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jennyjoan | 18:31 Thu 24th May 2018 | Personal Finance
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There is a 1.5% interest rate on the 123 Santander Current Account.

So I invested double what I had already in the account. I have been keeping an eye on the interest and even though I invested about a couple of months ago. The interest at the end of the month is exactly the same as I was getting before I doubled up.

Anybody care to elaborate. Thanks

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There is a limit of £20k on the amount on which interest is payable. Did you perchance double up from £20k to £40k?
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No Judge - I doubled up from 10k to over 20k
Then you need to contact them to find out why your interest has not doubled.
^^^I completely agree....the best person to answer your query is someone at Santander who has access to your account details, either on the phone or in branch.
Jenny- please can you tell us how much interest you receive each month. I'd be very suprised if the calculation was wrong - it's all automated and mine is always fine. (You won't get any interest on the excess balance over £20000 but that's not major factor here)
Do you still meet the eligibility criteria for the 1.5%?
i.e.
Eligibility
Pay at least £500 into your account a month
2 active Direct Debits
You are over 18 (pretty sure you meet that one) and live in the UK permanently
And are you comparing your interest with the amounts you got when the rate was 3% (probably not as it changed to 1.5% well over a year ago
If she didn't meet the eligibility criteria she would get no interest at all, f-f.
You are obviously checking your interest rate but have you checked that your balance has catered for the additional £10.000. If so the only people who can sort it is Santander. I have been with them since they were Abbey National and have not had any problem.
I'd consider being offered just 1.5% pa was a problem before one started. No one deserves use of my resources at that return.
^^^^ So your 'resources' are giving a better return. Be interesting to known how.
Jenny they do a monthly saver as well. It’s 5% Save the max per month £200 for 12 months. if opened at the beginning of the term get £64 interest. Not a lot but it all counts. You know you can open 2 accounts? As long as you meet the criteria.
Some are but that was never stated, nor the point. Under the mattress at least ensures others aren't taking advantage and disrepecting.
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Magalob - are you saying save max £200 per month for one year ie that would be £2,400 and you get £64 interest at the end of that year. Is that correct. if so not very much.
I'm probably calculating this incorrectly, and going to get embarrassed, but roughly.
Brand new account starting at zero.
200 a month is 2400 at the end of the year when interest is calculated.
But on average for the year there's only half that; 1200.
1200 x 0.05 = just 60.
Is there some kind of compounding going on over the year ?
BTW 5% is still more than 1.5%. And no, it's not very much.
Question Author
thanks OG - do you think Magalob is saying that I can open 2 accounts of the Save the max per month £200 for 12 months.
They seem to be, but check with Santander, or whoever.
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might have a call into Santander today and see what they have to say. Mind you some of these workers are pretty clueless.
Possibly you can get the 5% per person deal. But I meant each person can open a account to have savings of 20;000. As long as criteria is kept. You could keep transferring the 1000 between accounts to meet that.

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