5% Savings Account @ Santander - HotUKDeals
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5% Savings Account @ Santander

£0.00 @ Santander
Provided By Santander Note - The Rate Has Not Been Altered Since March 2009! Have Santander Actually Mispriced A Savings Account? The account details are below, there are hardly any conditions t… Read More
mgregory904 Avatar
7y, 1d agoFound 7 years, 1 day ago
Provided By Santander

Note - The Rate Has Not Been Altered Since March 2009! Have Santander Actually Mispriced A Savings Account?

The account details are below, there are hardly any conditions to meet, the account is instant access but you must close the account if a withdrwal is made.

Initial Balance upto £5000 or £100 min - you can pay in upto £300 a month upto a maximum balance of £50,000

Hope this helps someone!

First Home Saver (Special Issue 1)

Getting that all-important first step onto the property ladder can be tough. Our First Home Saver (Special Issue 1) gives you a helping hand, offering a competitive variable rate that will help boost your savings for your deposit on your first home. To find out more about the First Home Saver (Special Issue 1), call in to your local branch.

Why choose the First Home Saver (Special Issue 1)?
Enjoy a great variable interest rate of 5.00% gross/AER on your savings for your first home. Make an initial deposit of between £100 and £5000 and then save between £100 and £300 per month by standing order to get the preferential rate. You will receive a lower rate of 0.10% gross/AER when you pay in under £100 or over £300 in any calendar month, but for that month only. The maximum balance on the account is £50,000. If you miss a payment you will receive an interest rate of 0.10% gross/AER for that month only.
Reward Get a great rate for saving regularly towards a deposit for your first home and in return all we ask you to do is have a mortgage interview up to 90 days before you come to close the account.
Easy Instant access to your First Home Saver via branch. Please note there are no partial withdrawals allowed on this account. You can access your funds at any time but will need to close your account. To close your account you will need to bring in two forms of ID plus the validation checklist that you were given on account opening.
Flexible pay into the First Home Saver by standing order.
Eligibility - To qualify for a First Home Saver (Special Issue 1) you must be:
1. Under the age of 35
2. A first time buyer
3. Able to save an amount between £100 and £300 each month
First Home Saver (Special Issue 1) rates below are variable
Tier
Gross p.a./AER
£100 - £50,000
5.00%
You will receive a lower rate of 0.10% gross/AER when you pay in under £100 or over £300 in any calendar month, but for that month only. All rates above are variable. For further details on interest rates please visit our rate and fees pages.

Interest is calculated on the daily balance of the account, and is paid annually on the anniversary of account opening. For example, if you saved £100 per month for 12 months, you will get back your deposits totaling £1,200 (12 x £100), and will have received in total approximately £32.50 gross interest during the year (provided no withdrawals are made during the year).
Rates effective from 1st March 2009.
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All Comments

(32) Jump to unreadPost a comment
Comments/page:
#1
Note - The Rate Has Not Been Altered Since March 2009! Have Santander Actually Mispriced A Savings Account?
#2
This isn't a misprice. It's a product aimed at a specific market. You should be a first time buyer, under 35, and a condition of the account is that you have a mortgage interview on closure.

I've had one for a few months :). There's a thread on MSE about people's experiences opening the account. There's also an article :
http://www.moneysavingexpert.com/news/banking/2010/01/savings-loophole-allows-under-35s-to-earn-5

p.s. It used to be 8%

p.p.s. Whilst funding the account with more than £300 in a particular month (and taking the hit on the lower interest that month) may seem a good idea they reserve the right to close your account.
#3
Enjoy a great variable interest rate of 5.00% gross/AER on your savings for your first home

Probably a ploy to get you in and then drop you down to the basic boring rate.
1 Like #4
Astec123
Enjoy a great variable interest rate of 5.00% gross/AER on your savings for your first home

Probably a ploy to get you in and then drop you down to the basic boring rate.


x2 :x
1 Like #5
"Please note there are no partial withdrawals allowed on this account"

"Make an initial deposit of between £100 and £5000 and then save between £100 and £300 per month by standing order to get the preferential rate. "

etc etc

Fair bit of small print and conditions as there always is on these headline rates, but may be of use to some

Warm
#6
Make an initial deposit of between £100 and £5000 and then save between £100 and £300 per month by standing order to get the preferential rate.

You will receive a lower rate of 0.10% gross/AER when you pay in under £100 or over £300 in any calendar month, but for that month only.

If you miss a payment you will receive an interest rate of 0.10% gross/AER for that month only.

So, if you want to save between £100 & £300 per month and your under 35 and if you dont have a house and dont mind being forced to have a mortgage review 90 days before you close the account!

Title is misleading, as the account is only for first time home buyers
#7
You can only apply in store too, take your cheque book for the opening balance!
#8
A good deal, if you are a first time buyer and intend to use the savings account for what it is used for, but personally I would be cautious if you do not qualify. If you have a mortgage interview (as required) presumably a credit check would then be performed: whilst that may show nothing adverse, having unnecessary credit checks done is not advisable, since the check itself will appear in your history and there is a slight possibility of that causing you a problem.

If you want to take the risk then who am I to stop you, but I hope my post might be of assistance.
1 Like #9
You can't apply online then?
1 Like #10
It is the same type of account as at most other banks etc, HSBC give 8% on Premier & Advance a/c holders & 4% for everyone else.
Santandar also have by far the worst customer service on the High Street, avoid at all costs !
1 Like #11
Sorry - random click spammed this deal - please unspam
1 Like #12
Would rather give my money away than let abbey/santander near it.Support your local building society not a foreign owned bank
1 Like #13
So is there anything stopping you opening the account and then one month lumping £50k into the account so for that one month you just get the 0.10%APR and then the following month you earn 5% on the whole lot?
1 Like #14
Have you ever tried calling customers services?
Considering the lengths of advertising they use there service is the worst ever.
I got through to India & told to call back as I went through to the wrong department depite calling the correct number they even repeated it to me.
I then got back through to the same department in India again & was transfered this time of which I was transfered to a young scrote ( in England ) he ask me the same question 3 times & started to blame the computer & then he cut me off.

I closed my account but still receive letters about my account offering promotional rates.
#15
just opened one last week
however i ve mention this when you make your initial payment (lump sum ) your monthly payment will start from following months
direct debits are to be pain between 3 - 22 every month
i hope this will help someone..
#16
Does anyone know if interest is paid monthly or annually on this account? I can't find it anywhere on their site...
#17
I opened one of these over a month ago, and as I understand from the t&c's you can close it any time when you have had the mortgage interview within the past 90 days. You don't have to have the interview then wait 90 days before you can close it.
#18
scott_lithgows
Would rather give my money away than let abbey/santander near it.Support your local building society not a foreign owned bank

this isnt a forum its a site to get the best deals if you know a local building society thats offering a better rate then list it otherwise go and play with ur kkk pals
#19
Phantom Power
A good deal, if you are a first time buyer and intend to use the savings account for what it is used for, but personally I would be cautious if you do not qualify. If you have a mortgage interview (as required) presumably a credit check would then be performed: whilst that may show nothing adverse, having unnecessary credit checks done is not advisable, since the check itself will appear in your history and there is a slight possibility of that causing you a problem.

If you want to take the risk then who am I to stop you, but I hope my post might be of assistance.


I asked that question, they said they would not do a credit check without your permission
#20
scott_lithgows
Would rather give my money away than let abbey/santander near it.Support your local building society not a foreign owned bank


If it was up to me there would hardly be any British banks left! At least santander wasn't involved in this subprime stuff.
#21
Wardy7
So is there anything stopping you opening the account and then one month lumping £50k into the account so for that one month you just get the 0.10%APR and then the following month you earn 5% on the whole lot?


A good point:

You will receive a lower rate of 0.10% gross/AER when you pay in under £100 or [B]over £300 in any calendar month[/B], but for that month only. The maximum balance on the account is £50,000.
#22
03bintls
Does anyone know if interest is paid monthly or annually on this account? I can't find it anywhere on their site...


Interest is calculated on the daily balance of the account, and is paid annually on the anniversary of account opening. For example, if you saved £100 per month for 12 months, you will get back your deposits totaling £1,200 (12 x £100), and will have received in total approximately £32.50 gross interest during the year (provided no withdrawals are made during the year).
#23
my wife has been trying to change her address with abbey for months. She has been to the branch 4 times and still the address is the old one ! Seems they can't handle changes to linked accounts such as multiple savings and current.

I use abbey too but have business banking with them. the call centre answers within a minute and you speak to uk staff who deal with any problem there and then. We also have a mortgage with abbey and again they have always been fantastic.
#24
"Does anyone know if interest is paid monthly or annually on this account? I can't find it anywhere on their site..."

not sure if any one replied but you can choose which one you want
#25
interesting
#26
Does anyone who visits this site actually have ANY money left to save??? I keep spending it on deals! :D
#27
Wardy7;8455029
So is there anything stopping you opening the account and then one month lumping £50k into the account so for that one month you just get the 0.10%APR and then the following month you earn 5% on the whole lot?


Yes.

thepearce;8452850
....
p.p.s. Whilst funding the account with more than £300 in a particular month (and taking the hit on the lower interest that month) may seem a good idea they reserve the right to close your account.
#28
I also have this savings account, have had no problems at all so far, went in, signed up, made my deposit and money goes out via Standing Order each money. Just want to you want for a savings account.
#29
struggle
"Does anyone know if interest is paid monthly or annually on this account? I can't find it anywhere on their site..."

not sure if any one replied but you can choose which one you want


2 posts above yours, "Interest is calculated on the daily balance of the account, and is paid annually on the anniversary of account opening." :x
#30
Lee3211
It is the same type of account as at most other banks etc, HSBC give 8% on Premier & Advance a/c holders & 4% for everyone else.
Santandar also have by far the worst customer service on the High Street, avoid at all costs !



I have looked at HSBC Site for 8% interest Rate for premier accounts but cant find full details.. do you have a link... How much does it cost to upgrade to Premier account per month..?

Thanks
#31
There's a link to the 8% AER offer on the front page of the HSBC website. I would link it, but their URLs are session-based so it wouldn't work. If you pay £12.95/month for HSBC Advance and make the maximum deposit of £250 each month (=£3000 paid in during the year), then the interest essentially pays for the account keeping fee - so this is break even.

Not much benefit then unless you qualify to get Premier free (for which you need to earn over £100K pa and/or have a £300K mortgage and/or you have £50K in cash invested with HSBC). If you earn over £100K then you generally would have plenty of other ways to return 8% on your money either directly or indirectly.
#32
scott_lithgows
Would rather give my money away than let abbey/santander near it.Support your local building society not a foreign owned bank


You mean the same British banks and building societies that went to the wall for irresponsible lending and who have been laying off thousands of staff in the past 2 years!

And the same Santander who didn't and have no taxpayer stake!

Meanwhile Santander are to open 2000 branches by 2011 across the UK providing jobs for thousands of people.

I know which I'd rather :thumbsup:

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