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

Wraggy

housesitter wrote: »

This thread is over 10 months old now.

Has anyone actually paid more than the initial £5000 into their account and if so, is it still open??

Someone must have done this, if so please respond!

I paid an additional lump sum into my account at the end of september, after opening at the start of the month, and haven't had my account closed as yet!

ses6jwg

Wraggy wrote: »

You cannot apply online, that is why it won't work for you (I don't know why there is even an option to apply online to be honest). I suggest you print the page off on the internet and show it to them in your branch to prove it exists 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
Ask them to look on their system because then they will find it, even if they don't personally know about it. When I applied, I got the impression the account was quite uncommon to open, and hence why the staff might not know about it.

I am an adviser for A&L.

We have been opening Santander accounts for 3 months.

I knew of theFirst Home Saver, but have yet to open one.

There is a very small margin of people who it is suitable for.

chris_m

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housesitter

This thread: https://forums.moneysavingexpert.com/discussion/2528485 has a few people who have over funded and their experiences.

Tommo_247

Renewable wrote: »

Hello - I went into a Santander branch in Corby 2 weeks ago, in order to apply for this account, and was told by all of the employees there that the account did not exist, and that it never did. I was even invited into a room for an interview with a mortgage advisor, who thought I was a complete idiot and explained that 5% savings were impossible and that I was wrong. I then tried to apply online and all I get is the 'page unavailable' notice. Does the account still exist? Has anyone managed to apply for one recently?

Many thanks.

I opened this account yesterday, and the 'Personal Banker' who took me through the application did know about it and said it was fairly popular!

beefturnmail

antispam246 wrote: »

Opened one today, was very straight forward, atleast for me. Thr printout of the t+c's on mine state the SO/DD to be paid between 2nd and 21st of every month.

The advisor said I could transfer the initial deposit online into my account, which I just did. Obviously i'll have to phone to verify it got there at some point. I was transferring from A&L account and was told to use the same acc no./sort code as previously mentioned for the SO/DD payments, along wth my account number as a reference.

So
09-00-00
00050005
Then my first home saver account no. as the reference. Money cleared from A&L immediately, so fingers crossed.

I opened one of these in June. Didn't know about the condition of it having to be paid between 2 dates and I was never given any terms and conditions when I opened the account - all they gave me was a print-out from the web. How can I find out between what dates the payment has to be made - Surely this is a utterly unfair term if, say, you've transferred every month on the 22nd for them to not pay any interest?

anticlaus105

beefturnmail wrote: »

I opened one of these in June. Didn't know about the condition of it having to be paid between 2 dates and I was never given any terms and conditions when I opened the account - all they gave me was a print-out from the web. How can I find out between what dates the payment has to be made - Surely this is a utterly unfair term if, say, you've transferred every month on the 22nd for them to not pay any interest?

Same here. Opened one in Jan. I got a 1 page half filled A4 printout. No mention of paying in between certain days. I have stuck to 1 payment per calendar month usually on the 1st. I hope this isn't going to turn into another shabby Abbey story.

anticlaus105

Anyone know when interest is due to be paid on this account?

willdear

I opened this account yesterday - I queried the advisor on overpayments to which she responded, as previously mentioned, that the full 5% is paid on the balance (including the overpayment) in the following month; Interest is calculated monthly, and paid annually.

However, you must make sure you do pay in more than £48,800 (to allow for the necessary £100 per month) otherwise you would receive the 0.01% rate.

It was also pointed out that this £100 MUST be paid between the two dates (2nd and 21st - I think?).

archangelrich

First time posting - be gentle!

I opened this account about a fortnight ago, and have had problems ever since. The woman I spoke to in branch told me it's a fixed 12 month account, meaning I can only pay in for 12 months. This isn't set out in the T&C of the account (the fact you're only meant to pay in £300 a month, so even allowing for the maximum £5000 deposit, isn't ever going to reach the maximum permitted of £50k), but everyone in the branch was adamant it was only for 12 months.

So I wrote to complain to Santander, who duly advised me to contact the branch. Which was where the problem arose in the first place.

So - those of you who've opened this account - what were you told?