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

beefturnmail

rb10 wrote: »

it is likely that staff product knowledge is poor.

either that or they're trying to get people to switch to another account...

rb10

beefturnmail wrote: »

either that or they're trying to get people to switch to another account...

But the message that Sillychuckie quoted didn't mention switching to another account. It just presented a little bit of fiction as a fact.

beefturnmail

Fair point, though simply saying the interest rate is 0.1% may be enough to get people to switch! When they told me over the phone that the rate had dropped to 0.1%, they also tried me to get me to switch to one of their other products, paying around 3%. Luckily I was on the ball enough to double check the rate, but lots of people would not be. Whether through to lack of staff knowledge or something more cynical, it's not right that Santander do this

Sillychuckie

OK thanks guys. They are clearly giving out incorrect info here. I replied to abbey with a number of reasons why I think they are giving me incorrect information, and instead of a normal reply, I got an email saying:

---

Thank you for taking the time to contact us and tell us of your concerns. We are very sorry you are unhappy with the service provided by Santander. We have tried to telephone you on 16/09/11 to resolve your complaint and would welcome the opportunity to discuss this further. Can you please therefore call us between 9am and 8pm Monday to Friday on 0845 6036478 to speak to a dedicated complaint handler who can help.

---

I don't see any evidence of an attempted phone call, but the email also says they'll write to me if I don't return the call. I'll wait it out and see what they say.

Since they have paid me interest over the lat few years, I also think the chatter about having to pay in between 2nd and 21st is also not entirely true. I pay in on 1st and it seems to be fine.
I'll continue to keep an eye on the 'closed account rates' document - which still shows 5% (though has a fairly confusing layout).
I imagine I'll be keeping this account open for as long as the rate is reasonable or I hit the max balance limit. I'm almost at my anniversary date, so I'll see what rate I get in a month or so.

If anyone spots a rate drop on this account in future, please reply to this forum thread. I'll be keeping a 'watch'/'notification' alert set up on it. I'll do the same.
Thanks.

SC.

Sillychuckie

rb10 wrote: »

I have a paper copy of the T&Cs for 'First Home Saver (Special Issue 1)' here.

Do you think thats something Abbey would send me if I asked for it - or do you have a scanner and a spare few minutes? Would be much appreciated... :beer:

SC.

rb10

Sillychuckie wrote: »

Do you think thats something Abbey would send me if I asked for it - or do you have a scanner and a spare few minutes? Would be much appreciated... :beer:

SC.

If you PM me your email address then I will send you a copy of mine.

Edit: Offer is also open to anyone else who wants a photographed copy of it.

MOPI

Hi,

Just received my Santander current account statement through the post and enclosed was a copy of some new terms and conditions to do with Santander's current and savings accounts, it is only 4 pages long. I had a quick skim and in point 4 of the new terms it states 'First HomeSaver customers are not obliged to attend a full mortgage interview with us.'

Does this mean were all free to close the account when we want without the mortgage interview tie in? I was a bit confused by the word 'full', is there another type of interview??? lol.

I know most people have been able to close the account without a need for an interview however now at least there is no risk of breaching the T&C's of the account!

beefturnmail

If that's the case, I can't see why Santander ever launched this account - surely the only way paying 5% instant access would be worth it for them is if they could gain a whole load of new mortgage customers. Now it appears they are not even bothering with that

MOPI

Maybe they just gave up on enforcing it because a lot of people weren't being forced into the interviews anyway. Plus the account has now been removed from sale so they might not be as bothered.

I am thrilled because I was a bit worried about trying to wriggle out of the mortgage interview when it came to closing the account.

I am definately keeping hold of them terms and conditions and when I do decide to close the account I will take them into the branch with me.

MoneysavingSam

I also recieved this and it worried me. I think the reason they may have changed the t & c's is becuase they are expecting many people to close the account in the near future (due to possibly cutting the 5% intrest rate in the new year) as knew they wouldnt be able to cope with mortgage interviews for everyone. I hope someone can convince me otherwise but it seems logical to me the next step after closing the account to new customers is to encourage the current customers to move their money to one of santanders less generous products.

I do hope I'm wrong as I have only have the account for just over a year and havent really reaped the rewards yet, was looking forward to £600 odd intrest next sept