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

afmfifgh

Just to let people know that the account ('First Home Saver Special Issue 1', not 'First Home Saver') is still paying 5% as of 05/06/2012.

Page 10 of 13 about half way down, Rates correct as of 2nd August 2012:

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223424629455&cachecontrol=immediate&ssbinary=true&maxage=3600

archangelrich

It just gets funnier.....

I'm still waiting on my statement since I complained, and got offered the compensation, to see what's happened.

What I did get however was a letter from customer services saying "We have noticed that you may have been underpaid interest on your account".

I'm glad they noticed. I only noticed months ago!

lb375

Deleted_User wrote: »

I've prepared an excel spreadsheet to calculate the annual interest on a santander first home saver account (assuming you qualified for 5% interest for the entire year). The spreadsheet is found here:

https://!!!!!!!!!!!!!!!/files/1645721293/BLANK_Annual_Simple_Interest__Calculator_-_Santander_First_Home_Saver_Account.xls) (choose the "free download" option)

Instructions are contained in the purple box at the top of the spreadsheet. Essentially you enter your starting balance and the amounts and dates of each payment into the account. The spreadsheet then calculates the interest owed (giving you the figures both for the full interest and the amount santander would pay you after deducting 20% tax).

I prepared this tool as a check after seeing that someone else got the wrong interest. Luckily Santander calculated my interest correctly.

I suspect the guy who had the wrong interest has done something to break the Santander system (i.e. payments into the account close to month end or month start) - not his fault though! Santander are pretty useless if things go wonky.

Can anyone still open the link to download this spreadsheet? The link doesn't work any more for me.

Eponym

It doesn't work for me anymore either.

Biblu

Thanks to everyone for all the advice in this thread - I was completely unaware of checking interest.

Any chance of someone re-uploading the spreadsheet?

Like others I've had a letter from Santander telling me they may have paid the wrong interest - I'd like to check the calculations myself given some of the stories in this thread!

gt94sss2

I think the file is probably at its original location but the forum software won't show the link where the author uploaded it.

As I had a copy locally, I've uploaded another copy of the Excel document here

Regards
Sunil

Biblu

Thanks gt94sss2!

Has anyone had any problems paying in more than £300 for a single month recently?

I have read they can close your account if you pay in more than £300 in one single month? Also read in the past people have had no problems so just wanted to be sure this was still the case before transferring the money.

Eponym

Biblu wrote: »

Thanks gt94sss2!

Has anyone had any problems paying in more than £300 for a single month recently?

I have read they can close your account if you pay in more than £300 in one single month? Also read in the past people have had no problems so just wanted to be sure this was still the case before transferring the money.

I paid extra in a few months ago. The only communication I've had from them is a letter saying as a result, the interest rate was wrong, and they would look into it. Haven't heard anything since! The account's still open though.

afmfifgh

Just to let people know that the account ('First Home Saver Special Issue 1', not 'First Home Saver') is still paying 5% as of 10/10/2012.

Page 10 of 13 about half way down, Rates correct as of 10th September 2012:

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223425606205&cachecontrol=immediate&ssbinary=true&maxage=3600

If someone could double check this is correct and pop a post up that would be great, as I am surprised they have not cut the rate yet!

Eponym

afmfifgh wrote: »

Just to let people know that the account ('First Home Saver Special Issue 1', not 'First Home Saver') is still paying 5% as of 10/10/2012.

Page 10 of 13 about half way down, Rates correct as of 10th September 2012:

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223425606205&cachecontrol=immediate&ssbinary=true&maxage=3600

If someone could double check this is correct and pop a post up that would be great, as I am surprised they have not cut the rate yet!

You are right! Thanks for checking every month. I too am surprised, but very grateful they haven't changed it yet.