Savings interest rate thread

[anonymous-user]

juggsy said:

wormus said:

juggsy said:

wormus said:

juggsy said:

Quick acceptance here too, not being a previous Santander customer though it’s a ball ache that the temp passwords will prob be delayed due to the Royal Mail strike. Shame these antiquated banks can’t get with the times and use email at the very least.

It’s to protect you from risk of fraud and anti-money laundering rules in case your identity has been stolen.

Edited by anonymous-user on Thursday 13th October 06:21

I’ve signed up to various current and savings accounts over the past year. Plenty don’t need to use the post to get you up and running, there are far more modern methods to do KYC and AML and give you immediate access.

Depends on risk appetite of the bank. What are these modern methods you speak of?

Besides, you can pay money in once you’ve been set up, you just cannot take it out until the pin arrives in the post.

Edited by anonymous-user on Thursday 13th October 08:37

Case in point, signed up with Monzo, full use of account and even a virtual card within minutes. All checked performed digitally.

Chase bank, within 3 hours I was verified, transferring cash and setting up individual savings accounts (admittedly applied Before the rush).

Only use of post for either was to send me the card. All very doable and not exactly new tech these days. And yes you can send money but no access to online banking until the pins come through with Santander.

As I said, it comes down to risk appetite of the bank and I was going to use Monzo as an example - they’ll open an account for anybody so long as you can take a picture and upload it as evidence. Hardly secure. There is no “new tech” to prove your identity. Assuming I had your name, DOB, address and an email address, all available from a stolen passport or driving license, I could open an account in your name and push money through it without you even knowing. It’s nothing to do with being modern, it’s about being secure.

Edited by anonymous-user on Thursday 13th October 10:02

[pincher]

Signed up this morning, thanks to this thread.

All done and dusted within 30 minutes - from signing up, to getting the email(s), to making a deposit from another (non-Santander) account.

Thanks OP

[Elderly]

CLX said:

Elderly said:

Mine is still not showing on the app after more than 36 hours ( I’m an existing customer).

I rang them and they said that so long as my email had an OA number at the top,
all was going through.

Same here. My number starts with OLA though

Whoops - my finger left out L

[okgo]

wormus said:

As I said, it comes down to risk appetite of the bank and I was going to use Monzo as an example - they’ll open an account for anybody so long as you can take a picture and upload it as evidence. Hardly secure. There is no “new tech” to prove your identity. Assuming I had your name, DOB, address and an email address, all available from a stolen passport or driving license, I could open an account in your name and push money through it without you even knowing. It’s nothing to do with being modern, it’s about being secure.

Edited by wormus on Thursday 13th October 10:02

They have a video ID check which would make that difficult for you.

[OldSkoolRS]

CLX said:

Elderly said:

Mine is still not showing on the app after more than 36 hours ( I’m an existing customer).

I rang them and they said that so long as my email had an OA number at the top,
all was going through.

Same here. My number starts with OLA though

Just applied and got an OLA number too. I am an existing customer (via my late Dad's LPOA, so I can't see any accounts as it's all frozen, but they should still have all my details). Not too worried if it doesn't get accepted, but just covering a few bases.

[FiF]

SteveStrange said:

What's the difference between the Santander e-saver, and the limited edition e-saver? You'd think the limited edition one would be better but I can't see why, or how?

My app only shows the Limited Edition and the Regular e-saver. The latter is same interest rate but for regular savings, up to £200 per month.

The limited edition is more like a normal instant access savings account, put in any amount from £1 upwards. Only pays interest on first 250k, can only have one account per person. That applies both regular and limited edition. I guess there is also limited time to open a limited edition version ie until 1 Nov 22 unless sold out earlier.


Maybe the cookies associated with the app control what I can see as already a 123 account holder but that's how it appears to me fwiw.

Incidentally both MrsF and I have the regular versions. Pay in 200 pcm into each account from the main account, at the end of the year the 2* 2400 plus interest is bunged back into the main account and a new e saver starts up with whatever interest rate is at the time.

[SteveStrange]

Thanks all. I applied for both (because why not), was set up in seconds, and via the app it looks like both accept either lump sums, and regular payments/SOs. I'll keep one for me and one for a pot for the kids, I think.

[juggsy]

wormus said:

As I said, it comes down to risk appetite of the bank and I was going to use Monzo as an example - they’ll open an account for anybody so long as you can take a picture and upload it as evidence. Hardly secure. There is no “new tech” to prove your identity. Assuming I had your name, DOB, address and an email address, all available from a stolen passport or driving license, I could open an account in your name and push money through it without you even knowing. It’s nothing to do with being modern, it’s about being secure.

Edited by wormus on Thursday 13th October 10:02

They do a video check as well, difficult to forge but at the end of the day no system is infallible, even if using the post. Having worked with some of these banks, I know first hand it’s not necessarily risk appetite, but the fact they can’t easily or don’t have the desire/drive to move away from legacy systems and processes. It’s why a lot of the old school banks are losing record numbers of customers to the challengers, and only offers like high interest accounts bring new ones in.

However I’ll stop there and not derail the thread any further with a debate on how secure these methods are.

[johnnyBv8]

wormus said:

Joey Deacon said:

wormus said:

I keep mine in carrier bags to throw at unsuspecting salesman. It’s the PH director’s way.

I thought everybody leased their cars as their money was invested and earning 30%

All the while moaning about poor people leasing cars they could otherwise not afford?

Indeed. Not sure why anyone with a spare 850k in cash would a) have it in cash instead of capital b) ask advice on a scummy motoring web site.

a) I’m sure there are many reasons - last time for me was after I’d sold two properties and was renting until I managed to buy another property.
B) Because amongst all the noise, there are helpful people and some good advice on PH

[Petrus1983]

I’m a new customer to Santander but have found it all really easy online. I’d have an OLA number within a few hours and was able to pay money in soon after. I put £100 in as a tester and once I saw it safely in the account topped it up with the remaining allocation. They didn’t need any extra ID which was handy.

[DT1975]

This and the Barclays rainy day saver have been a welcome addition when my Vanguard investments are tanking on a daily basis.

[OldSkoolRS]

johnnyBv8 said:

a) I’m sure there are many reasons - last time for me was after I’d sold two properties and was renting until I managed to buy another property.
B) Because amongst all the noise, there are helpful people and some good advice on PH

Far from having £850k to worry about, but I definitely agree with your point B: I've been grateful for a lot of useful information from fellow posters on here over the last few months since I retired. Yes you have to filter out some noise/strong opinions and of course do your own due diligence, but some bits of information have been very useful to me.

Sometimes it's just a catalyst to then finding out more information and making a suitable decision. For example I had no idea that you could receive up to £5,000 PA in interest without paying tax if your taxable income is under the personal allowance. [Starter savings allowance]. While that is not very useful to those paying 40-45% tax, but for someone drawing off savings before pensions kick in that was a very useful piece of information for me...no need to panic that I couldn't put it all into an ISA/other tax free wrapper. Just find the highest paying non ISA rate I can and put some money in there.

I've got regular links I check thanks to info gleaned from here; I'd actually come across this Santander account a day or two ago via the Martin Lewis website, but good to see it's popular on here and it reminded me to get on with opening it.

[Jiebo]

Waiting for ISA cash fixes to hit 5%, with low penalties, then I'll lock in what I have.

Stocks are such a mess, the risk of significant drops is huge right now, and add in the currency issues, it makes investing in US stocks painful. Cash fixes in the way to go for the next few years I reckon. What a change that is.

[paulw123]

pincher said:

Signed up this morning, thanks to this thread.

All done and dusted within 30 minutes - from signing up, to getting the email(s), to making a deposit from another (non-Santander) account.

Thanks OP

Likewise, all very quick and simple, chase-marcus- Santander now in a matter of weeks but it’s only taken a few minutes each time.

[Shnozz]

Many thanks OP. Opened on my Santander app within 2 minutes last night.

[SteveStrange]

Amazing that things are so bad, there's 2 pages of excitement over 2.75% interest rate!

[Petrus1983]

SteveStrange said:

Amazing that things are so bad, there's 2 pages of excitement over 2.75% interest rate!

My father just said the same thing! People getting excited over 2.75%! For me though is been really helpful as my house purchase has stalled so I’m going to rent somewhere and now my purchase money won’t be eroded too badly.

[V1nce Fox]

Petrus1983 said:

SteveStrange said:

Amazing that things are so bad, there's 2 pages of excitement over 2.75% interest rate!

My father just said the same thing! People getting excited over 2.75%! For me though is been really helpful as my house purchase has stalled so I’m going to rent somewhere and now my purchase money won’t be eroded too badly.

It’s the first time my savings interest will be higher than my fixed mortgage rate.

[brickwall]

V1nce Fox said:

It’s the first time my savings interest will be higher than my fixed mortgage rate.

Gross this was true for me on Marcus and Chase, but not after the taxman had his share.
Santander is the first time it’s true net.

[Bowser87]

Looks like Cynergy Bank have already matched off.