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

Zekko

donkingkong wrote: »

So the question now becomes: What to do with the money once this happens?

If it's becomming a 3% instant access account then there aren't many (if any) better alternatives at the moment. I will be stopping my standing order to this account though.

Eponym

donkingkong wrote: »

So the question now becomes: What to do with the money once this happens?

I am yet to put any money in my ISA this year so I'll fill that.

As for the other £3000 or so I have in there, I get 5% on my current account up to £2500 so I suppose I'll top that up and leave the rest in the First Home Saver. Just going to have to have a clear distinction between amounts for the house deposit and what I can use for my America trip in April!

moneysaverjoe19

I just had a letter confirming its becoming instant access from 12 Nov.

What to do now?

Eponym

moneysaverjoe19 wrote: »

I just had a letter confirming its becoming instant access from 12 Nov.

What to do now?

I've had a letter today too.

You could leave the money there, it's still a good rate.

rb10

Thank you ses6jwg for alerting us to this.

Will a card/passbook be issued on the account now that it'll become instant access? I don't know of any other instant access account that can only be managed in branch, yet doesn't have any sort of identification token.

moneysaverjoe19

Looking at their site the standard instant access is 2.50. I have the esaver issue 3 which I think is lower (2.90). Might as well move the money into this new 3% account.

donkingkong

ses6jwg wrote: »

the rate on this is going to drop to 3% and will become instant access, with no cap on monthly contribution. 50k cap still applies.

ses6jwg wrote: »

12/11/2012

For anyone who's not had the letter yet;

donkingkong

rb10 wrote: »

Thank you ses6jwg for alerting us to this.

Will a card/passbook be issued on the account now that it'll become instant access? I don't know of any other instant access account that can only be managed in branch, yet doesn't have any sort of identification token.

Will we be able to add to online banking I wonder?

Zekko

I got the letter as well this morning. It looks like i'll be transferring all but £1 (to keep the account open) into my Coventry Online Saver (2) which is still paying 3.15% until next April.

rb10

donkingkong wrote: »

For anyone who's not had the letter yet;

Thanks - not had my letter yet - but the removal of the requirement for a mortgage interview is not a change from 12th November, that changed many months ago.