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

AnnieHall

My 16 year-old son is interested in this and has some savings to feed the account for a couple of years. Does anyone know if there's a minimum age to be accepted?

someone

Its 16 I think (I commented when opening you cant get a morage at that age )

Elysium

This is my first time opening an account of this kind or similar.
With the mortgage interview at the end, if you literally walked in and said "i am not going to be taking a mortgage out today" and everytime they mention something about it, if i just say "im not interested, and nothing you say will make me"

is there anyway the interview would really last an hour and half (as i read elsewhere)?

also (i might have missed it) but can anyone confirm paying in a large lump sum one month - reducing the interest - but next month going back to paying in the required amount and getting the full 5% interest on the whole lot in the account would actually work?

i haven't seen a post confirming this, but if anyone can, then this obviously seems the way to do it - sacrificing a month of interest to make more from interest in later months?

Lokolo_2

I know its very difficult to answer this question, but since the rate of this account is variable, how likely is it that Santander will just drop the rate?

As I don't want to make all the effort of opening it, and then a few months later the rate drops to something uncompetetive!

tiptoe_mouse

My 35-year-old other half and I opened one of these accounts each yesterday. I'd taken him along to my prebooked appointment just on the off-chance (it says "under 35" on their website, but when I booked the appointment the advisor said "16 to 35" we made me think he had a chance). Turns out that their system (and the print out we were given) says "16 to 35", so he got one.

The appointment took around an hour - this was mainly because we were quite chatty, plus the documents the advisor printed would only come out of a printer in another room. She didn't try to sell us anything else, except for a brief mention at the end of their current account offering. I said we liked the fact that our existing branch has a branch in our village (Santander don't), and that was the end of the discussion.

All very simple and straightforward so far.

Cheers,

tiptoe

beefturnmail

withnell wrote: »

"Easy access" in the MSE article is slightly misleading. I can now close my account but only because i sat in a branch and refused to leave until they gave me a mortgage interview.

Turning up for 3 separate pre-arranged interviews, and at each one being told after waiting for most of the lunch hour that the staff member wasn't able to help, tipped me over the edge!

If this happened to me, I would have insisted on account closure the first time - you have turned up for the pre-arranged 'mortgage interview' and therefore fulfilled the t & c. The fact that they didn't have anyone avaialble to see you is not your problem!

skintdragon

Hi people,

Does anybody know if this account is still available for opening?

Thank you! :beer:

d61mts

I currently have one and presume its still availiable to open given its still advertised on the Santander website - under the reward savings tab of the savings account section of the site.

On the rate possibly dropping obviously we can't tell, it has stayed at 5% for a while so if they've kept it at that while many other savings accounts pay less it could stay for further, but obviously it could drop soon after you open the account, just can't tell.

MissBes

Hello. I'm new to the forum. I opened one of these accounts yesterday and the staff in the branch had never even heard of the account. I was there for an hour, they had to ring another branch to try and find out a bit more about it. Santander are hopeless!

Bluebirdnick

d61mts wrote: »

I currently have one and presume its still availiable to open given its still advertised on the Santander website - under the reward savings tab of the savings account section of the site.

On the rate possibly dropping obviously we can't tell, it has stayed at 5% for a while so if they've kept it at that while many other savings accounts pay less it could stay for further, but obviously it could drop soon after you open the account, just can't tell.

They have redesigned the site a bit so it's very hard to find now, but here's the link for those that want it:

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

Have to say, this looks like a cracking product. I am actually saving for a house too, so that mortgage interview may be useful!