Santander fixed rate ISA

[oldapple]

I'll try not to be long-winded.

I've been with Santander about 10 years and not had any problems but, in Sept '23, I put £20,000 in their 5.6% fixed rate ISA. I did this online and opted for interest to be added monthly rather than annually (I like to see the account growing). On 1st Oct Santander credited £12.27 interest to my ISA account but I've not been credited anything since.

After trying useless Sandy 'Chat', I went in to my local branch mid December to see if they could help. Counter staff (No 1), after reviewing my account, called over a more senior staff member (No 2) - the most helpful - who called over branch manager (No 3).

No 3, after being shown my account, and after No 2 quickly calculated how much I should have received by then, quite arrogantly asked me why did I want monthly interest anyway since I couldn't access it? I think he was annoyed he couldn't resolve my problem. Well, I explained, because I want to SEE the interest being added AND because it (the online application process) gave me that option.

No 1 double-checked my mobile phone number and told me they would get in touch when they found out what was happening.

To date, no contact from them.

I'm not concerned that they won't credit me with interest at the end of the term, but, do others think if you requested monthly interest that you should be able to see this reflected? I may try a letter of complaint - although it's a query - but I've spent far too long just trying to find an address to send it to (Complaints, Santander UK plc, Sunderland SR43 4GD).

Thank you for reading.

[Imbiber]

https://ceoemail.com/s.php?id=ceo-9340& ... Group-CEOc

Perhaps this may help ?

[stevensfo]

I'll try not to be long-winded.

I've been with Santander about 10 years and not had any problems but, in Sept '23, I put £20,000 in their 5.6% fixed rate ISA. I did this online and opted for interest to be added monthly rather than annually (I like to see the account growing). On 1st Oct Santander credited £12.27 interest to my ISA account but I've not been credited anything since.

After trying useless Sandy 'Chat', I went in to my local branch mid December to see if they could help. Counter staff (No 1), after reviewing my account, called over a more senior staff member (No 2) - the most helpful - who called over branch manager (No 3).

No 3, after being shown my account, and after No 2 quickly calculated how much I should have received by then, quite arrogantly asked me why did I want monthly interest anyway since I couldn't access it? I think he was annoyed he couldn't resolve my problem. Well, I explained, because I want to SEE the interest being added AND because it (the online application process) gave me that option.

No 1 double-checked my mobile phone number and told me they would get in touch when they found out what was happening.

To date, no contact from them.

I'm not concerned that they won't credit me with interest at the end of the term, but, do others think if you requested monthly interest that you should be able to see this reflected? I may try a letter of complaint - although it's a query - but I've spent far too long just trying to find an address to send it to (Complaints, Santander UK plc, Sunderland SR43 4GD).

Thank you for reading.

No 3, after being shown my account, and after No 2 quickly calculated how much I should have received by then, quite arrogantly asked me why did I want monthly interest anyway since I couldn't access it?

So why did they offer it?? No doubt the same arrogant person who would chase you up if you hadn't paid your monthly mortgage/loan payments!

Seriously though, this is getting beyond a joke. I've had similar behaviour from Nationwide staff who were good at smiling, but not much else. A Halifax employee who was ready to call the police cos I admitted to working in France and a group of well-dressed androids in Barclays who were obviously related to the mannequins in Nationwide.

Steve

[DrFfybes]

Seriously though, this is getting beyond a joke. I've had similar behaviour from Nationwide staff who were good at smiling, but not much else. A Halifax employee who was ready to call the police cos I admitted to working in France...
Steve

Oh come on, you can't just leave that hanging there

[orangepekoe]

Are you certain Santander offered you monthly interest as they don't seem to on their current fixed rate ISA offering. Does it say MONTHLY on your account online?

Santander seem to set up their fixed rate ISAs as say end date 01/10/24 rather than exactly 12 months from when when you opened it. So on Ist Oct
23 you received a few days interest for Sept 23, and then you'll get one year's interest on 1st Oct 24. It would look to you like you're getting monthly interest until you don't get an interest payment on 1st Nov 23.

So I think the key is how do you know it was set up as monthly interest, and what is your end date.

[oldapple]

Thanks to Imbiber and Stevensfo for your replies. Orangekepoe, I recall very deliberately selecting monthly interest online at the time … but of course I can’t prove it and can’t retrospectively find that that was an option given. The account is just listed as Fixed Rate ISA. Many thanks.

[richfool]

Thanks to Imbiber and Stevensfo for your replies. Orangekepoe, I recall very deliberately selecting monthly interest online at the time … but of course I can’t prove it and can’t retrospectively find that that was an option given. The account is just listed as Fixed Rate ISA. Many thanks.

Is it worth going through the motions of opening a new (same) account online, to see what options it gives you in terms of interest arrangements) ? Accepted you might not be able to get that far, particularly if the system knows you have an ISA with them already. (or a partner trying it).

[orangepekoe]

Product details for Santander accounts are listed here.
https://www.santander.co.uk/personal/sa ... conditions

If you look at the one for 'Fixed Rate ISA opened 18 September 2023 to 2 October 2023, it says interest rate 5.6%, maturity date 01/10/2024. It doesn't mention a monthly option, which would usually be at a slightly lower interest rate to the annual rate.

If you look at a Fixed Rate Bond example further down they page, they do show annual and monthly rates.

So it seems that no monthly rate was offered for your fixed rate ISA. But surely someone at Santander could have worked that out for you.

[oldapple]

Richfool - thanks for your good suggestion, no partner to try for me and I don’t want to get myself barred for trying to find out myself. Orangepekoe (sorry for incorrect spelling previously), I ‘know’ I ticked a monthly box somewhere in that application but I haven’t lost out financially. Thing is, I also ‘know’ I can make mistakes too. Looks like that monthly interest is a bit of a mythtery.

Thanks both again.

[orangepekoe]

Looks like that monthly interest is a bit of a mythtery.

Do you mean the £12.27 interest on 1st October?
If an account is for longer than one year, I believe that a bank has to pay some interest each year. Your account is not one year but 18th Sept 23 (or a date around then) to 1st Oct 24 which is one year and 13 days. To get around the 'longer than one year' problem, Santander pays 13 days interest on 1st Oct 23 and then a year's interest on 1st Oct 24. (Other banks might choose to pay a year's interest on your anniversary date 18th Sept 24, and the final 13 days interest on 1st Oct 24).

[oldapple]

No the £12.27 isn’t the bit I’m confused about (and thanks Orangepekoe for explanation of this). The bit I am querying (now) is whether there ever was a monthly interest option. I’m convinced I ticked such an option when applying to open the ISA - but I couldn’t have if it never existed!

Thanks for your patience.

[DrFfybes]

Thanks to Imbiber and Stevensfo for your replies. Orangekepoe, I recall very deliberately selecting monthly interest online at the time … but of course I can’t prove it and can’t retrospectively find that that was an option given. The account is just listed as Fixed Rate ISA. Many thanks.

Something just struck me - On a fixed term investment I think the 'monthly' option only applies if you have the interest paid out to a separate account, otherwise it is credited annually. I've certainly seen this on a saving account that wasn't ISAd. In the account name it might have "ann" or "mon" as the last 3 letters on some of the aperwork.

Paul

[furbie61]

The exact same thing has happened to me and I can confirm there was 2 tick boxes referring to interest added monthly or annually. I wanted to see my interest added monthly too. I opened my ISA 9th Jan 24 and did actually see interest added 2nd Feb but nothing since. I have since started another one with them in this financial year and didn't see that option available and was specifically looking out for it. But there definitely was an option to select monthly interest. Why add it in Feb if this wasn't the case!

[furbie61]

No the £12.27 isn’t the bit I’m confused about (and thanks Orangepekoe for explanation of this). The bit I am querying (now) is whether there ever was a monthly interest option. I’m convinced I ticked such an option when applying to open the ISA - but I couldn’t have if it never existed!

Thanks for your patience.

There was an option for sure!

[oldapple]

No the £12.27 isn’t the bit I’m confused about (and thanks Orangepekoe for explanation of this). The bit I am querying (now) is whether there ever was a monthly interest option. I’m convinced I ticked such an option when applying to open the ISA - but I couldn’t have if it never existed!

Thanks for your patience.

There was an option for sure!

Thank you Furbie for confirming my sanity! And welcome to this forum!