MSE News: Savings loophole allows under-35s to earn 5%

Zannah_2 · 13 January 2010 at 4:03PM

What if you are currently not a home owner and have never had a mortgage in your name but have owned a house in the past.

Are you still a 'first-time buyer'??

Anyone know what checks they do?

Gambit · 13 January 2010 at 4:15PM

Sillychuckie wrote: »

I have had it for a year now (got it shortly after it started), and made it very clear to them that I would never want to use the money for a home, nor would I ever take a mortgage with them. They didn't seem to care either way.

I said something similar. Although mine is for a house deposit I did say to the lady opening the account that Abbey has the worst customer service I have ever experienced and would in no way trust them with something as important as a mortgage. She went 'fair enough' and proceeded with the application

ses6jwg · 13 January 2010 at 4:43PM

I reckon once they lure enough in they will drop the rate...

echelon101 · 13 January 2010 at 4:49PM

Going there tomorrow with my R85

Gambit · 13 January 2010 at 4:51PM

ses6jwg wrote: »

I reckon once they lure enough in they will drop the rate...

Possibly but they havent since I opened it 3 months ago

Sillychuckie wrote: »

The terms of the account are very clear, and have been from day 1. I have had it for a year now (got it shortly after it started)....

Has the rate always been 5% Sillychuckie?

oxenryd · 13 January 2010 at 5:48PM

anselld wrote: »

Has anyone succeeded in paying in a larger amount in one month as originally suggested here ?

On my paperwork, it says "We reserve the right to close your account should you credit more than £300 in any month"
So I wouldn't chance it

jimbow25 · 13 January 2010 at 6:33PM

Santander proudly claim to have over 1,000 branches in the UK now (well they will once Alliance and Leicester is rebranded) so I'm sure there are a lot in and near Greater London!! Try typing your post code in here to find a local branch: http://classic.multimap.com/clients/places.cgi?client=abbeynat

Lukehluke · 13 January 2010 at 7:49PM

If I opened this account with them, could I add it to my internet banking to check the amount thats in the Home Saver account?

Lokolo · 13 January 2010 at 9:16PM

The wrote: »

The maximum balance is £50,000? Yet the maximum deposit upon opening is £5,000 with a £300 monthly maximum. So that's 150 months before you can get the maximum benefit out of it. I might do this though. No intention of getting a mortgage but its feasible that I might so I guess I can do it.

Is there a branch anywhere near the Greater London area? (capital of England).

Also how is the interest paid? Can you get it sent monthly into your current current account.

You can add more than £300 a month but in any month you do put more in you get a lower rate. So example Month 1 - £300 = 5%, Month 2 - £300 = 5%, Month 3 - £25,000 = 0.1%, Month 4 - £300 = 5%

ses6jwg · 13 January 2010 at 10:02PM

Lokolo wrote: »

You can add more than £300 a month but in any month you do put more in you get a lower rate. So example Month 1 - £300 = 5%, Month 2 - £300 = 5%, Month 3 - £25,000 = 0.1%, Month 4 - £300 = 5%

But then in month 4, would you earn the 5 % AER on that 25,000 or just the £300 deposit for that month?

MSE News: Savings loophole allows under-35s to earn 5%

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