Santander First Home Saver interest issue

rb10

KI2000 wrote: »

I had to go in a couple of times to sort out the above issue and also to check that what they'd told me then was still true. When I've rang up, it's exactly the same. And I had to ring up plenty of times with this issue.

But there is no genuine issue, only what you have invented.

Read the T&Cs; you will see that it is a variable rate account. There is no bonus. There are no tricks. You just get the rate that they are advertising at the time.

Check their website - they list all of their savings interest rates. There you will see that the account continues to pay 5%.

No need to speak to anyone or go to a branch.

iom_dave

Continuing on with my complaint, phoned up again to try to get it sorted, apparently it takes up to 56 days to recalculate the interest. The woman on the phone did accept that it was the wrong amount and was willing to do a goodwill gesture, but it would still be less than the actual interest owed, so rejected it and will have to wait the 56 days.

Have to say, not that keen on getting a santander mortgage at any point in the future!

KI2000

rb10 wrote: »

But there is no genuine issue, only what you have invented.

Read the T&Cs; you will see that it is a variable rate account. There is no bonus. There are no tricks. You just get the rate that they are advertising at the time.

Check their website - they list all of their savings interest rates. There you will see that the account continues to pay 5%.

No need to speak to anyone or go to a branch.

Sorry, not sure what you are meaning. I have had a genuine issue in that they didn't pay the interest correctly. They have acknowledged that. Also, they have said they will update the system and I have had to ring them up/ go in branch again to get it sorted properly. Therefore, I don't trust them/ their computer system. They seem particularly evasive about giving me a simple letter than confirms that the rate is not the 0.1% that they initially thought it dropped to after a year. I have asked several times but apparently they just can't do it. The reason I want this is I don't want to put money in this for a year and for them to tell me they're giving me a pitiful amount of interest. I ask in branch, they confirm then a year later I have nothing official to back up my case.

I continue the check the rates regularly and fully understand it is a variable rate.

atypical

KI2000 wrote: »

They seem particularly evasive about giving me a simple letter than confirms that the rate is not the 0.1% that they initially thought it dropped to after a year. I have asked several times but apparently they just can't do it. The reason I want this is I don't want to put money in this for a year and for them to tell me they're giving me a pitiful amount of interest. I ask in branch, they confirm then a year later I have nothing official to back up my case.

You already have an official piece of paper from Santander confirming the rate as 5%. The one they publish on their website here.

Nowhere in their documentation does it say anything about the rate dropping after 1 year (because it doesn't).

It's a pretty easy case if it ever got as far as the FOS.