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

pazza2000

adonis10 wrote: »

Change the standing order amount from, say, £300 to, say, £10,300 and then change it back to £300.

This is what i did, simply went into my branch and arranged this larger standing order amount for 1 month only. Next month it will retort back to £300 p/m

mcbean2011

i opened ones few months back, account is great but santander customer service is !!!!.

beefturnmail

Hi,

A couple of poeple on this thread have been saying the standing order has to be paid in between the 2nd and 21st of the month. Where have you got this info from? I was not told this on opening the account and it doesn't say it anywhere on the t & c.

Reason I ask, is that my standing order has been the on the 1st for the last 9 months....

mcbean2011

pretty sure it should be on the paper given to you by santander not the terms and conditions. Like where it states the sort code and acc number etc.

i dont know how that will affect you though.?

beefturnmail

Nope nothing in the piece of paper santander gave me... Pretty sure I wasn't told this either as cna't think that I would have set the SO up fo the 1st if I had!

Just looking at the t & c:


http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223402638542&cachecontrol=immediate&ssbinary=true&maxage=3600

It says nothing about the dates either in the general t & c or on the specific conditions relating to (amongst others) the first home saver on page 11.

The only place I can see it mentioned is on page 9, but this is in relation to the fixed rate monthly saver (a different account).

Wondering if some Santander staff have got this wrong?

mcbean2011

erm mate i would give them a phone, cause i was given those dates aswell so i pay in on the 5th of every month.

I would get in touch and get it cleared up. But yes you do have to pay in between certain dates

adam

beefturnmail

Thanks, but not about to waste my time ringing India... I'm pretty certain Santander staff have got this wrong and the date condition applies to one of the other accounts (in any case they're not telling everyone the same thing). I've been paying in on the 1st of every month for over 9 months and nothing has happened (i.e. the accounts not been closed and I can see the money going in). I'll wait to see if I get paid the correct amount of interest on the anniversary of the account and take it from there... they will have no justification for not paying 5% as the t&c has no mention of the SO needing to be within a date period to earn the interest.

rb10

beefturnmail wrote: »

Thanks, but not about to waste my time ringing India... I'm pretty certain Santander staff have got this wrong and the date condition applies to one of the other accounts

No, I have it in writing from Santander that the SO must be between the 2nd and 21st of each month.

I imagine that their systems are set to allow it at any time during the month though.

beefturnmail

In that case I am baffled, as I defnitely have nothing from Santander to this effect. What is the purpose of such a condition anyway?

rb10

beefturnmail wrote: »

In that case I am baffled, as I defnitely have nothing from Santander to this effect. What is the purpose of such a condition anyway?

To save them from having to deal with people who set up their standing order too late in the month, so it doesn't arrive until the following month.

Halifax impose a similar condition on their Regular Savings accounts (i.e. standing order to be set up to go out by 23rd of each month). Payments into these accounts between 24th and 31st* still count for that month, but it saves people from accidentally not funding the account during a month.

This still doesn't explain why they don't allow the 1st though.

* In fact, when there's been a bank holiday near the end of a month, Halifax will usually accept payments during the first couple of days of the following month with no penalty - no idea if Santander do the same.