Santander - Next bank in line for mass withdrawals of savings?

[VinceFox]

audidoody said:

I pulled all my savings out of Santander two weeks ago. I found I was earning 0.01 per cent on an e-saver account that was paying 3.00 per cent a year ago. I didn't realise the higher rate was a 'bonus' that expired after 12 months. More fool me for not checking the small print. But why should I have to? Anyway, all my dosh is in a Post Office instant access account paying proper interest

loyalty tax innit? they all do that, sir.

[anonymous-user]

audidoody said:

I pulled all my savings out of Santander two weeks ago. I found I was earning 0.01 per cent on an e-saver account that was paying 3.00 per cent a year ago. I didn't realise the higher rate was a 'bonus' that expired after 12 months. More fool me for not checking the small print. But why should I have to? Anyway, all my dosh is in a Post Office instant access account paying proper interest

Would have been easier to just move it to a better interest paying Santander account. Seeing as the Post Office "bank" is owned by an Irish bank I doubt it's any more secure than Santander.

[Bill Carr]

turbobloke said:

My recollection of Icelandic banks on PH involves tonker giving everybody lots of advance notice of a forthcoming fkup. Can't recall any determined efforts to say those banks were hewn from granite.

That's my recollection as well.

[davepoth]

Bill Carr said:

turbobloke said:

My recollection of Icelandic banks on PH involves tonker giving everybody lots of advance notice of a forthcoming fkup. Can't recall any determined efforts to say those banks were hewn from granite.

That's my recollection as well.

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Here's the thread. Some people were mongering whatever the opposite of doom is.

[Ribol]

davepoth said:

Bill Carr said:

turbobloke said:

My recollection of Icelandic banks on PH involves tonker giving everybody lots of advance notice of a forthcoming fkup. Can't recall any determined efforts to say those banks were hewn from granite.

That's my recollection as well.

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Here's the thread. Some people were mongering whatever the opposite of doom is.

Doesn't time fly

[LaurasOtherHalf]

turbobloke said:

Ribol said:

I can remember when there were just as many experts on here telling us all that Icesave couldn't go bang as there were telling us it could.

When it did go bang everyone then said they knew it would, so much for PH banking experts

My recollection of Icelandic banks on PH involves tonker giving everybody lots of advance notice of a forthcoming fkup. Can't recall any determined efforts to say those banks were hewn from granite.

maybe i better join the BNP if tonker's got such an insight to the future then

[HarryW]

mondeoman said:

What happens to Santander mortgage holders if it goes ...>

Well if it goes Pete Tong for them, I'll offer them 50p in the £ for my mortgage...........

[RichyBoy]

Their limit for instant online transfers to other accounts is something like 100k, so if you had more than 85k in there you could easily get it transferred out.

Best online account I've ever had - easy to navigate, shows you what you've done when logging out and pays something like six times more interest than other instant access accounts.

Edited by RichyBoy on Wednesday 16th May 01:29

[turbobloke]

RichyBoy said:

and pays something like six times more interest than other instant access accounts

Hopefully all will be well with depositors one way or another but on reaching the bit about much higher interest rates I heard an echo which sounded something like 'Iceland'.

[DonkeyApple]

turbobloke said:

Hopefully all will be well with depositors one way or another but on reaching the bit about much higher interest rates I heard an echo which sounded something like 'Iceland'.

[LaurasOtherHalf]

turbobloke said:

Hopefully all will be well with depositors one way or another but on reaching the bit about much higher interest rates I heard an echo which sounded something like 'Iceland'.

Which is the genuinely interesting part isn't it? Are they offering such good interest rates as an aggressive strategy to dominate the market, or are they so desperate for cash & investment they're simply beating all competitors.......

I've got to say its working either way as people like me & my parents (who aren't financial experts) have chucked a load at them recently.

[Ribol]

turbobloke said:

RichyBoy said:

and pays something like six times more interest than other instant access accounts

Hopefully all will be well with depositors one way or another but on reaching the bit about much higher interest rates I heard an echo which sounded something like 'Iceland'.

West Brom, Coventry BS, Nationwide and Saffron are all paying the same or more interest on online bonus based accounts, so they are just paying the going rate for a good bonus based instant access savings account.

[RichyBoy]

Ribol said:

est Brom, Coventry BS, Nationwide and Saffron are all paying the same or more interest on online bonus based accounts, so they are just paying the going rate for a good bonus based instant access savings account.

I don't see this:

Nationwide - limited access
Coventy BS - 3 penalty free withdrawals a year
Saffron - 2.5%
West brom - one withdrawal a year

I must admit these bloody banks aren't exactly forthcoming with their rates and stipulations, probably some hidden things from the marketing spiel.

[VinceFox]

The plot thickens, sort of.

Finally got through to santander this morning, told them i opened the account on april 10th, old isa provider confirmed funds had left them on 25th. Santander have cofnfirmed they recieved my isa balance on 8th of may. Theyre very kindly sending me a statement now.


So, where was my money between 25th april and 8th may and, more importantly, who was earning the interest on it between those dates?

Have to say, i'm less than impressed with them so far.

[audidoody]

So it's not just me then.

http://www.dailymail.co.uk/money/saving/article-21...

[youngsyr]

VinceFox said:

The plot thickens, sort of.

Finally got through to santander this morning, told them i opened the account on april 10th, old isa provider confirmed funds had left them on 25th. Santander have cofnfirmed they recieved my isa balance on 8th of may. Theyre very kindly sending me a statement now.


So, where was my money between 25th april and 8th may and, more importantly, who was earning the interest on it between those dates?

Have to say, i'm less than impressed with them so far.

I'm not a financial transactions expert, but I suspect it's at least possible that your money simply disappears into limbo land for at least some of that period, i.e. the numbers representing your cash are removed from your old bank's system and several days later they are added to your new bank's system.

[VinceFox]

youngsyr said:

VinceFox said:

The plot thickens, sort of.

Finally got through to santander this morning, told them i opened the account on april 10th, old isa provider confirmed funds had left them on 25th. Santander have cofnfirmed they recieved my isa balance on 8th of may. Theyre very kindly sending me a statement now.


So, where was my money between 25th april and 8th may and, more importantly, who was earning the interest on it between those dates?

Have to say, i'm less than impressed with them so far.

I'm not a financial transactions expert, but I suspect it's at least possible that your money simply disappears into limbo land for at least some of that period, i.e. the numbers representing your cash are removed from your old bank's system and several days later they are added to your new bank's system.

there is no limbo land. wherever it is, it's got to be subject to an interest rate. we're not talking about 24 hours here, this is a period of roughly two weeks.

[Ribol]

RichyBoy said:

I don't see this:

Nationwide - limited access
Coventy BS - 3 penalty free withdrawals a year
Saffron - 2.5%
West brom - one withdrawal a year

I must admit these bloody banks aren't exactly forthcoming with their rates and stipulations, probably some hidden things from the marketing spiel.

Most of the above has changed with current offerings, eg West Brom Websave 3 is still 3.12% and 4 withdrawals, Saffron still 3.12% until next month etc.

They are ALL the same.

[youngsyr]

VinceFox said:

youngsyr said:

VinceFox said:

The plot thickens, sort of.

Finally got through to santander this morning, told them i opened the account on april 10th, old isa provider confirmed funds had left them on 25th. Santander have cofnfirmed they recieved my isa balance on 8th of may. Theyre very kindly sending me a statement now.


So, where was my money between 25th april and 8th may and, more importantly, who was earning the interest on it between those dates?

Have to say, i'm less than impressed with them so far.

I'm not a financial transactions expert, but I suspect it's at least possible that your money simply disappears into limbo land for at least some of that period, i.e. the numbers representing your cash are removed from your old bank's system and several days later they are added to your new bank's system.

there is no limbo land. wherever it is, it's got to be subject to an interest rate. we're not talking about 24 hours here, this is a period of roughly two weeks.

Why - it's not like it's a pile of notes being shipped from one bank to another - it's just numbers in a database.

If you delete those numbers they cease to exist until someone re-enters them. If the person entering them doesn't use the same date as when they were deleted, those numbers do not exist for the period between systems.

That's making a lot of assumptions about what happens in reality, but to my mind it's at least theoretically possible.

[elster]

VinceFox said:

The plot thickens, sort of.

Finally got through to santander this morning, told them i opened the account on april 10th, old isa provider confirmed funds had left them on 25th. Santander have cofnfirmed they recieved my isa balance on 8th of may. Theyre very kindly sending me a statement now.


So, where was my money between 25th april and 8th may and, more importantly, who was earning the interest on it between those dates?

Have to say, i'm less than impressed with them so far.

It seems only in this country are they allowed to get away with this, banks on the continent see to transfer monies immediately.

We just let them walk over us, same as with cheques.