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

pazza2000

pazza2000 wrote: »

So to confirm we can overpay into thisat any time and we are only charged the interest penalty for 1 month. I was overly worried about doing this last year so backed out, however i am going to go ahead and do so this week.

How should i send the 'one-off' adittional payment?

Any insight before i take the plunge?

rb10

pazza2000 wrote: »

So to confirm we can overpay into thisat any time and we are only charged the interest penalty for 1 month. I was overly worried about doing this last year so backed out, however i am going to go ahead and do so this week.

It certainly looks like it from other posts in this thread.

pazza2000 wrote: »

How should i send the 'one-off' adittional payment?

BACS direct to the account.

Doing it by cheque in branch is only going to generate problems if the cashier realises it's going into a First Home Saver!

Ronaldo_VII

I'm going to do this. My standing order has been set up to pay into the default Santander account with my account reference in the reference field for the standing order. Would I be best in finding out the sort code and account number of my actual account to transfer the lump sum into? I'd feel more secure paying directly into my account than via Santander. I thought I would receive my account details but it's been 3 weeks since I opened the account so maybe not.

rb10

Ronaldo_VII wrote: »

I'm going to do this. My standing order has been set up to pay into the default Santander account with my account reference in the reference field for the standing order. Would I be best in finding out the sort code and account number of my actual account to transfer the lump sum into? I'd feel more secure paying directly into my account than via Santander. I thought I would receive my account details but it's been 3 weeks since I opened the account so maybe not.

There is no unique sort code and account number for your account, all payments on this account (and on some other Santander accounts) must go via the main holding account.

It's like if you pay off your credit card as a bill payment - you don't have a unique sort code and account number, but just put your card number in as the reference.

Ronaldo_VII

rb10 wrote: »

There is no unique sort code and account number for your account, all payments on this account (and on some other Santander accounts) must go via the main holding account.

It's like if you pay off your credit card as a bill payment - you don't have a unique sort code and account number, but just put your card number in as the reference.

Oh right, I thought it was unique to this type of account, thanks.

MigsyBigsy

Hello all,

just come across this here.

So it works?

I havent read the T&C but is there a limited withdrawal on this account?

pazza2000

Glad to hear it works. Will be transfering today by bacs from the same account i send the monthly payments. I agree best not to do it direct with santander

Ronaldo_VII

MigsyBigsy wrote: »

Hello all,

just come across this here.

So it works?

I havent read the T&C but is there a limited withdrawal on this account?

You can't withdraw your money out of the account without closing the account altogether.

Does anyone know if it matters whether depositing a lump sum should be between the 2nd and 21st of the month like the standing order?

gt94sss2

Does anyone know what happens to your account once you reach the £50k limit?

Regards
Sunil

pazza2000

Ronaldo_VII wrote: »

You can't withdraw your money out of the account without closing the account altogether.

Does anyone know if it matters whether depositing a lump sum should be between the 2nd and 21st of the month like the standing order?

No i do not think it matters. I am sure Santander wish the standing order to be paid by the 21st so that it is in the account before they apply the interest at the end of the month. Perhaps someone can confirm this as i have just paid in my lump sum this morning