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

gt94sss2

As others have said, disapointing news but not totally unexpected. Hopefully, the account will now show up in internet banking. if not, you can already check your balance by telephone so hopefully we can transfer funds that way too.

I'm currently overseas so would someone mind posting a scan/the text of the letter you have received?

I still have a 3.2% e-saver so may just move the funds into that, until that rate expires and then perhaps back again afterwards. I presume instant access means funds can be deposited as well as withdrawn from the account!

Out of interest, does anyone know how much notice they have to give us of changes to the T&C - if its a standard 30 days - they are leaving it very late to send out these letters.

Regards
Sunil

Nessie23

gt94sss2 wrote: »

Currently overseas so would someone mind posting a scan/the text of the letter you have received?

Hi, donkingkong has already posted a copy of the letter on this thread. Check post number 379

londoner01

Boohoo, this was kind of the kingpin of my savings so not sure what to do at the moment!
The dealbreaker for me is whether they're going to add any kind of online or phone banking - an in-branch account only doesn't really count as an instant saver for lazy moi.
It could be good to turn this into a dripfeeder where I stash savings until next year's ISA. The good thing about it is that there's a lump in it already so if I brought a good amount from my (low interest) instant saver, it would add back up to the previous amount of interest. It al depends on how mobile the cash is from this account I guess.

pazza2000

I am unsure what to do. Not a Santander customer, and happy to move for a better rate. I do not need instant access, although being able to close it with say upto 3 months notice is something that could be useful.

Do not currently hold any other saving products, or ever have. 3 years ago I was simply looking for a savings account and was directed to this as the best one at the time. Any advice would be great? I currently have 25k in it, and this will be boosted by 10k I will inherit at somepoint in the next year. I plan on using this as a house deposit although have no intentions of buying somewhere for at least a year:huh:

stluke023

http://my.jetscreenshot.com/demo/20121015-ma6u-83kb


letter

beefturnmail

I got the letter too. A couple of things which sprang to my mind:

- When does the reduced rate of interest apply from - now, or 12th November? - Letter says changes from 12th November, but also (at the bottom) "Information and rates correct as at 10th October"

- Do we still have to make the November payment of between £100 and £300 to avoid having interest reduced to 0.1% for that month?

Thoughts?

Zekko

beefturnmail wrote: »

- When does the reduced rate of interest apply from - now, or 12th November? - Letter says changes from 12th November, but also (at the bottom) "Information and rates correct as at 10th October"

12th November 2012

beefturnmail wrote: »

- Do we still have to make the November payment of between £100 and £300 to avoid having interest reduced to 0.1% for that month?

Thoughts?

I'm still going to pay in the £300 in November just to make sure.

pazza2000

I read it as the changes will come into effect from 12th November. As stated by another poster, they have to give at least 30 days notice, which they have done so.

Lizling

A word of warning - it took me over an hour to close down my account and get the money transferred out of Santander today. No surprise really, but might not be something to try to squeeze in in your lunch hour.

pazza2000

Why did it take so long? Where were you withdrawing it to?


Still undecided about what I should do. I have found a 3.25% instant access, although that is just for the first year. Perhaps for ease, I should just keep my savings here. Be interesting to hear others plans.