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

edited 21 January 2010 at 3:20PM in Savings & Investments
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  • What if you are currently not a home owner and have never had a mortgage in your name but have owned a house in the past.

    Are you still a 'first-time buyer'??

    Anyone know what checks they do?
  • GambitGambit Forumite
    584 Posts
    I have had it for a year now (got it shortly after it started), and made it very clear to them that I would never want to use the money for a home, nor would I ever take a mortgage with them. They didn't seem to care either way.

    I said something similar. Although mine is for a house deposit I did say to the lady opening the account that Abbey has the worst customer service I have ever experienced and would in no way trust them with something as important as a mortgage. She went 'fair enough' and proceeded with the application :p
    Current Debt Owed To Family: [STRIKE]£12,575[/STRIKE] £9,000 :wall:
    Estimated Debt Free... [STRIKE]Dec 2012[/STRIKE] Aug 2012

    :xmassmileChristmas 2010 Sealed Pot Challenge #477 :xmassmile
  • ses6jwgses6jwg Forumite
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    I reckon once they lure enough in they will drop the rate...
  • Going there tomorrow with my R85 :)
    Buy for value not cost.
    Feb Grocery = £55.87 / 80
  • GambitGambit Forumite
    584 Posts
    ses6jwg wrote: »
    I reckon once they lure enough in they will drop the rate...

    Possibly but they havent since I opened it 3 months ago
    The terms of the account are very clear, and have been from day 1. I have had it for a year now (got it shortly after it started)....

    Has the rate always been 5% Sillychuckie?
    Current Debt Owed To Family: [STRIKE]£12,575[/STRIKE] £9,000 :wall:
    Estimated Debt Free... [STRIKE]Dec 2012[/STRIKE] Aug 2012

    :xmassmileChristmas 2010 Sealed Pot Challenge #477 :xmassmile
  • oxenrydoxenryd Forumite
    478 Posts
    anselld wrote: »
    Has anyone succeeded in paying in a larger amount in one month as originally suggested here ?


    On my paperwork, it says "We reserve the right to close your account should you credit more than £300 in any month"
    So I wouldn't chance it
    Originally Posted by Dr Cuckoo3
    Your bank and bank card does say something about the kind of person you are: Big 4 banks=sheep;),Santander=someone who doesnt mind incompetence:p,COOP=Ethical views,a campaigner:cool:,First Direct/Coventry=someone who thinks they are better than others:o,NI Bank card when living on the mainland=Aspergers :D
  • jimbow25jimbow25 Forumite
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    Santander proudly claim to have over 1,000 branches in the UK now (well they will once Alliance and Leicester is rebranded) so I'm sure there are a lot in and near Greater London!! Try typing your post code in here to find a local branch: http://classic.multimap.com/clients/places.cgi?client=abbeynat
  • If I opened this account with them, could I add it to my internet banking to check the amount thats in the Home Saver account?
    ...
  • LokoloLokolo Forumite
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    The wrote: »
    The maximum balance is £50,000? Yet the maximum deposit upon opening is £5,000 with a £300 monthly maximum. So that's 150 months before you can get the maximum benefit out of it. I might do this though. No intention of getting a mortgage but its feasible that I might so I guess I can do it.

    Is there a branch anywhere near the Greater London area? (capital of England).

    Also how is the interest paid? Can you get it sent monthly into your current current account.

    You can add more than £300 a month but in any month you do put more in you get a lower rate. So example Month 1 - £300 = 5%, Month 2 - £300 = 5%, Month 3 - £25,000 = 0.1%, Month 4 - £300 = 5%
  • ses6jwgses6jwg Forumite
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    Lokolo wrote: »
    You can add more than £300 a month but in any month you do put more in you get a lower rate. So example Month 1 - £300 = 5%, Month 2 - £300 = 5%, Month 3 - £25,000 = 0.1%, Month 4 - £300 = 5%

    But then in month 4, would you earn the 5 % AER on that 25,000 or just the £300 deposit for that month?
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