Santander First Home Saver - please confirm?!

7sefton

To cut a long story short, I opened one of these accounts yesterday with a £5000 opening deposit. I have the following questions, but the branch advisor didn't have a clue and when I called the savings helpline I couldn't get through because I don't have a card registered to the account!

So, if anyone can answer the following for definite that would be great:

1) When can I start making the monthly payments, this month or next? I.e. does the £5000 count as the 'first' monthly deposit?

2) Can I pay in more than £300 month? I know I will earn the lower rate of interest for that month but will they do anything else, such as close the account?

Thanks in advance!

Lokolo

Not sure #1, but #2 I think they have the right to close the account if you go over £300 a month. I think it was mentioned before as someone wanted to have the £5k original, but had another £5k, so thought of depositing that in one month, then in future months just add £300 meaning getting a very good rate on a large sum of money.

7sefton

Thanks for replying, but I want to know for sure, ideally from someone who has done this and still has their account open! :j

d61mts

I've just opened one this morning. Can't give a difinitive answer on the second point, conflicting info over 0.1% interest for payments over £300 vs possible account closure and I haven't been able to find a difinitive answer either. On the first point, I asked and should set up the payment to start next month not this one ie from 2nd May.

amictus

7sefton wrote: »

1) When can I start making the monthly payments, this month or next? I.e. does the £5000 count as the 'first' monthly deposit?

I opened one of these accounts in March and the assistant set up a standing order to begin in April.

7sefton wrote: »

2) Can I pay in more than £300 month? I know I will earn the lower rate of interest for that month but will they do anything else, such as close the account?!

I asked this question when I opened the account, as I hope to make a large deposit when I have enough saved to make it worth losing the interest for that month. The assistant didn't know but contacted the head office to find out. I was told that I could deposit any amount and the only penalty would be the loss of interest for that month. As I don't have any spare money to put away right now, I haven't yet tested this. Has anyone else made a large payment to their account?

pazza2000

owains wrote: »

I asked this question when I opened the account, as I hope to make a large deposit when I have enough saved to make it worth losing the interest for that month. The assistant didn't know but contacted the head office to find out. I was told that I could deposit any amount and the only penalty would be the loss of interest for that month. As I don't have any spare money to put away right now, I haven't yet tested this. Has anyone else made a large payment to their account?

Also desperately trying to find out the answer to the above, had no luck.

amictus

pazza2000 wrote: »

Also desperately trying to find out the answer to the above, had no luck.

See my post.