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

tinkerbel

Aww I've been liking this account, haven't had to think about moving accounts for ages either! Any smart ideas on where to move balances to?

mt77

I came straight here after receiving this letter today. Reading the user comments regarding rate drop since early November suggests I have received this letter a lot later than the rest of you. I guess Santander may have had second thoughts about some customers..... :rotfl:(I wish!)

Still, got to take my hat off to Santander for offering the good saving rates on this account over the past few years.

Now, got to find a new home for my £30+k by January.

tara747

Damn. It's been great getting 5% and then 3%.

I have around £21,000 in this account. I've maxed out my 123 account, TSB etc. Are you allowed two sole 123 accounts??

I haven't opened an ISA this tax year, the rates are abysmal. But I suppose I could do that come January.

What's everyone else doing??

mt77

tara747 wrote: »

Damn. It's been great getting 5% and then 3%.

I have around £21,000 in this account. I've maxed out my 123 account, TSB etc. Are you allowed two sole 123 accounts??

I haven't opened an ISA this tax year, the rates are abysmal. But I suppose I could do that come January.

What's everyone else doing??

Hi Tara747,
Re: ISA - Check out 'Dot Comunity Credit Union ISA' or the following MSE thread: https://forums.moneysavingexpert.com/discussion/4938603 . I don't visit MSE very often, but i'm very surprised to see that thread is still going strong in the ISA forum. They offer 3% for their 1 year ISA, although looking at it now it seems that DCU have withdrawn this and their other ISA products. But keep a look out on their site/ MSE thread from time to time. Judging by the thread's popularity I am guessing that DCU (small credit union) are swamped with customer deposits (probably from MSE'ers) and bring their ISA products back online when required.

I notice you're on the save 12k thread as I am (haven't visited that for a long time either) and have similar amounts of savings as myself. I am about 10k off the big 100k myself. Same threads, same accounts, similar savings amount.... what a coincidence. Anyway, well done and good luck with your savings. :T

beefturnmail

tara747 wrote: »

What's everyone else doing??

My Mortgage deal (and Early Repayment charges) runs out end of February, so I will probably overpay on that. Although I should be able to switch to another product with the same lender (Nationwide) which charges 1.79%, so if I can find a home for the savings paying higher than that I will move it there instead - I've started siphoning off some of the money into regular savers (Nationwide paying 2% allowing £1,000 per month, and TSB paying 4% per month on £400)

tara747

beefturnmail wrote: »

My Mortgage deal (and Early Repayment charges) runs out end of February, so I will probably overpay on that. Although I should be able to switch to another product with the same lender (Nationwide) which charges 1.79%, so if I can find a home for the savings paying higher than that I will move it there instead - I've started siphoning off some of the money into regular savers (Nationwide paying 2% allowing £1,000 per month, and TSB paying 4% per month on £400)

Thanks for that

mt77 wrote: »

Hi Tara747,
Re: ISA - Check out 'Dot Comunity Credit Union ISA' or the following MSE thread: https://forums.moneysavingexpert.com/discussion/4938603 . I don't visit MSE very often, but i'm very surprised to see that thread is still going strong in the ISA forum. They offer 3% for their 1 year ISA, although looking at it now it seems that DCU have withdrawn this and their other ISA products. But keep a look out on their site/ MSE thread from time to time. Judging by the thread's popularity I am guessing that DCU (small credit union) are swamped with customer deposits (probably from MSE'ers) and bring their ISA products back online when required.

I notice you're on the save 12k thread as I am (haven't visited that for a long time either) and have similar amounts of savings as myself. I am about 10k off the big 100k myself. Same threads, same accounts, similar savings amount.... what a coincidence. Anyway, well done and good luck with your savings. :T

Thanks, mt77! Well done on your savings, I'm hoping to hit the big £85K by the end of the year.

I've officially signed up for £12K for 2015, but the temptation is to push for £15K so I can say I've saved £100K. We'll see!!!

pazza2000

Just noticed this is 'going down' at the end of the month. Letter never received advising. Now where should move it too....?

Wings_of_Ambition

I'm shifting the first £20k into a Santander 1-2-3 Current Account. 3% before tax, interest paid monthly, £2 monthly account fee but the interest dwarfs this.

gadgetmind

I'm moving some of our spare cash into bonds and preference shares, but need to leave daughter mostly in cash. She's a student so the high interest current accounts may not be an option - I'll check.

beefturnmail

pazza2000 wrote: »

Just noticed this is 'going down' at the end of the month. Letter never received advising. Now where should move it too....?

Actually, it's going down on the 14th (this Wednesday) - see post #593