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

Wings_of_Ambition

rabh wrote: »

Does anybody know if there's still a £50,000 maximum?

The 1.5% is effective on balances up to £2 MILLION!

afmfifgh

I had a letter yesterday saying the rate on this account would be changing from the current 1.50% to 1.25% on 01/11/2016, everything else remains the same.

Still not a bad rate given the account conditions and the current market where the best 1 year bond pays 1.35% and 2 year bond is 1.65%.

garreh

afmfifgh wrote: »

I had a letter yesterday saying the rate on this account would be changing from the current 1.50% to 1.25% on 01/11/2016, everything else remains the same.

Still not a bad rate given the account conditions and the current market where the best 1 year bond pays 1.35% and 2 year bond is 1.65%.

It's a terrible rate imo. Look into opening some current accounts that pay 4-6% interest rate (up to a limited amount). Put the rest into a Ratesetter or other P2P lending with quick easy access that can easily earn you 3%.

iwant2asave

afmfifgh wrote: »

I had a letter yesterday saying the rate on this account would be changing from the current 1.50% to 1.25% on 01/11/2016, everything else remains the same.

Still not a bad rate given the account conditions and the current market where the best 1 year bond pays 1.35% and 2 year bond is 1.65%.

I agree, glad I kept this account open - its been unbeatable in terms of instant access savings accounts that aren't tied to current accounts. Also doesn't have the risk of peer to peer savings.

asc1991

Got one of these at 1.25% (still pretty good considering what's out there).

Does the £100-300 rule still apply?

Bit confused as last year I put nothing in at all and they still gave 1.25%!

gt94sss2

asc1991 wrote: »

Does the £100-300 rule still apply?

No, Santander dropped that requirement on 12 November 2012.

asc1991

gt94sss2 wrote: »

No, Santander dropped that requirement on 12 November 2012.

Thanks for that, it's so hard to find any info on it - sounds like I can just chuck a load of money into it as one lump sum.

I take it the rule still applies that you can't withdraw from it unless you're closing the account?

Thanks again.

someone

No, the account became easy access.

This thread has just reminded me about the account. Withdrawn ISA (flexible) and placed in here.

Guess this won't last too long ...

gt94sss2

asc1991 wrote: »

Thanks for that, it's so hard to find any info on it - sounds like I can just chuck a load of money into it as one lump sum.

I take it the rule still applies that you can't withdraw from it unless you're closing the account?

It's now an instant access account so you can pay in and withdraw at will - no need to close the account