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

dollywops

DD opened this account on Friday, depositing £5,000 with monthly payments of £300 to follow. When the advisor asked if she should set up the SO, I said not to bother and we would do it ourselves. Looking at the paperwork last night, the only details are a K account no, no sort code to set up the SO.

Can anyone please advise how to set up the SO using internet banking using only the K no.

**woody123**

owains wrote: »

I haven't checked my balance since opening in April. Will it include any interest that year, or is that added in one payment at the end of the year? If the latter, is there actually any way to confirm interest is accumulating as expected following a large deposit?

Interest will be added next april then in one payment.

I'm afraid i don't know the answer to your last question.

intalex

dollywops wrote: »

Can anyone please advise how to set up the SO using internet banking using only the K no.

From what I remember, it was a generic account number and post-code (best if you obtain this directly from Santander), with the K no. to be used as the reference on the SO.

intalex

owains wrote: »

is there actually any way to confirm interest is accumulating as expected following a large deposit?

I wonder how a bank would react if one was to put in a request for a statement of accumulated interest as at a certain date. Anyone ever done this before?

Essex123

If you go into a branch they may be able to tell you how much interest has accrued to date. I know other institutions can tell you this by doing a dummy closure transaction on the account.

housesitter

Without that knowledge this account is a serious risk!!

neas

I used this account legit for saving (just 5k +300 per month)... i got the interest on closure... but you could find after a year of doing this you get 0.1% interest :P

intalex

neas wrote: »

I used this account legit for saving (just 5k +300 per month)... i got the interest on closure... but you could find after a year of doing this you get 0.1% interest :P

Are you saying you only got 0.1% interest for the entire duration?

amictus

intalex wrote: »

Are you saying you only got 0.1% interest for the entire duration?

I hope not! I think the point intalex is making is that you wouldn't know until you wanted to close the account.

Again, has anyone who has exceeded their £300 monthly allowance actually confirmed that they are getting the 5% interest rate that they expect?

Grimbal

My Dh has this a/c & they are pretty clear that the interest drops to 0.1% in only the month that the deposit terms are not met (i.e <£100 or >300)

from their website:
"You will receive a lower rate of 0.10% gross/AER when you pay in under £100 or over £300 in any calendar month, but for that month only."