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

keet83

would it not be best to pay it in on the date that you opened the account? eg. open it 14th october pay in 14th nov, 14th dec, 14th jan etc. this surely gives you the full month of max interest

7sefton

Is there any chance Santander would open this account for me with a passbook?

Essex123

keet83 wrote: »

would it not be best to pay it in on the date that you opened the account? eg. open it 14th october pay in 14th nov, 14th dec, 14th jan etc. this surely gives you the full month of max interest

Not sure I follow this.

Unless the account you're bringing the money in from is paying a higher interest rate than the First Home Saver, then it makes sense to bring the money across as soon as possible (i.e. on 2nd, as long as you can afford it then). That way you are maximising the benefit of the higher interest rate on the First Home Saver.

keet83

Essex123 wrote: »

Not sure I follow this.

Unless the account you're bringing the money in from is paying a higher interest rate than the First Home Saver, then it makes sense to bring the money across as soon as possible (i.e. on 2nd, as long as you can afford it then). That way you are maximising the benefit of the higher interest rate on the First Home Saver.

but if you opened it on 14th october paying in your deposit and first standing order, and then paid in another £300 on 1st/2nd november then you would have exceeded the £300 meaning you only get 0.1% for that month.

also your third payment would be about 2 weeks late, losing some of that maximum interest

kfm

keet83 wrote: »

but if you opened it on 14th october paying in your deposit and first standing order, and then paid in another £300 on 1st/2nd november then you would have exceeded the £300 meaning you only get 0.1% for that month.

also your third payment would be about 2 weeks late, losing some of that maximum interest

The payments are meant to be made per calendar month; opening the account on the 14th October and then making a further payment 2nd November should be fine.

alixia

markums wrote: »

I opened one of these accounts back at the start of April and my standing order has been rejected as I have the incorrect sort code for Santander. Could anybody help me out? I have been given 09-00-01 and/but i'd like to avoid the call center if possible.
Thanks in advance!
Markums

Hi, it happened me to! :mad:Can I ask you which bank it was? Barclays?

Essex123

kfm wrote: »

The payments are meant to be made per calendar month; opening the account on the 14th October and then making a further payment 2nd November should be fine.

kfm - I agree with your interpretation on this. Opening investment on 14th October and then first monthly payment on 2nd November should be fine.

7sefton

Can anyone confirm if they have paid in more than £300 in one month and still been able to keep their account?

markums

alixia wrote: »

Hi, it happened me to! :mad:Can I ask you which bank it was? Barclays?

It was Lloyds TSB actually, very irritating but its all sorted now. Missed out on about ten days interest on £300, but i'm sure i can let about 30p go, considering this account should stay open for about four years. (If the rate is good enough)

stphnstevey

Can you apply online?