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  • FIRST POST
    • TheJimster
    • By TheJimster 12th Jun 10, 2:34 PM
    • 387Posts
    • 112Thanks
    TheJimster
    Update! Santander 5% First Home Saver Account: Account no longer available
    • #1
    • 12th Jun 10, 2:34 PM
    Update! Santander 5% First Home Saver Account: Account no longer available 12th Jun 10 at 2:34 PM
    UPDATE: 9 SEPTEMBER 2011
    This account has been withdrawn from the market by Santander and is no longer available for new applications (existing accounts are unaffected). The interest rate is still 5% and will remain so until further notice but is likely to fall steadily. I'll post back here if I notice it dropping.

    Original post follows:

    Further to the discussions (here:
    http://forums.moneysavingexpert.com/showthread.php?p=27583661)

    I have managed to squirrel away about £40k in my Santander First Home Saver account at 5%, despite the fact that you're supposed to be restricted to a £5k initial deposit plus £300/month.

    I did this by opening the account with the minimum deposit of £100, and then towards the end of the month paying in a £40k deposit. For the rest of that month only you get 0.1% (hence paying late in the month) and then 5% interest going forwards.

    This is within the rules, which say that you should save up to £300/month but that any month in which you pay in more than £300 will only get interest at 0.1% for that month only.

    Go here for the account: http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABB EYCOM&cid=1210611105334&empr=Abbeycom&leng=en_GB&p agename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2

    Note that:
    (i) you are supposed to be a first-time home buyer (but they don't check, other than making you sign a declaration that you don't own a home - but it would almost certainly be fraud to make a false declaration)
    (ii) you can only get the account if you are under 35 at the date of opening (the account doesn't then close when you reach 35, of course)
    (iii) you need to do a 'mortgage interview' before closing the account and withdrawing cash - this just means visiting a branch for a quick chat, no credit search required, and no need to take out a mortgage (just say you're not interested)
    (iv) you cannot make partial withdrawals - to get money out you need to close the account completely and
    (v) Santander say they "may" close the account if you pay in more than £300 in a month (but they haven't with my account!)
    (vi) maximum account balance is £50k (although there is a chance this will not be enforced...)

    *Further edit - 13 November 2010* I can confirm that this loophole still works and is definitely available. The loophole is not really 'in the spirit' of the savings account, but it's definitely within the letter of the rules and in practice it works so if you're under 35 I say go for it.
    Last edited by TheJimster; 09-09-2011 at 12:18 AM.
Page 23
  • rb10
    Hello everyone,

    I have just logged onto Santander Online Banking for the first time. The First Home Saver is not there, so I will have to contact them to see if I can add it. WIll keep you updated!
    Originally posted by fp04
    The changes to the terms of the account do not take effect until tomorrow, so I certainly wouldn't expect to see anything different today.
    • Nessie23
    • By Nessie23 12th Nov 12, 1:54 PM
    • 226 Posts
    • 124 Thanks
    Nessie23
    Hi I have just been to my local Santander branch today, and it appears that the account will only become instant access as of midnight today.

    So I'll give it 24 hours and try again.

    Out of interest anyone had any different answers from Santander?
    • Wings of Ambition
    • By Wings of Ambition 12th Nov 12, 2:42 PM
    • 1,649 Posts
    • 1,351 Thanks
    Wings of Ambition
    Managed to transfer half my money elsewhere today without being told I had to close the account.
  • MoneyStudent
    Absolutely gutting that the 5% rate has come to an end. Not entirely sure what I'll do with my money now. Probably leave it in there for the 3% rate.
    • gadgetmind
    • By gadgetmind 12th Nov 12, 3:23 PM
    • 10,550 Posts
    • 8,304 Thanks
    gadgetmind
    The 5% was too good to be true, and nice while it lasted, but 3% isn't as big a slap in the face as they could have delivered.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • tjr1234
    i transferred it all apart form £1 to my current account then used internet banking to transfer it to my monmouthshire 4% account today. I had to walk through the staff what to do they had no clue. Its defos today that the account changed because the interest rate is now 3%.
    • Eponym
    • By Eponym 12th Nov 12, 4:21 PM
    • 298 Posts
    • 208 Thanks
    Eponym
    I've used the bulk of it for my ISA allowance and will leave the rest where it is for now. I think I'll keep the standing order running as well.
    • someone
    • By someone 12th Nov 12, 8:07 PM
    • 628 Posts
    • 274 Thanks
    someone
    I have rang up and transferred all but £1 to my current account no problem. Whizzed off part to my ISA which is only part funded and the rest to my eSaver paying a bit better than this account.

    Kept account open as rates are so bad I might need the 3% when my current esaver bonus finishes.

    Do people have any opinions about stocks and shares ISAs? I am tempted to open one and invest about £3000 - £5000 to see how it goes. Rates are tanking so quick and I wont be using this money for 3-5 years at least.
    • antispam246
    • By antispam246 13th Nov 12, 3:35 AM
    • 875 Posts
    • 725 Thanks
    antispam246
    Still not seeing it online (can't add it)

    • gt94sss2
    • By gt94sss2 13th Nov 12, 6:10 AM
    • 3,873 Posts
    • 1,733 Thanks
    gt94sss2
    i asked via secure message and have been told that as it will become an instant access account it will become available to add to your online accounts after mid november
    Originally posted by asdfg12345
    When I asked the same a few weeks ago, the secure message I received said this account wouldn't be appearing online...

    Regards
    Sunil
    • ses6jwg
    • By ses6jwg 13th Nov 12, 8:17 AM
    • 5,168 Posts
    • 5,811 Thanks
    ses6jwg
    it wont be online
  • Moneygrabber24
    Its definitely not appeared on my online banking when going into ’add remove or rename an account ’ link. I was hoping it would. Shouldn’t all instant access accounts be accessible via online banking!?
    • gadgetmind
    • By gadgetmind 13th Nov 12, 9:22 AM
    • 10,550 Posts
    • 8,304 Thanks
    gadgetmind
    To make it available online would require changing their computer systems, which would involve a lot of hammering and welding as key parts of them date from the mid 1880s.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • Moneygrabber24
    Lol@gadgetmind.

    By the way I just phoned santander online banking and the lady told me that the first home saver is present on my personal online banking. Trouble is, I log on via my business banking and havent used personal banking for ages and don't have the log on details. She said that the first home saver would take upto 48hrs to switch to my online business banking. Will have to wait and see. Will keep you posted.. .......
    • ses6jwg
    • By ses6jwg 13th Nov 12, 10:54 AM
    • 5,168 Posts
    • 5,811 Thanks
    ses6jwg
    the first home saver is not available online. period.
    • antispam246
    • By antispam246 13th Nov 12, 11:04 AM
    • 875 Posts
    • 725 Thanks
    antispam246
    Unless someone can prove they have it online I'll assume everyone else is just lying.

    • Eponym
    • By Eponym 13th Nov 12, 1:21 PM
    • 298 Posts
    • 208 Thanks
    Eponym
    the first home saver is not available online. period.
    Originally posted by ses6jwg
    Given that ses6jwg has been 100% correct about all of these recent changes I have to assume he/she is right about this one. It's unfortunate though!
    • ade1982
    • By ade1982 13th Nov 12, 4:41 PM
    • 48 Posts
    • 14 Thanks
    ade1982
    From a secure chat I sent today

    Thank you for your email.
    I can confirm your account does not have access to the Online banking facility.
    If you would like to discuss a more suitable account, you can find details of the appropriate contact numbers and our opening times by selecting Savings & Investment > Contact Us.
    Alternatively you can view and apply for our latest accounts via our website www.santander.co.uk.
    I hope this information is useful and if you have any other queries, please do not hesitate to contact me via Secure Messaging or my colleagues on 0845 9724724, Monday to Saturday 7am to 11pm and Sunday 8am to 10pm.
    Kind Regards,
    Sarah
    Santander Customer Services
    Looking forward to seeing how much this gets screwed up now, as I transferred money into the account (paying better than my e-Saver) and I couldn't do it through the Santander website, so I ended up having to transfer it into my Halifax current account, and then back across to the FHS account in Santander. Then it's a case of getting a statement!
    Last edited by ade1982; 13-11-2012 at 8:47 PM.
    • ade1982
    • By ade1982 13th Nov 12, 8:47 PM
    • 48 Posts
    • 14 Thanks
    ade1982
    The plot grows thicker.

    I transferred a fair chunk in today, so I phoned Santander to make sure it went in. I was told on the phone that the rate was 3% if you pay in £100 a month by standing order.

    I wish someone there knew what was going on and could give consistent information!
  • rb10
    The plot grows thicker.

    I transferred a fair chunk in today, so I phoned Santander to make sure it went in. I was told on the phone that the rate was 3% if you pay in £100 a month by standing order.

    I wish someone there knew what was going on and could give consistent information!
    Originally posted by ade1982
    No, the plot doesn't grow thicker at all!

    You just happened to speak to someone who doesn't know what's happening with the account.

    The letter clearly states that "you no longer need to pay in between £100 and £300 a month by standing order, to receive the full interest rate".

    Very few Santander staff actually knew about this account when it was on sale, so I certainly wouldn't expect many to know several years on.
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