Update! Santander First Home Saver Account: 5% on up to 50k savings (up to 35 only)

MiserlyMartin

Not with that rate there isn't.

rb10

MiserlyMartin wrote: »

Not with that rate there isn't.

So age discrimination only applies if it's a decent rate, does it?

alex14384

A question / situation.

I have a First Home Saver. I may purchase a house with my girlfriend in a few months, but i dont want to use the home saver money or close the account. Say i need the cash in a few years, will the fact that I will own a house ( and not a first time buyer) effect the account? Will they allow me to collect the 5% interest due?
Thanks
M.

donkingkong

alex14384 wrote: »

A question / situation.

I have a First Home Saver. I may purchase a house with my girlfriend in a few months, but i dont want to use the home saver money or close the account. Say i need the cash in a few years, will the fact that I will own a house ( and not a first time buyer) effect the account? Will they allow me to collect the 5% interest due?
Thanks
M.

No and yes.

amictus

saver2000 wrote: »

A couple of people mentioned (about a month ago) that they were about to get their yearly statements.

So, did you the correct amount of interest even with the massive overpayments?

I overpaid (£5000) one month. According to my quick calculation, I only incurred the 0.1% interest rate for that month, which is what I expected. I didn't receive any communication from Santander regarding the larger deposit.

Hope this helps!

preston87

I opened a first home saver in March 2009, overpaid 45k in the first month. Paid in £100 in all subsequent months. I have received 5% gross interest for every month except the month in which I overpaid. My total balance ( deposits and interest) has now gone over 50k. The interest rate has now dropped. I have been into my branch and booked a mortgage interview for tomorrow morning. The staff at the bank said that if i go in tomorrow I will be able to close my account and open a new one straight away and repeat the whole process. I do not even need to go through the actual interview as they realise I have no intention of taking out a mortgage. They just need me to book the interview before they can close my existing account.

Bin_Boy

Hi all,

I'm just wondering if anybody has made a spreadsheet to work out the detailed interest calculations on this account that they might be willing to share?

I've just got a statement with me years interest and too me it looks WAY out.

I initially paid in £2400 and have since paid in £300 per month by standing order on the same day (give or take weekends and bank holidays distorting things). As such my rough estimate on interest was:
Initial Lump Sum: £2400 * 0.05 = £120
Regular Payments: (£300 * 12 * 0.05)/2 = £90
Capital Gains Tax: (£120 + £90) * 0.2 = £42

Total Interest Payment After Tax should therefore be around £168.

Yet in my statement I have £108.46 after deduction of £27.11 tax.

Are my calculations wrong and is anybody able to help me work this out?:think:

Any help would be much appreciated.

Essex123

preston87 wrote: »

The interest rate has now dropped.

How do you know the rate has dropped? What has it dropped to?

luvpump

Just a breif question, how in 2011 are santander allowed to effectively discriminate on a persons age ?

luvpump

rb10 wrote: »

There are loads of 'over 50s' savings accounts.

Well i'm over 35 & well under 50, so it a double whammy for me .. :rotfl: