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Update! Santander First Home Saver Account: 5% on up to 50k savings (up to 35 only)
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# 21
Grimbal
Old 14-07-2010, 8:01 PM
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My Dh has this a/c & they are pretty clear that the interest drops to 0.1% in only the month that the deposit terms are not met (i.e <100 or >300)

from their website:
"You will receive a lower rate of 0.10% gross/AER when you pay in under 100 or over 300 in any calendar month, but for that month only."
"Science is a wonderful thing if one does not have to earn one's living at it" Einstein 1951
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# 22
donkingkong
Old 15-07-2010, 1:15 AM
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Does interest on money contribute towards the 50k limit on this account or is the 50k limit for money actually paid in?
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# 23
CLONNEN
Old 23-07-2010, 3:07 PM
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For paying the standing order from a non-Santander account use Sort Code 090000 Account No. 00050005 and use your Reference No (appears on your paperwork as account number). It consists of a letter of the alphabet followed by 8 digits followed by the first three letters of your surname. eg. If you are called John Smith you might have reference R12345678SMI

Hope this helps!
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# 24
CLONNEN
Old 23-07-2010, 3:13 PM
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Sorry the above info only relates to the Super Fixed Rate Monthly Saver of theirs I think.
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# 25
donkingkong
Old 31-07-2010, 11:18 PM
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Quote:
Originally Posted by donkingkong View Post
Does interest on money contribute towards the 50k limit on this account or is the 50k limit for money actually paid in?
Any have any ideas on this one. Just wondering if the account "matures" as soon as it hits 50k or if you can no longer pay in money but the capital continues to earn interest.
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# 26
BALLY
Old 06-08-2010, 10:36 AM
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I work for santander and i opened one of these the other day with 5k and 300 SO, the terms on the 2nd page it just says they have the right to close the account if you overfund the account.

To my knowlage you cannot add it to ur onnline banking, branch tried, i also called up IBanking team, they couldnt then I tried myself in work and I couldnt add it!
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# 27
owains
Old 16-08-2010, 8:29 AM
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Just thought I'd post an update. I transferred an additional 5000 into my account last month, and confirmed in my local branch that my account was still operating. They were unable to give me any information about interest reverting back to the higher 5% rate, saying that it was all calculated automatically at the end of the financial year. So... fingers crossed until then I guess!
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# 28
Essex123
Old 16-08-2010, 8:37 PM
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If they don't close the account, they have to pay you 5% per the terms of the account
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# 29
pazza2000
Old 06-10-2010, 11:51 AM
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Quote:
Originally Posted by Essex123 View Post
If they don't close the account, they have to pay you 5% per the terms of the account

Any update on the above??

I am keen to 'over pay' although i am concerned my account will be cancelled and 300pm @ 5% is better than nothing.
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# 30
xiox
Old 10-10-2010, 11:01 AM
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I see they ask for the standing order to be between the 2nd and 21st of the month. I wonder whether the overpayment would have to be payed in by the 21st, or whether this is just to ensure that any S/O is payed in during the month when there are several bank holidays near the end of a month.
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# 31
pazza2000
Old 28-10-2010, 2:50 PM
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Quote:
Originally Posted by pazza2000 View Post
Any update on the above??

I am keen to 'over pay' although i am concerned my account will be cancelled and 300pm @ 5% is better than nothing.

Any update with this... still none the wiser. Would love to over pay although don't want to forfeit the 5% for the rest, or even worst, the entire year
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# 32
Hodlaw
Old 28-10-2010, 10:14 PM
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I have followed this thread with a great deal of interest. Having started a first time saver with Santander and subsequently re-reading the documents I spotted the loophole referenced to above regarding overpaying. Over the past week I have been in and out of my local branch speaking to a number of different representative from the bank to enquire into the wording of the documents and the clear contradiction at the centre of the terms and conditions.

I am afraid to say that after two hours in the branch today in which I finally was handed a phone and given the number of a senior manager at head office. The line from the bank is that they would not honour any individual overpaying into this account and would look to close the account directly.

That said; in the perverse nature of my meeting with the bank this morning. Which concluded with me sitting in the branch mangers chair speaking to head office while a small gang of Santander employees sat in the customer chairs waiting for me to tell them their own banks official line. On standing to leave the room one employee commented that he have never heard the bank close an account on these grounds and would be opening and overplaying into an account straight after our conversation.

Read into that what you will? Personally I am going to opt not to overpay as it would involve touching a number of over savings accounts which while not paying 5% are turning over a relatively strong yield. However if you wanted to risk it I have a very strong feeling that you would get away with it without the bank even knowing.

Last edited by Hodlaw; 28-10-2010 at 10:17 PM.
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# 33
owains
Old 29-10-2010, 2:23 PM
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Quote:
Originally Posted by owains View Post
Just thought I'd post an update. I transferred an additional 5000 into my account last month, and confirmed in my local branch that my account was still operating. They were unable to give me any information about interest reverting back to the higher 5% rate, saying that it was all calculated automatically at the end of the financial year. So... fingers crossed until then I guess!
Not sure if it is of any use... but I haven't heard anything from Santander about the additional 5000 deposit I made in July. So, I'm assuming that I only incurred the interest rate penalty for that month and it has since reverted back to the higher 5% rate. However, as I said previously, I have been unable to confirm this.
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# 34
BigCat9101
Old 02-11-2010, 4:51 PM
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Hi,

Please can someone confirm that this account is open for new business. After clicking on the apply now button it says sorry page not available - would be really grafeful for any responses. I have my fingers crossed it is allowing new people as it were as I have been watching this account for many months and only now have a certain amount to deposit.

Many Thanks
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# 35
xiox
Old 03-11-2010, 9:07 AM
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Quote:
Originally Posted by BigCat9101 View Post
Hi,
Please can someone confirm that this account is open for new business. After clicking on the apply now button it says sorry page not available - would be really grafeful for any responses. I have my fingers crossed it is allowing new people as it were as I have been watching this account for many months and only now have a certain amount to deposit.
You have to apply in-branch for the account. The website implies you can apply by clicking on apply, but it doesn't let you. As far as I know it is still available.
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# 36
housesitter
Old 03-11-2010, 9:46 AM
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TheJimster: is your account still alive and well ?
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# 37
sveika
Old 08-11-2010, 12:36 PM
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Can I ask how can you pay in 40k without the bank even noticing that? By cheque? Thanks.
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# 38
preston87
Old 10-11-2010, 9:53 AM
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This works. I opened a first home saver in March 2009 and deposited 45k in the first month. Each month after I deposited 100. In March 2010 i got 5% interest on the full balance for 11 months. The lower rate of interest only applied to the month in which I overpaid.
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# 39
apt
Old 10-11-2010, 10:48 AM
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That's a good move in the short term, but paying in 45,000 will cutdown the period you can hold this account because of the 50,000 limit.
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# 40
donkingkong
Old 10-11-2010, 7:10 PM
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Quote:
Originally Posted by apt View Post
That's a good move in the short term, but paying in 45,000 will cutdown the period you can hold this account because of the 50,000 limit.
@ 100pcm it'd be just over 4 years before you hit the 50k limit. Guess it depends on when people want to use the cash.
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