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

cashbackproblems

chaotic_j wrote: »

Yeah but the T&C's also say that if you do that then they reserve the right to close your account or something along those lines..

Have you paid in more than £300 yet? If you intend to do so I'd be very interested to hear how much you overpaid and whether or not they closed your account..

Well initially you can deposit a lump sum of £5000 max which is what i have done but not yet made any monthly payments but have every intention of putting in £300+ once i have some spare cash and dont imagine it to be a problem.

Essex123

If you want to put in more than £5k, the best approach is to do a large transfer in at the end of the month in which you open the account. That way you only lose a couple of days interest on the large sum, plus if they do close the account at least you should get a period of high interest between them giving notice of closing your account and it actually happening.

My experience of Abbey/Santander is that their staff and systems are both way below average. Given that, I wouldn't be surprised if your account was not closed. In any case, they only have the right to do so and not the obligation.

ACID

cheeryoleary wrote: »

Branches everywhere, however I think you'll find that Stonehenge is the capital of England. (Changed from London in 2003)

surely drunk when this was typed!

ACID

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210611105334&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2

I guess this is the account

Essex123

ACID wrote: »

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210611105334&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2

I guess this is the account

That is correct.

ACID

Essex123 wrote: »

That is correct.

ta very much

also long read

but its 5% taxable as i pay tax

is this better then the savings account out there?

glt1

Hi all,

A bit of help would be gratefully received.

I'm saving for a house so am thinking of opening a First Home Saver account for the decent interest rate.

I'm only about 6 months away from saving enough for my deposit, so am quite likely to need to close the FHS account after about 6 months.

Will I still receive my interest if I do this, considering the interest is payable annually?

keet83

i think that if you close an account then they still have to pay all the interest you would earn in that time whether its 6 months or 16 months, however i would make sure just incase. either ask them or read up in the T&C to see if it mentions any time restrictions in there. its usually fixed rates and bonds that have a set amount of time.

**woody123**

I tried to open this account today but i need to have an appointment with an advisor, which is 2 weeks away, so i will have to wait until then.

The branch did seem to know the account i meant once i showed them the print out from their website.

Gambit

glt1 wrote: »

Hi all,

A bit of help would be gratefully received.

I'm saving for a house so am thinking of opening a First Home Saver account for the decent interest rate.

I'm only about 6 months away from saving enough for my deposit, so am quite likely to need to close the FHS account after about 6 months.

Will I still receive my interest if I do this, considering the interest is payable annually?

Yes, you will still receive the interest after 6 months as that's what I did. I opened this account in October and just closed it last week. I received all the interest as I was able to close it without any restrictions apart from the condition of meeting with a Santander mortgage advisor