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

londoner01

Update: neither Santander nor my current account bank figured out why the payment was bounced, I made a standard transfer (instead of s/o), went fine. Just hoping it doesn't happen again next month with the standing order!

Pocketsaver

is it possible to join the savings account if you don't have a Santander account? I noticed on the original post it says in 2011 they were no longer accepting new applications, but they still list it in the monthly post by afmfifgh.

londoner01

Pocketsaver wrote: »

is it possible to join the savings account if you don't have a Santander account? I noticed on the original post it says in 2011 they were no longer accepting new applications, but they still list it in the monthly post by afmfifgh.

They list it as a discontinued account not currently available to new customers, but still active for previous customers. If you look at the top of the pdf that afmfifgh shared
(http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223425606205&cachecontrol=immediate&ssbinary=true&maxage=3600)
it says "rates for accounts no longer available".

jamiex

londoner01 wrote: »

Update: neither Santander nor my current account bank figured out why the payment was bounced, I made a standard transfer (instead of s/o), went fine. Just hoping it doesn't happen again next month with the standing order!

My standing order was bounced back in August. Had to make a manual payment. Neither bank knew why. Went through fine this month though.

londoner01

jamiex wrote: »

My standing order was bounced back in August. Had to make a manual payment. Neither bank knew why. Went through fine this month though.

That's bizarre! When in the month is your payment? Just wondering whether it could have been that something was actually wrong between end of Aug and beginning of Sept, or it's completely random.

Zekko

chads123 wrote: »

I used to have the 'first' 'first home saver' santander did a few years back, but closed it down a year or two ago. Would I be able to open a 'new issue'...as far as I was aware, you couldn't reopen them (still under 35 and no mortgage)..tia (ps guess this equates to 4% after tax?)

The First Home Saver account is closed for new applications, and has been for some time now.

Yes, it pays 4% net for basic rate tax payers.

jamiex

londoner01 wrote: »

That's bizarre! When in the month is your payment? Just wondering whether it could have been that something was actually wrong between end of Aug and beginning of Sept, or it's completely random.

This was at the very beginning of August - 2nd I think.

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 02/10/2012. :beer:

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

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223426172130&cachecontrol=immediate&ssbinary=true&maxage=3600

sajets

Has anyone made a lump sum payment recently and checked if the interest rate went back up to 5% after that payment?
Should I just increase the standing order to make a bigger payment and then reduce it afterwards?
Thanks

beamer007

Just discovered exactly the same happened to the September payment to my account (Natwest -> Satander, Standing Order, RET CODE 1114). Apparently the RET CODE 1114 means "Beneficiary Sort Code/Account Number unknown" according to the "Data Services File Specification" (Google for "Data Services File Specification" - 1st link).

It's too late now for me to make a manual payment of £300 without clashing with the October SO payment (assuming that works) and getting 0% for October on everything in my account.

Never had a problem with these SO payments before. Glad to hear you were able to make your manual payment - suggests just a glitch with the transfer rather than my account vanishing

Very annoying, as I intend to keep that account running for a while yet and I'll now be missing out on the compounded interest for that £300 forever.

I will be checking to make sure the October payment goes through correctly.

I will also be demanding that the issue with the September payment be resolved between Natwest and Santander so that the £300 is credited to the Santander account and the interest (and future compounded interest) is paid accordingly.

What an unwanted and unnecessary hassle ! :mad:

Anything I can quote from the Standing Order rules to empower my complaint ?

londoner01 wrote: »

Update: neither Santander nor my current account bank figured out why the payment was bounced, I made a standard transfer (instead of s/o), went fine. Just hoping it doesn't happen again next month with the standing order!