Santander - can't pay interest gross

Ernisius

I wanted to register my account with Santander for Gross interest, but I was told by them they no longer do that.

They would deduct the tax and I would have to claim it back from HMRC.

Does anyone know if this is really the case, I haven't heard of this at any other bank.

Thanks

Thrugelmir

Most likely to do with their computer system.

There's no obligation to pay gross.

rb10

Try speaking to someone else? I've not heard of them doing this.

Careful how you ask for it, too. Most banks don't use the old R85 forms now; it's just done as a verbal declaration.

opinions4u

There was a similar thread a few weeks ago.

It turned out that the Santander staff member didn't know what they were talking about - and the company did accept R85 declarations (but without the need for the form).

Ask again, and escalate to higher levels until you get the answer you want.

jennifernil

Yes, I have 3 accounts with them registered for Gross interest, so it is possible.

bryanb

Why not consider transferring the account to a proper bank?

bryanb

Thrugelmir wrote: »

There's no obligation to pay gross.

Are you sure?

ses6jwg

I would report whoever told you this to their line manager as it is complete an utter rubbish.

Santander now use a paperless system- no R85 forms are required.

The only accounts which we cannot register for gross interest, is a fixed rate bond more than 1 week after opening/ renewal. In this case it will need to be reclaimed.

Ernisius

ses6jwg wrote: »

I would report whoever told you this to their line manager as it is complete an utter rubbish.

Santander now use a paperless system- no R85 forms are required.

The only accounts which we cannot register for gross interest, is a fixed rate bond more than 1 week after opening/ renewal. In this case it will need to be reclaimed.

It is a tracker bond, It is also more than 1 week after opening because it took more than 2 weeks for them to send me the bond.

Although I had asked for gross interest when I applied, I didn't find out that they had not complied with this until I received the bond.

ses6jwg

Ernisius wrote: »

It is a tracker bond, It is also more than 1 week after opening because it took more than 2 weeks for them to send me the bond.

Although I had asked for gross interest when I applied, I didn't find out that they had not complied with this until I received the bond.

In this case you may well need to reclaim the tax back.

Derivative

I have recently applied for an eSaver and been asked to send in an R85. Not got my online details yet to see if there's a way to declare online.