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

keet83

benr wrote: »

I opened one of these today. I was more fortunate than others have been - I talked to someone in 2 separate branches (London) and in both cases they knew straight away about the account. The first branch asked me to come back the next day, but I missed the appointment. In embarrassment I went to another branch in the end, and they opened the a/c right away.

Bear in mind you can't make any withdrawals without the account being closed, and there is a regular monthly deposit of £100-300, to get the advertised interest rate. I asked the guy how long this account has been running, and he told me that it was 8% interest at one point in the past (this appears to be correct, doing a web search). Hopefully the rate will rise in time.

yeah i hope it starts to rise again too, although i wouldn't put my money on it, (no punt intended) good luck with the saving

amictus

I am thinking of applying for one of these accounts (see my previous thread) and am looking for a bit of information from someone who has gone through the application process already.

I was hoping to move £5000 from my savings account as my initial opening deposit. My savings account doesn't allow me to simply quote its account number and sort code and have another account withdraw from it. Instead, I have to use the savings account to make the payment, giving the receiving account details.

So, how is the initial deposit for this account dealt with? Would I be able to create an account, then make my initial deposit once I have received the details as described above? Or is it necessary to quote account details on the application form to transfer the initial deposit as part of the actual account opening process? If it is the later, then I suppose I would have to first transfer the funds to my current account, then provide my current account details on the application form... right?

Similarly, can I set up a standing order from my current account after the account has been opened, or is this also part of the application process?

Thanks!

someone

I was told cash or cheque, others have been able to transfer into the account. It might depend on how knowledgeable the person in branch is.

If your setting the standing order from a non abbey account they let you take care of it.

keet83

owains wrote: »

I am thinking of applying for one of these accounts (see my previous thread) and am looking for a bit of information from someone who has gone through the application process already.

I was hoping to move £5000 from my savings account as my initial opening deposit. My savings account doesn't allow me to simply quote its account number and sort code and have another account withdraw from it. Instead, I have to use the savings account to make the payment, giving the receiving account details.

So, how is the initial deposit for this account dealt with? Would I be able to create an account, then make my initial deposit once I have received the details as described above? Or is it necessary to quote account details on the application form to transfer the initial deposit as part of the actual account opening process? If it is the later, then I suppose I would have to first transfer the funds to my current account, then provide my current account details on the application form... right?

Similarly, can I set up a standing order from my current account after the account has been opened, or is this also part of the application process?

Thanks!

when i opened mine i used a cheque to pay in the deposit, but i had to set up my own standing order which isn't really much hassle if you have on line banking.

amictus

someone wrote: »

I was told cash or cheque, others have been able to transfer into the account. It might depend on how knowledgeable the person in branch is.

OK. I guess I'll give them a ring and see if there's an official procedure to follow.

keet83 wrote: »

when i opened mine i used a cheque to pay in the deposit, but i had to set up my own standing order which isn't really much hassle if you have on line banking.

Right. Well I would actually prefer to set up my own standing order once the account has been created as I'm not sure which account the money will come out of yet!

alixia

I am thinking about opening this saving acc. next month. Iam just not sure about that condition when closing (morgage meeting). Do I have to have this meeting? Will they close my account without it?
Thank you:)

keet83

you do have to have a meeting with them about opening a mortgage if you close the account, however this could just be a 10 minute interview and you say 'no thanks'. you dont have to open a mortgage with them, they just want the chance to lock you in on one of their own.

7sefton

I know that this account is opened/closed in branch, and maintained with standing orders every month, but is there the facility to view the account online? I like knowing exactly how much is in my account each month, and would find it frustrating to have to wait for a statement to arrive. I don't have any other Santander accounts...

keet83

you cant view it on line, ive never had a regular saver that you can, and you only get 4 statements a year. i dont know if you could use the phone service to check your balance or maybe have to go into a branch. with my barclays regular saver i only got a statement once the 12 months had ended.

someone

7sefton wrote: »

I know that this account is opened/closed in branch, and maintained with standing orders every month, but is there the facility to view the account online? I like knowing exactly how much is in my account each month, and would find it frustrating to have to wait for a statement to arrive. I don't have any other Santander accounts...

Good question, they sent me online details, but I get an error when logging in. Phoned up at the weekend to see if they could fix it. Anyway, they said this account can not be viewed on line BUT they are planing to make it visible online (no word on how long, but for a call centre person to know I would think max of 6-12 months)

keet83 - I have had Halifax and Lloyd TSB ones you can view online