters will be sent as an e-Document to your secure inbox on Online Banking (unless you require documents in an alternative format, such as braille)
To open the account, you'll need to provide us with an email address as you'll receive an email when a document is ready to view.
Once the account has been open for at least 24 hours, you can update your account settings at any time to start receiving statements and other correspondence by post. You will still be able to earn cashback as long as you continue to meet the criteria below.
To get cashback on your household bills, just follow these steps:
Pay at least £500 into your account each month - any interest paid and payments between Santander personal accounts you're named on won't count towards this
Have at least two active Direct Debits - you'll receive cashback on any qualifying household bills you pay by Direct Debit
Log on to Online or Mobile Banking at least once in every three months"

Loralex

1 Apr 17 1 #46

Only the first deposit earns 5% as it is in for the full year, the next month's deposit only earns 11 months interest and the final deposit earns 1 month of interest. In effect it is 2.5% for the year which is still better than many other deals out there.

mjb1975

1 Apr 17 #45

I mean sixth as in we have five from other banks. Will just take the one from santander.

p-e-t-e

1 Apr 17 #44

Would you have a link? I can only find 3% mentioned.... thanks

Sphere

1 Apr 17 #43

I think you can only have one running at a time, so they told me, anyhow.

pazza2000

1 Apr 17 #42

What Bank offeres the easiest 5% regular saver? I get 3% with Tesco, which is easy, however is for a fixed amount.

Also, does switching current accounts, or having multiple, affect your ability to receive credit? Most applications seem to ask how long you have been with your current bank.

ssc1

1 Apr 17 #41

i have an old account with them. how do you know if you are a santander select customer? guess i find out next week.

ssc1

1 Apr 17 #40

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

themadgoose

1 Apr 17 1 #39

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.

timp123

1 Apr 17 4 #38

Uns

1 Apr 17 #36

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

p-e-t-e to Uns

1 Apr 17 2 #37

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

kiish

1 Apr 17 #35

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.

FiveBobBill

31 Mar 17 6 #6

1rose to FiveBobBill

31 Mar 17 1 #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..."

lkl265

1 Apr 17 #32

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

friar_chris to lkl265

1 Apr 17 1 #33

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....

snoopy18

1 Apr 17 #31

Thanks OP

techsavvy

1 Apr 17 #30

will have a look next week

Dogeared

1 Apr 17 2 #29

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......

Ashe

1 Apr 17 1 #28

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

admirable

1 Apr 17 1 #27

How to join the Santander Select

Santander Select criteria

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

abhijitdash123

1 Apr 17 #24

April Fools Day Chaps :smile:

questionnaire to abhijitdash123

1 Apr 17 #26

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

qbs

31 Mar 17 7 #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 17 2 #25

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

GrantD

1 Apr 17 1 #23

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

kekesala

1 Apr 17 #22

What about Student 123 account?

SHREK007

1 Apr 17 #19

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.

Decentbloke to SHREK007

1 Apr 17 3 #20

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

Ashe to SHREK007

1 Apr 17 2 #21

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.

anthony401

1 Apr 17 1 #18

Cheers OP.

manicminer7

31 Mar 17 #16

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

1rose to manicminer7

31 Mar 17 #17

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 :smiley:

ms2005

31 Mar 17 1 #15

Not true. Preferential mortgage rates.

MickyD

31 Mar 17 1 #14

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

Somnus

31 Mar 17 #13

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

1rose

31 Mar 17 #11

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

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.

landros1

31 Mar 17 1 #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%.

mjb1975

31 Mar 17 1 #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 17 2 #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?

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