Written by Karen Bryan
I knew when I opened my Santander eSaver Issue 5 account in April 2012 that the interest rate of 3.2% was variable. I’ve watched in dismay as the rate of interest paid on subsequent issues of eSaver accounts kept falling, standing at a paltry 1.5% on Issue 9.
I regularly check that the interest being paid on my Santander eSaver is still 3.2%. However, I usually end up having to phone Santander to do this. I’ve tried searching on the Santander website for “previous eSaver interest rates” but nothing obvious comes up. It even takes a while for the customer service person to verify the rate of interest I’m receiving on my Santander eSaver account.
Now in Halifax online banking, there’s a drop down menu at the top of each of my variable rate savings account pages, which displays the rate of interest being paid on that account. Why can’t Santander do this?
It would life a lot simpler for them and me. Santander wouldn’t have to pay for the time of customer service staff to tell me the rate of interest I’m earning on my savings. I wouldn’t have to pay for the call and spend the time on hold getting through to them.
In fact this lack of information on interest rates could lead to customers, who mistakingly assume that their savings are earning the pathetic 1.5% rate of interest paid on the current issue 9 of the eSaver account, withdrawing their money from their Santander eSaver account in search of a higher rate of intesest. Perhaps Santander is hoping that these confused customers do move their money, so that Santander doesn’t have to keep paying them 3.2% in interest?