Santander First Home Saver - final response to complaint over interest calculation

minimish

I have been into Santander today to check the balance on my first home saver and have been told that the 5% AER finishes after 12 months so for the last 2 months my interest rate has been at 0%!! Has anyone else had this issue or have the terms and conditions because i can't see on any of my documents when i opened the account that mentions it.

KI2000

minimish wrote: »

I have been into Santander today to check the balance on my first home saver and have been told that the 5% AER finishes after 12 months so for the last 2 months my interest rate has been at 0%!! Has anyone else had this issue or have the terms and conditions because i can't see on any of my documents when i opened the account that mentions it.

I have had this. After speaking to several people, I finally spoke to a couple who had the correct information on this. They finally accepting I was right but they are messing me about paying it back. You are in the right so don't accept it.

singstar

Hi

I am having the same issue with Santander-it was not made clear that this was a 1 year rate-i have been receiving 0.10 interest for the last 6months
I have made a complaint but am wondering what results others have had.
This has messed up my 2 year savings plan as now i have to find somewhere that will pay decent interest for just 6 months

Santander really seem to be living up to their reputation!

rb10

singstar wrote: »

Hi

I am having the same issue with Santander-it was not made clear that this was a 1 year rate-i have been receiving 0.10 interest for the last 6months
I have made a complaint but am wondering what results others have had.
This has messed up my 2 year savings plan as now i have to find somewhere that will pay decent interest for just 6 months

Santander really seem to be living up to their reputation!

It's not a 1-year rate.

All First Home Saver accounts are still receiving 5%.

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223419040757&cachecontrol=immediate&ssbinary=true&maxage=3600 (page 10)

singstar

I thought it was for the life of the account but was told in branch and then on the phone that after 1 year the rate drops. Appparently that just what happens to all accounts unless stated( not sure how im supposed to know this)

I never received any paperwork for the account apart from statements which never mentioned a change of rate- is there anyone had the account
1 year + whO can confirm?

alisoncar

*cassius* wrote: »

my 1 year anniversary is in october 2011 so ill be keeping an eye on what interest is paid, ive done the same amounts with maximum deposit and monthy £300 maximum so it should be around the £270 mark, ill just wait and see what gets paid in.

Hi,

just wanted to add to this thread that my interest on the above account seemed to be calculated Ok (1st year anniversary).

I wonder if anyone knows what the deal is with the 5% rate dropping after the first year as reported by a few people here? To those who have been told the rate has dropped (even though it should not have done so - as others have said nothing like this is mentioned in the T&Cs) - have you managed to get a reply from Santander and will they be rectifying the situation??

I really do not want to get one year down the line and then have disputes over this with them

beefturnmail

The First Home Saver Special Issue 1 is still paying 5% according to Santander's own website (Page 10 of the below link)

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223419040757&cachecontrol=immediate&ssbinary=true&maxage=3600

Any dispute with Santander over this 'should' be clear cut when their own website is saying it pays 5%. If you have trouble with Santander's tortuous complaints procedure, just e-mail the CEO