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Santander 123 a/c will pay only 1.5% from 1st November!

£0.00 @ Santander
Just saw this on MSE news. http://www.santander.co.uk/uk/current-accounts/123-current-account Read More
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8m, 1w agoPosted 8 months, 1 week ago
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8m, 1w agoPosted 8 months, 1 week ago
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#1
Well it had to give somewhere at some point.
1 Like #2
Oh that's terrible, I can't get to sleep now!
2 Likes #3
Are they blaming it on that Ready Brek thingy?
#4
Which reminds me, I need to switch back to the Lite current account and get cashback for my bills
#5
What is the best interest account when this changes?
#6
And they are keeping the £5 monthly fee that they just raised from £2. Prepare for mass cancellations. Been with em for 8years if other banks still offer good interest I'm leaving.
#7
delusion
What is the best interest account when this changes?
That's the problem others might follow suit November is a while away. So everyone could cut rates.
2 Likes #8
thats pretty low, expect more to come but 1.5 is bad for £5 fee.

guess they hope most will stay as most cant bare the hassle of moving..
#9
drago773
delusion
What is the best interest account when this changes?
That's the problem others might follow suit November is a while away. So everyone could cut rates.

This is inevitable. Its why the stock market has recovered as there is no where else to put your money.
5 Likes #10
Daytrader
Its because of the interest rate drop fools.

The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more competition at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.

No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...

Edited By: delusion on Aug 15, 2016 15:14: Typo
#11
dam, just got broken to me as my accounts fully set up. oh well hopefully virgin put a decent fix rate up
1 Like #12
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...

i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.
#13
mutley1
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...
i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.

Looks good despite a 5k limit. Santander is 20k so 3% was really good. I'll have to have a think about that
1 Like #14
I wonder if Santander are going to have the multi-billions that are going to be withdrawn come november oO
#15
What's the best account for someone with £20k+ now?
#16
Bet they don't drop mortgage rates
#17
delusion
mutley1
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...
i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.
Looks good despite a 5k limit. Santander is 20k so 3% was really good. I'll have to have a think about that

Won't be so great when it gets reduced to 1.5% and you got the £60 fee to pay. If you have the club lloyds you also get 6 free cinema tickets a year and you get to open a regular saver which pays 4%. Only £400 per month, but as they say, every little helps. :)
1 Like #18
It just occurred to me- probably after everybody else- but won't they need to change the name of the account?
2 Likes #19
peroxidase
It just occurred to me- probably after everybody else- but won't they need to change the name of the account?
Unfortunately not as 1-1.5-2 would be quite amusing, the 3 part will refer to the maximum cashback now (3% on phone I think).
1 Like #20
Unfortunately, I think we'll all be scrapping about for a while now for a decent bank rate.

mutley1
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...
i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.

I could pretty much guarantee that that will go the same way, no bank can keep up that sort of rate even with a lower limit.
2 Likes #21
maccy1
Unfortunately, I think we'll all be scrapping about for a while now for a decent bank rate.
mutley1
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...
i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.
I could pretty much guarantee that that will go the same way, no bank can keep up that sort of rate even with a lower limit.

you've taken the balloon away from the kid! I was living in hope, which you have now dashed away :(
2 Likes #22
mutley1
maccy1
Unfortunately, I think we'll all be scrapping about for a while now for a decent bank rate.
mutley1
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...
i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.
I could pretty much guarantee that that will go the same way, no bank can keep up that sort of rate even with a lower limit.
you've taken the balloon away from the kid! I was living in hope, which you have now dashed away :(

Oh muttles :( I'd love to say my heart goes out to you...but, after your last thread...well I just can't, I'm sure you'll get by X)
1 Like #23
Interest rates have gone down because of brexit as all the doom and gloom has resulted in the bank of england having to cut interest rates to keep the UK from going into recession.

We may end up in negative interest rate if the economy worsens. I saw an article which states that banks are considering charging customers to hold accounts with them rather than give interest so we have to pay the bank for the pleasure of keeping our money safe from burglars and robbers.
4 Likes #24
mutley1
Interest rates have gone down because of brexit as all the doom and gloom has resulted in the bank of england having to cut interest rates to keep the UK from going into recession.
We may end up in negative interest rate if the economy worsens. I saw an article which states that banks are considering charging customers to hold accounts with them rather than give interest so we have to pay the bank for the pleasure of keeping our money safe from burglars and robbers.

Well, there's only one thing for it muttles, less of the worry and more of the...

http://en.blog.zyncro.com/wp-content/uploads/2011/03/money-under-the-mattress-74622.png

X)
2 Likes #25
^ well, you know what they say about money. it doesn't bring you happiness and by the way things are going, it doesn't even going to bring you a good night's sleep by the look of it :D
#26
mutley1
delusion
mutley1
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...
i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.
Looks good despite a 5k limit. Santander is 20k so 3% was really good. I'll have to have a think about that
Won't be so great when it gets reduced to 1.5% and you got the £60 fee to pay. If you have the club lloyds you also get 6 free cinema tickets a year and you get to open a regular saver which pays 4%. Only £400 per month, but as they say, every little helps. :)

Club Lloyds Monthly Saver is now 3%, although if you opened it before the rate reduction then you'll still earn the 4% rate.


peroxidase
It just occurred to me- probably after everybody else- but won't they need to change the name of the account?

From the interest rate point of view, it will likely now be represented by the new monthly saver that was launched a couple of weeks ago paying 3%.

Edited By: karlie88 on Aug 15, 2016 21:08
3 Likes #27
mutley1
^ well, you know what they say about money. it doesn't bring you happiness and by the way things are going, it doesn't even going to bring you a good night's sleep by the look of it :D

Well I think I could cope if there was a couple of inches between myself and the ceiling X)
#28
karlie88
mutley1
delusion
mutley1
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...
i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.
Looks good despite a 5k limit. Santander is 20k so 3% was really good. I'll have to have a think about that
Won't be so great when it gets reduced to 1.5% and you got the £60 fee to pay. If you have the club lloyds you also get 6 free cinema tickets a year and you get to open a regular saver which pays 4%. Only £400 per month, but as they say, every little helps. :)
Club Lloyds Monthly Saver is now 3%, although if you opened it before the rate reduction then you'll still earn the 4% rate.
peroxidase
It just occurred to me- probably after everybody else- but won't they need to change the name of the account?
From the interest rate point of view, it will likely now be represented by the new monthly saver that was launched a couple of weeks ago paying 3%.

you're right about the club lloyds regular saver, i just looked. i opened mine in may so still on 4% but that will be gone come next year :(
#29
You can 100% expect other banks to follow. Just like line rental, usually when one increase others follow in quick succession.

Edited By: kiish on Aug 15, 2016 22:15
#30
Buy a safe, stick your cash in there, along with some gold. NIRP is coming to the common man. Cash has become confetti thanks to QE.

All this would have happened in a few years anyway but brexit has accelerated the process....
#31
mutley1
karlie88
mutley1
delusion
mutley1
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...
i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.
Looks good despite a 5k limit. Santander is 20k so 3% was really good. I'll have to have a think about that
Won't be so great when it gets reduced to 1.5% and you got the £60 fee to pay. If you have the club lloyds you also get 6 free cinema tickets a year and you get to open a regular saver which pays 4%. Only £400 per month, but as they say, every little helps. :)
Club Lloyds Monthly Saver is now 3%, although if you opened it before the rate reduction then you'll still earn the 4% rate.
peroxidase
It just occurred to me- probably after everybody else- but won't they need to change the name of the account?
From the interest rate point of view, it will likely now be represented by the new monthly saver that was launched a couple of weeks ago paying 3%.
you're right about the club lloyds regular saver, i just looked. i opened mine in may so still on 4% but that will be gone come next year :(

By next May, it'll be lower than 3%....
#32
kiish
You can 100% expect other banks to follow. Just like line rental, usually when one increase others follow in quick succession.

i have already had a letter from bromwich building society to warn of cut to their savings rate following the base rate cut. savers are gonna lose and borrowers are gonna win.
#33
mutley1
kiish
You can 100% expect other banks to follow. Just like line rental, usually when one increase others follow in quick succession.
i have already had a letter from bromwich building society to warn of cut to their savings rate following the base rate cut. savers are gonna lose and borrowers are gonna win.


Yup it's happening:
http://www.moneysavingexpert.com/news/banking/2016/08/lloyds-mulls-interest-rate-cut-on-top-current-accounts---are-you-affected
#34
karlie88
mutley1
karlie88
mutley1
delusion
mutley1
delusion
Daytrader
Its because of the interest rate drop fools.
The Santander interest rate was dropped 1.5%, the base rate interest drop was 0.25%. Quite a difference and one which is likely to lose them some customers as they will have far more completion at that rate of interest. Particularly when you factor in £60 a year charge to have this type of account.
No one who is being savvy with their savings can be considered a fool, so I will just ignore that baiting...
i have a club lloyds account which pays 4% so i am hoping that they won't go the same way as santander although santander dropped the rate before and lloyds still keeping the 4% so fingers crossed.
Looks good despite a 5k limit. Santander is 20k so 3% was really good. I'll have to have a think about that
Won't be so great when it gets reduced to 1.5% and you got the £60 fee to pay. If you have the club lloyds you also get 6 free cinema tickets a year and you get to open a regular saver which pays 4%. Only £400 per month, but as they say, every little helps. :)
Club Lloyds Monthly Saver is now 3%, although if you opened it before the rate reduction then you'll still earn the 4% rate.
peroxidase
It just occurred to me- probably after everybody else- but won't they need to change the name of the account?
From the interest rate point of view, it will likely now be represented by the new monthly saver that was launched a couple of weeks ago paying 3%.
you're right about the club lloyds regular saver, i just looked. i opened mine in may so still on 4% but that will be gone come next year :(
By next May, it'll be lower than 3%....

Yes, it all seem to be going south.
[helper]#35
Brilliant eh. They increased the account fee by 150% a few months ago and then slash the interest rate by 50%. Really fair that.
#36
chocci
I wonder if Santander are going to have the multi-billions that are going to be withdrawn come november oO

i can see people voting with their feet.
#37
Disappointing but expected, time to make use of switching offers.
1 Like #38
Santander have started the race off, but it makes a joke of the £5 charge big time! So this account will be closed, but I guess the others will soon follow on.
2 Likes #39
maccy1
mutley1
^ well, you know what they say about money. it doesn't bring you happiness and by the way things are going, it doesn't even going to bring you a good night's sleep by the look of it :D
Well I think I could cope if there was a couple of inches between myself and the ceiling X)

Maybe you should go on a diet.


https://images.duckduckgo.com/iu/?u=http%3A%2F%2Fwww.englishexercises.org%2Fexercisesmaker%2Fuploads%2Fimages%2F1517295%2FScared.jpg&f=1
1 Like #40
Joey Bloggsy
maccy1
mutley1
^ well, you know what they say about money. it doesn't bring you happiness and by the way things are going, it doesn't even going to bring you a good night's sleep by the look of it :D
Well I think I could cope if there was a couple of inches between myself and the ceiling X)
Maybe you should go on a diet.https://images.duckduckgo.com/iu/?u=http%3A%2F%2Fwww.englishexercises.org%2Fexercisesmaker%2Fuploads%2Fimages%2F1517295%2FScared.jpg&f=1
You're walking a dangerous line, I think losing 1.5% on your account is going to the least of your problems. :D

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