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

Eponym · 18 June 2012 at 12:45PM

7sefton wrote: »

Although this is a great-paying account, I have had nothing but trouble from Santander from the the moment I tried to open it. If it didn't still pay 5% I'd switch to another provider.

However, I am really worried that the interest I've been paid is incorrect. Stories from other members on this thread about wrong interest has made me lose even more confidence in them.

Can anyone please tell me how I can calculate how much interest I should have been paid? Unfortunately I've varied the payments each month, which might may things more complicated... Or can I just go into a branch, claim the interest is wrong and then ask them to re-check?

Any advice would be much appreciated.

Download the spreadsheet posted a few pages back, then go through putting in the amounts you paid and the dates you paid them from your statements.

archangelrich · 18 June 2012 at 5:32PM

Wot Eponym said.

I found the branch to be useless - the first girl I spoke to had only been working there after the account had been withdrawn, whereas her manager didn't have a clue (and as said, tried to tell me the interest rate was now only 0.1%, despite the fact she was holding my statement saying it was 5%).

They "escalated" it up to customer services, who said it was correct, by letter and phonecall. The CEO Executive Complaints Team however said that wasn't the case, and they knew there was a problem with it.

I was advised to change my payment date from the 2nd to the 10th, as this would confuse their system less whilst they tried to fix the bug - so you can try going through the branch / customer services, but you may find you're wasting your time (although I got more compensation for doing that, plus the interest adjustment!).

donkingkong · 18 June 2012 at 6:28PM

This is what you'll get from Santander if you ask for an interest calculation;

Use http://forums.moneysavingexpert.com/showpost.php?p=52051633&postcount=269 to work out your interest.

7sefton · 18 June 2012 at 9:52PM

Many thanks for all your help (and the spreadsheet).

I've entered all my payments etc and I'm getting about a £2 discrepancy (in Santander's favour). Is this normal?

Eponym · 19 June 2012 at 2:02PM

7sefton wrote: »

Many thanks for all your help (and the spreadsheet).

I've entered all my payments etc and I'm getting about a £2 discrepancy (in Santander's favour). Is this normal?

I seem to remember that the spreadsheet didn't account for 2012 being a leap year, so that might explain it. Either way, it's probably not worth pursuing it for £2 (IMO).

someone · 19 June 2012 at 7:58PM

Mines about the same out (about a days interest) so have a feeling it's because there is an extra day.

guitarman001 · 19 June 2012 at 9:29PM

I'm about to open a 2-year 4% ISA with Santander but from the things I'm hearing, I'm wondering if I should leave my money in my ~2.3% net Lloyds Vantage account!

lfcarethebest · 20 June 2012 at 9:05PM

My interest was credited on 15 May 2012. How do I know what period that is for in order to check whether it is the correct amount or not?

Thanks

strawberries1 · 24 June 2012 at 11:22PM

Hi all,

I tried to use the spreadsheet but I'm not make much progress with it. My openning deposit was on the 3rd of July 2010 then monthly £300 deposits from 28th sept to 28th of July 2011 but the total interest with tax deducted per the spreadsheet is £311 while my statement says £227.51
I'll appreciate help. Ta.

Deleted_User wrote: »

I've prepared an excel spreadsheet to calculate the annual interest on a santander first home saver account (assuming you qualified for 5% interest for the entire year). The spreadsheet is found here:

https://rapidshare.com/files/1645721293/BLANK_Annual_Simple_Interest__Calculator_-_Santander_First_Home_Saver_Account.xls) (choose the "free download" option)

Instructions are contained in the purple box at the top of the spreadsheet. Essentially you enter your starting balance and the amounts and dates of each payment into the account. The spreadsheet then calculates the interest owed (giving you the figures both for the full interest and the amount santander would pay you after deducting 20% tax).

I prepared this tool as a check after seeing that someone else got the wrong interest. Luckily Santander calculated my interest correctly.

I suspect the guy who had the wrong interest has done something to break the Santander system (i.e. payments into the account close to month end or month start) - not his fault though! Santander are pretty useless if things go wonky.

archangelrich · 25 June 2012 at 10:36AM

strawberries1 wrote: »

Hi all,

I tried to use the spreadsheet but I'm not make much progress with it. My openning deposit was on the 3rd of July 2010 then monthly £300 deposits from 28th sept to 28th of July 2011 but the total interest with tax deducted per the spreadsheet is £311 while my statement says £227.51
I'll appreciate help. Ta.

When I complained, I got told because my payment was so close to the opening date of the account (I opened it on the 2nd of the month, and my payment left my account on the 2nd of the month), it blew their systems. So it is possible they've got it wrong, depending on when your payment has been going in. It is a bug, they do know about it, but complaints are a bit rubbish - hence why as everyone has said, try the CEO Complaints channel - they're a lot better.

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

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