Gross interest on Current accounts ?

metrobus

Just phoned to register to have gross interest paid
on my Santander in credit current acc.
Was yold that you can not have gross interest paid
on current accounts.
Anyone come across this ?

opinions4u

It's up to the account provider to chose to accept R85 declarations.

If Santander don't want to, they don't have to, and the account holder would have to claim it back from HMRC.

Or move their account elsewhere.

(No, I've never heard of this practice of not accepting R85 declarations and find it odd).

notbritishgas

I have a joint A&L (now swallowed up by Santander) current account with my OH.
She has always been registered for gross interest and that has not changed in the takeover.

le_loup

I think you spoke to someone who has been inadequately trained. Quite common in Santander.

ses6jwg

Yes you can register a current account for gross interest.

Santander now have a paper-less process and we do not require you to do sign an R85 declaration. The onus is on you to prove to HMRC why you qualify if they investigate.

Was it someone on telephone banking who told you this, or a former Abbey branch by any chance?

Monkeys.

scottishblondie

I have an account with Santander registered for gross interest - print out a paper form and take it to a branch, I've found the staff in-branch to be much more helpful (for the most part!) than the telephone people.

Milarky

scottishblondie wrote: »

I have an account with Santander registered for gross interest - print out a paper form and take it to a branch, I've found the staff in-branch to be much more helpful (for the most part!) than the telephone people.

Yes, I had to visit a branch to request this - but it was then set up for gross payment of interest.

ses6jwg

You don't need to sign an R85 form any more with Santander. Just tell us in branch.

metrobus

ses6jwg wrote: »

Yes you can register a current account for gross interest.

Santander now have a paper-less process and we do not require you to do sign an R85 declaration. The onus is on you to prove to HMRC why you qualify if they investigate.

Was it someone on telephone banking who told you this, or a former Abbey branch by any chance?

Monkeys.

Telephone banking spoken to by a guy named Iqbal.

ses6jwg

metrobus wrote: »

Telephone banking spoken to by a guy named Iqbal.

The gas from my farts is probably more helpful than some call centre staff

metrobus

Went into the branch today to try and register for gross interest on my current account after getting nowhere with the call centre.

Girl behind the counter did not know anything about it and had to call another member of staff over.

When I told the senior member of staff I needed to register for gross interest she said "you need a tax certifcate then" :mad:

I then went through it with her very slowly explaining in the past we would fill out a R85 form to register but the system may have changed now.

To my relieve the girl on the next desk got involved and explained it to her workmates:T and after another 5 mins of messing around I was told head office would send me forms to fill in and return.

I have only just opened the current acc with them I now know
why everybody is talking of their total incompetence.

It really is beyond belief how untrained these people are.