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

gadgetmind

My daughter has a FHS running and now has a few extra bob she'd like to throw in there. We know we'll get close to zero interest in the month she makes this extra payment, but wonder if she can only make one payment in during this month of make the usual regular payment plus one or more additional ones.

Has anyone else made more than one payment per month?

Moneygrabber24

You can pay whatever number of payments you want in one month, if its over £300, then all that happens is that you get very low interest for that month only.

gadgetmind

Moneygrabber24 wrote: »

You can pay whatever number of payments you want in one month, if its over £300, then all that happens is that you get very low interest for that month only.

Great, thanks.

This raises another question, I'm afraid! I'm now projecting that this account will hit the £50k limit some time in 2013 unless we reduce the £300pcm going in there. I guess we'll have to either back-off early or move the money elsewhere?

donkingkong

gadgetmind wrote: »

Great, thanks.

This raises another question, I'm afraid! I'm now projecting that this account will hit the £50k limit some time in 2013 unless we reduce the £300pcm going in there. I guess we'll have to either back-off early or move the money elsewhere?

I suspect the account won#t be paying 5% by the time 2013 comes around so you'll probably be moving the money out before you hit £50k.

Abatement

Is this still open to new customers - found the page on the website, but the 'apply' button redirects to a normal regular saver (also at 5% but limited to one year and without the loophole to overpay...

afmfifgh

It is no longer available, at least in the form discussed in this thread.

You can see it is a no longer available account by looking at this link:

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223416979362&cachecontrol=immediate&ssbinary=true&maxage=3600

minimish

Has anyone read anywhere about the interest rate being limited to 12 months only? I have been into my local branch today and they have told me that because i have had the account for longer than 12 months the interest rate is now 0%!! I have not received any communication from them informing me of this either.

KI2000

minimish wrote: »

Has anyone read anywhere about the interest rate being limited to 12 months only? I have been into my local branch today and they have told me that because i have had the account for longer than 12 months the interest rate is now 0%!! I have not received any communication from them informing me of this either.

This is NOT TRUE but many people including me have had this. Keep going until you reach someone who knows the correct information.

MOPI

Hi I have also been told by Santander via their secure message on the online banking system that my account now pays 0.1% because I have held the account for over 12 months.

I have informed them that this information was not contained within any of the literature I received when opening the account, also I have directed them to their own website, whcih also does not state the 5% variable rate is for only 12 months. We shall wait and see their reply!

MOPI

Hi was just wondering how you actually overpay this account? Do I need the sort code and account number of the first home saver or do I need to amend the standing order?

Thanks