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

beefturnmail

It definitely is happening now. Received letter this morning. Rate is reducing on the first home saver (special issue 1) to 1.5%, effective from 14 January 2015. Ah well - it's had a good run

someone

Disappointment in the post this morning everyone. Rate is been cut to 1.5%

afmfifgh

Shame - it was good while it lasted but not much else to compete with it on the market

For the retired amongst us at least the Pensioner Bond's will be available.

chaotic_j

Had this letter too - my money will be going out on 14th January, I guarantee it!

Best alternative? I may have to get a couple of their Santander 123 accounts now!

Jabba_flabba

Got one of these letters too. All good things must come to an end.

Moneygrabber24

I was expecting the decrease in interest rate, as I'm sure a lot of others were as well. The great thing for me is that from January the 1.5% is being offered on anything upto 2million pounds. I have another 50k where I wanted to stick my money into, and couldn't work out where. Now I will just stick it in this account and earn 1.5% on the 100k. I think I'd find it hard to get a better deal elsewhere.
Happy saving!

Jay

Exergy

Also received this letter and a bit gutted. Always loved this account.

What is the 'next best'? I have already maxed out the various higher paying current accounts?

Moneygrabber24

I must take this opportunity to congratulate Santander on initially providing an interest rate of 5% on 50k and then 3% . No other provider could even come close to matching this. You hear a lot of stories about bad Santander customer service but they really have to be commended on the interest rates they have provided for savers during this 'rock bottom interest rates' period and the inginuity they have in providing accounts such as the 123 account.

gadgetmind

Daughter also just got one of these. Sadly, as she's at university, the high interest current accounts won't be an option.

I'll probably leave some in Santander but also buy her more bank preference shares to boost the overall interest.

RedRuby_2

I'm sad to see the interest rate plummeting. There is nowhere else near as good as 3% where I could transfer my money too.