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

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Comments

  • Thanks for this - won't make much difference, but should the formula actually divide by 366 in 2012 (as it is a leap year)?
  • pazza2000
    pazza2000 Posts: 565 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    My Interest is in for Yr 2. Unlike Yr 1 where I thought the interest was 'slightly' off, this year I think it most definetly is short. I have changed the amount I pay in each month between £100/£300 although I think my calculations are correct.

    I guess I will need to go down the same route as beefturnmail if I wish to rectify this.
  • thepearce
    thepearce Posts: 2,287 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Is there still a £50,000 limit on the 5% rate?

    Page 11 of the T&C changes issued a while ago lumped this account in with several other reward accounts and specified a maximum balance of £2 million. The latest interest rates document simply shows 5% for balances of £100+ and the same document says the maximum balance for all our accounts is £2 million.
  • afmfifgh
    afmfifgh Posts: 281 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Just to let people know that the account ('First Home Saver Special Issue 1', not 'First Home Saver') is still paying 5% as of 04/04/2012.

    Page 10 of 13 about half way down, Rates correct as of 3rd April 2012:

    http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223421227921&cachecontrol=immediate&ssbinary=true&maxage=3600

    If anyone can shed more light on the maximum balance allowed that would be great as I have an account maturing soon and it would be good to get 5% on that money as well if possible.

    Is there an online link for the T&C changes mentioned in the previous post?
  • thepearce
    thepearce Posts: 2,287 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    afmfifgh wrote: »
    <...>Is there an online link for the T&C changes mentioned in the previous post?

    http://forums.moneysavingexpert.com/showpost.php?p=50921561&postcount=245
  • afmfifgh
    afmfifgh Posts: 281 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    thepearce wrote: »

    The previous post mentioned a term on page 11 but the link only has a 6 page document.?
  • thepearce
    thepearce Posts: 2,287 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    afmfifgh wrote: »
    The previous post mentioned a term on page 11 but the link only has a 6 page document.?
    Sorry - I was confused in my earlier post. It seems I meant page 11 of this doc I googled :
  • Well I've got my cheque for £150 (£50 underpaid interest plus £100 compensation) but no explanation as promised. Also the underpaid interest should really be credited to my savings account and backdated, but I don't have the heart to fight for this.

    If these rumours of nationwide launching a 4.25% no notice ISA are true, I'm going to close the santander account and use the money for 2 nationwide ISAs (one in my name one in wife's name), and finally get shot of these jokers.
  • afmfifgh
    afmfifgh Posts: 281 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    thepearce wrote: »
    Sorry - I was confused in my earlier post. It seems I meant page 11 of this doc I googled :

    From my reading of that document there is now a max balance of £2 million as opposed to £50,000 before.

    2 things of note though:

    1. it says First Home Saver, mine is a First Home Saver Special Issue 1. Is there a difference?

    2. I can't see a date on that document as to when it applies from? I also can't find a link via the website to it where they may have stated the date

    Also I noticed that the age restriction has been removed for a maximum age. I believe it was 35 and my brother who turns 35 this month will no longer need to close his account :)
  • thepearce
    thepearce Posts: 2,287 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 5 April 2012 at 6:27PM
    afmfifgh wrote: »
    From my reading of that document there is now a max balance of £2 million as opposed to £50,000 before.

    2 things of note though:

    1. it says First Home Saver, mine is a First Home Saver Special Issue 1. Is there a difference?

    2. I can't see a date on that document as to when it applies from? I also can't find a link via the website to it where they may have stated the date

    Also I noticed that the age restriction has been removed for a maximum age. I believe it was 35 and my brother who turns 35 this month will no longer need to close his account :)

    Apologies if this is a red herring.... I was just trying to google info as it isn't clear what happens if you manage to reach 50k.

    1. I think there is. Didn't spot this previously.

    2. Jan 2010 is mentioned in the doc (PDF is dated 12 Feb 2010) which makes me question any change.

    You only needed to be < 35 when you opened the account so no need to close the account.
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