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

RedRuby_2

Looks like I'm not the only one to have received my letter today. I was a bit shocked and miffed as they seem to be implementing so many changes at once. Its like a different account.

Tom_Brine

Awww gutted. This account was the main holding for my house deposit savings. First they get rid of the loyalty monthly savers now this! I was staying with Santander due to high savings interest in their products. It is now looking like I could maybe start to look elsewhere. The first home saver was one of my main reasons for staying.

I have already maxed out my ISA allowance for the year. On the 13th November I am going to have to transfer all of the money into my E-Saver which is currently getting 3.2% until august next year. I can put the max ISA allowance in April from this money but am then going to have to find a new home for the rest of the money come August..... One of the best things about the First Home Saver was you didnt have to bother changing accounts every year to beat interest rates, Oh well.

Zekko

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.

I would be interested to know too, as there was no information given about this on the letter!

Pineapple88

I got the letter as well Oh well, it was good whilst it lasted!

Soemthing that isn't very clear from the letter; it says you no longer have to deposit £100-£300 every month to be paid the full rate of interest, but do you still have to make a deposit of any amount? Could I in theory leave the amount in these untouched and not add any more and continue to receive 3% on it, or would I have to make a nominal monthly payment?

Eponym

I would hope it will appear on online banking from the date of the change. Otherwise, presumably we'll have to phone up on 13th November to make the transfers, or do it in branch?

rb10

Eponym wrote: »

I would hope it will appear on online banking from the date of the change. Otherwise, presumably we'll have to phone up on 13th November to make the transfers, or do it in branch?

My money would be on it remaining as a branch-only account. Otherwise they'd have said in the letter.

pazza2000

Pineapple88 wrote: »

Could I in theory leave the amount in these untouched and not add any more and continue to receive 3% on it, or would I have to make a nominal monthly payment?

I am keen to know the answer to this also. Is there many other instant access savers that pay 3%+ currently available?

Zekko

pazza2000 wrote: »

I am keen to know the answer to this also. Is there many other instant access savers that pay 3%+ currently available?

It says on the letter that you no longer need to make the regular monthly payments to receive the full (3%) interest rate.

3% instant access is about the best you can get right now, unless you include the Lloyds 4% vantage.

Lizling

Oh well. I think I'll just close mine and put it in my NatWest eSaver for a bit. For only an extra 0.2% interest, I'd rather have the convenience of the online account.

Pineapple88

Thanks Zecco, thats good to know.

Its not as good as it was but looks like it will still be worth keeping hold of for a while yet.