Update! Santander First Home Saver Account: 5% on up to 50k savings (up to 35 only)

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  • robot1000
    robot1000 Posts: 270 Forumite
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    Which Homesaver is this, the standard or the special issue 1, as the standard one is showing as 0.56%, whilst the Special is 5.50%?
  • beefturnmail
    beefturnmail Posts: 906 Forumite
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    Now had the account for 2 years. Received the statement with the second year's interest payment on Friday, and for the second year running Santander has again failed to pay the correct amount of interest (it's short by ~£50), despite me making the correct payments. Had to e-mail the CEO to get this resolved last year and eventually was corrected by someone in Executive Complaints. I have simply written a letter to this person rather than go through the whole Santander comlpaints merry-go-round again.

    I strongly urge people to check the interest calculation with a fine tooth comb
  • londoner01
    londoner01 Posts: 229 Forumite
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    It's still paying 5% as of March.
    Saving £10,000 in 2013: £4491.48/£10,000
  • donkingkong
    donkingkong Posts: 123 Forumite
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    beefturnmail wrote: »
    Now had the account for 2 years. Received the statement with the second year's interest payment on Friday, and for the second year running Santander has again failed to pay the correct amount of interest (it's short by ~£50), despite me making the correct payments. Had to e-mail the CEO to get this resolved last year and eventually was corrected by someone in Executive Complaints. I have simply written a letter to this person rather than go through the whole Santander comlpaints merry-go-round again.

    I strongly urge people to check the interest calculation with a fine tooth comb

    I've just received my interest payment and it does look to be about there but does anyone have a formula to work it out manually?
  • rb10
    rb10 Posts: 6,334 Forumite
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    donkingkong wrote: »
    I've just received my interest payment and it does look to be about there but does anyone have a formula to work it out manually?

    Easy (but very approximate) way (assumes all monthly payments are the same amount and made on [approximately] the same day of the month):

    Opening balance * 0.05 + Monthly payment * 6.5 * 0.05

    More accurate way (requires Excel):

    Work it out by using the daily rate. So, each day, you receive:

    Balance * 0.05 / 365

    ... thus, for example, if your balance was X for 30 days, then for this period you'd receive X * 0.05 / 365 * 30.

    Calculate it separately for each time the balance changes, then add up all the answers that you get at the end.

    Or post your payment dates and amounts on here and you'll probably find that there's a nutter who'll do it for you ;)
  • pazza2000
    pazza2000 Posts: 558 Forumite
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    I have stupidly altered my monthly payments between £100-£300, and a rogue month of a single large payment so I suspect it will be much harder to work out my interest:(

    FYI, quarterly statement in yesterday; still paying 5%.
  • Abatement
    Abatement Posts: 134 Forumite
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    Has any had any experience of taking money out of this account? Apparently I need to have a mortgage 'interview' first, but is this term enforced? And do I need to book it, or can I just walk into branch, have the 'interview' and withdraw the money on the spot?
  • rb10
    rb10 Posts: 6,334 Forumite
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    Abatement wrote: »
    Has any had any experience of taking money out of this account? Apparently I need to have a mortgage 'interview' first, but is this term enforced? And do I need to book it, or can I just walk into branch, have the 'interview' and withdraw the money on the spot?

    An amendment to the Terms and Conditions was sent out last year, so that you no longer have to have the mortgage interview.

    You should just be able to close it on the spot in a branch.

    Remember that partial withdrawals are not permitted - you have to close the account completely.
  • afmfifgh
    afmfifgh Posts: 281 Forumite
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    Just to let people know that the account is still paying 5% as of 19/03/2012.

    Bit late with my monthly update as been moving house and only just catching up on checking all my saving rates.

    Page 10 of 13 about half way down, Rates correct as of 5th March 2012:

    http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223420520690&cachecontrol=immediate&ssbinary=true&maxage=3600

    I also received a statement on the 5th March 2012 in the post and on there it confirmed the current rate as being 5%.

    Surprised they have not dropped it yet though now it is withdrawn from issue!
  • pazza2000
    pazza2000 Posts: 558 Forumite
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    I opened up a Santander current account last week, I was asked if I had £10k+ saving to which I said yes... I provided details of this account and was informed I will be creditted with £100 as per a promotion they are running.
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