Is one an old one?
You should have had an email with the account number of the new account. I assume the two account have different numbers?
Best savings account?
- Thread starter Merlin5
- Start date
You should have had an email with the account number of the new account. I assume the two account have different numbers?
Nope, 2 have been added to my account, separate account numbers on both, had 2 emails come through
Guess they may have messed up, your only supposed to be able to get one. And unless you have over 250k to put in you don't need more than one anyway.Nope, 2 have been added to my account, separate account numbers on both, had 2 emails come through
I’m sure once they realise their mistake they’ll sort it out.Guess they may have messed up, you’re only supposed to be able to get one. And unless you have over 250k to put in you don't need more than one anyway.
I’ll leave it a few days before putting my savings across in case one of them disappears.
Commissario
Monzo are messing things up.
Their regular savings pot is going up to 4.5% but they're killing the 1% rate that was paid each month (for balances up to £2000) for money in regular pots.
I have money in various pots for different purposes that guaranteed me that 1% each month and I use the regular savings pot for my monthly float. My usage isn't going to change and that extra 0.5% won't cover what they're taking away.
Disappointing.
Their regular savings pot is going up to 4.5% but they're killing the 1% rate that was paid each month (for balances up to £2000) for money in regular pots.
I have money in various pots for different purposes that guaranteed me that 1% each month and I use the regular savings pot for my monthly float. My usage isn't going to change and that extra 0.5% won't cover what they're taking away.
Disappointing.
I set up the Santander one last week, they somehow have set me up with whole new login details, even though I applied while logged in to my normal account, so now I have 2 ID numbers.
The old login details still work and I haven't received the temp sec number for the new account to see what's there when I log in.
The old login details still work and I haven't received the temp sec number for the new account to see what's there when I log in.
I'm confused. Why are they different? I selected monthly as well. All I saw was 5.2% mentioned and assumed monthly would be better. EDIT. Did it in a rush without thinking hard to beat the deadline as I'm out later.
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Underboss
Easy Access Saver | Instant Access Savings Account | Santander UK
Our Easy Access Saver account gives you instant access to your cash. Apply now and get a more flexible way to manage your money.
ends 17th
I'd assume that 5.08% monthly works out the same as 5.2% annually due to compounding interest.
Correct. If the interest is paid back into the savings it should still be 5.2% effective. If you have the interest paid out to your current account it will be 5.08% (I think).
Easy Access Saver | Instant Access Savings Account | Santander UK
Our Easy Access Saver account gives you instant access to your cash. Apply now and get a more flexible way to manage your money.www.santander.co.uk
ends 17th
Santander pulls top 5.2pc savings deal after just one week
From Wednesday, the bank will offer easy-access savers a rate of 2.5pc instead
www.telegraph.co.uk
Just played with excel £1200 deposit left in there for a year and I'm getting:
Annual @ 5.2% = £62.4000 interest
Monthly @ 5.08% = £62.3995 interest
You sure?
and the formulas:
So 5.08% per year / 0.4233% etc. per month. And the crucial part is the to the power part in E.
Actually I think Excel has financial formulas to calculate these things without the in between steps but this is clearer IMO.
EDIT: apologies for not reading your post correctly, all those decimals threw me:
£62.4000
and
£62.3995
are of course as close as to make no real difference!
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Soldato
You have to pay tax on the interest of the easy access saver don't you?