Santander eSaver ... Max £200 per month...5%..for 12 Months
Santander eSaver ... Max £200 per month...5%..for 12 Months
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Discussion

33q

Original Poster:

1,628 posts

153 months

Monday 21st March 2016
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Apparently this was launched on 14 March....telephone applications only


okgo

42,232 posts

228 months

Monday 21st March 2016
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Sounds like an utter waste of time.


Simpo Two

92,891 posts

295 months

Monday 21st March 2016
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It's the usual 3/4 of 5/8 of fk all, with more strings than a parachute.

Until recently, the more you had invested the higher %age rate you got. Now it seems to be backwards. Strange times... and wait until we go inverted...

Ozzie Osmond

21,189 posts

276 months

Monday 21st March 2016
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Unfortunately 5% of nothing is .... nothing.

I rolled over some index-linked National Savings today. That's now indexation plus 0.05%. Yes kids, five hundredths of one percent - I can't wait to spend it!

The tax free RPI indexation is just about worth having* on your cash reserve but the additional 0.05% is a slap in the face.
  • It's worth around 2% to a higher rate taxpayer - about the same as premium bonds but with a better chance of standing still rather then going backwards. Absolutely shocking.

Simpo Two

92,891 posts

295 months

Monday 21st March 2016
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Talking of percentages, my Council Tax went up 4% this year.

Maybe I should invest with them!!

Nickbrapp

5,277 posts

160 months

Monday 21st March 2016
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Not as good as the first direct at 6%

Or the tsb 5% on £2000 current account then a monthly saver of another 5% on £500 max

Still crap but better than nothing

GTIAlex

1,935 posts

196 months

Monday 21st March 2016
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Is it best just to max out my ISA? Although I get better % in my santander current account, especially being a lower rate tax payer.

23rdian

387 posts

193 months

Wednesday 23rd March 2016
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Opened this.I have a few of these types of account. The telephone application went on and on but what the hell.

Robertj21a

18,009 posts

135 months

Wednesday 23rd March 2016
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Not at all sure that the financial return is worth the bother. I wonder if people have actually worked out how much they should receive each year ?

Nickbrapp

5,277 posts

160 months

Wednesday 23rd March 2016
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Robertj21a said:
Not at all sure that the financial return is worth the bother. I wonder if people have actually worked out how much they should receive each year ?
It's hardly anything, 5% of 200 in the first month before tax, so 4%
4% of 400 in the second month and so on and so forth, think it's about £100



w1ntermut3

99 posts

129 months

Wednesday 23rd March 2016
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Nickbrapp said:
It's hardly anything, 5% of 200 in the first month before tax, so 4%
4% of 400 in the second month and so on and so forth, think it's about £100
It's ~165 gross.

Takes about 15 minutes to set up.

Opportunity cost probably brings that down to...what, £80?

If you make more than £320/hr then why bother.

YMMMV

GrizzlyBear

1,108 posts

165 months

Wednesday 15th June 2016
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Well, it is still 5% so may as well, you have to grab all the interest you can since the government introduced the funding for lending scheme.

Jockman

18,414 posts

190 months

Thursday 16th June 2016
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If you have your 3 Santander 123 accounts maxed out at £20k each then it seems a reasonable proposition thereafter. Other banks do decent regular savers too.