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

gadgetmind

Where is that 3.25% account?

We're inclined to stay put, but have no objection for moving if we can get an extra 25 bps.

Lizling

pazza2000 wrote: »

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

I was moving it to my First Direct current account. They said it took a long time because I wasn't moving it to another Santander account. There were no problems - it was just a slow process with lots of paperwork.

xiox

Does anyone know whether it can be closed by letter? I'm not near a branch any more as I'm currently abroad.

zaax

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!

Santander : theres your problem right there.

Parisian

So glad for this forum, and being able to discuss all the little nuances of our accounts!

Does anybody know:
1. Can you transfer out most of the money over the phone/or close the account over the phone?
2. If you go in branch - do you have to go to the branch you opened it in?

ses6jwg

Parisian wrote: »

So glad for this forum, and being able to discuss all the little nuances of our accounts!

Does anybody know:
1. Can you transfer out most of the money over the phone/or close the account over the phone?
2. If you go in branch - do you have to go to the branch you opened it in?

You signed up for a branch only account so into branch you must go to close it down.

You can try a postal request.

You can use any branch not just the one you opened it.

Gorecki

This is a shame. I've been paying £300 in for a year and a half and it was just starting to resemble the start of a deposit!

I'd like to close the account following this (it may still be an ok rate, but I don't like how they've gone about this).

However, since the interest is paid annually and I'm half way through the year, is it possible to close the account and get 5% for the 6 months or so, or do I have to keep the account open with £1 in it to get my interest for this year?

Thanks very much for your help

gadgetmind

Gorecki wrote: »

I'd like to close the account following this (it may still be an ok rate, but I don't like how they've gone about this).

TBH, they could have dropped the rate on this one well over a year ago. It's been like a cartoon character that runs off the edge of a cliff and doesn't start to drop until they notice!

You've best bet is to switch your £300 to a regular saver (or two or three!) and find the best home for your current capital in the mean time.

rb10

Gorecki wrote: »

I'd like to close the account following this (it may still be an ok rate, but I don't like how they've gone about this).

You don't like the way that Santander have continued to give you 5% interest on your savings, despite the fact that base rate has been at 0.5% for 3.5 years?!

Personally I cannot thank Santander enough for what they have done. It's been fantastic, and I fully expected them to drop it years ago.

ses6jwg

3% is still a good rate for an instant access account.

They could have dropped it to 0.5% as it was withdrawn months ago.