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    Santander 123 from 3% to 1.5%

    When Santander puts they rate from 3% to 1.5% is there a alternative account/s to put the 20k in and earn good interest?

    13 Comments

    no

    I have sent several fiery emails to them including them putting up the monthly account fee up from £2 to £5.
    The gist of which is that I have accused them of corporate greed.

    landros1

    I have sent several fiery emails to them including them putting up the … I have sent several fiery emails to them including them putting up the monthly account fee up from £2 to £5. The gist of which is that I have accused them of corporate greed.




    why is it corporate greed?

    when interest rates are down again to an all time low and the financial markets are uncertain due to upcoming Brexit then the banks still have to protect their share holders .......

    it is simple economics - supply and demand / profot and loss / margins etc

    EliTom

    When I heard this news, I split my money into the following accounts: Club lloyds 5k at 4%, Nationwide 2.5k at 5%, the rest in Santander at 1.5%

    TSB Classic pays 5% on up to £2k you can have a sole account and a joint one (if you have a partner that makes 3 accounts between you ie £6k earning 5%). Tesco current account pays 3% on up to £3k and I think you can have 2 accounts.

    anthonynsinclair

    When I heard this news, I split my money into the following accounts: … When I heard this news, I split my money into the following accounts: Club lloyds 5k at 4%, Nationwide 2.5k at 5%, the rest in Santander at 1.5%



    Did you also get the £500/month Nationwide regular saver (also at 5% I believe)?

    But yeah, your options are either to leave everything in Santander and get a lower return, or open several accounts all over the place, many of which only offer variable rates (such as Lloyds rumoured to be 'reconsidering' their 4%) or for a fixed term (Nationwide's 5% changes to 1% after one year). So Santander is still the easy way, if you want more you'll have to work for it and keep track of all the different accounts and dates when they expire.

    To be honest there's no way Santander could be expected to maintain 3% on such a large balance in the current market. Other banks get away with high rates because they're promotional and limit you to a low balance (such as all the regular savers).
    Edited by: "Muir" 13th Sep 2016

    Do you have to set up standing orders so that they meet requirements of minimum monthly deposit.

    anthonynsinclair

    When I heard this news, I split my money into the following accounts: … When I heard this news, I split my money into the following accounts: Club lloyds 5k at 4%, Nationwide 2.5k at 5%, the rest in Santander at 1.5%


    whoMODStheMODS

    Do you have to set up standing orders so that they meet requirements of … Do you have to set up standing orders so that they meet requirements of minimum monthly deposit.



    ​Yes, my salary goes into the main account (Santander), then I set up standing order from main account to Club Lloyds, then from Club Lloyds to Nationwide, then finally returning from Nationwide to main account. You also have to set up two direct debits to debit each account, each month to qualify.

    Muir

    Did you also get the £500/month Nationwide regular saver (also at 5% I … Did you also get the £500/month Nationwide regular saver (also at 5% I believe)?But yeah, your options are either to leave everything in Santander and get a lower return, or open several accounts all over the place, many of which only offer variable rates (such as Lloyds rumoured to be 'reconsidering' their 4%) or for a fixed term (Nationwide's 5% changes to 1% after one year). So Santander is still the easy way, if you want more you'll have to work for it and keep track of all the different accounts and dates when they expire.To be honest there's no way Santander could be expected to maintain 3% on such a large balance in the current market. Other banks get away with high rates because they're promotional and limit you to a low balance (such as all the regular savers).



    ​Thanks for the tip. I will look into the Nationwide regular saver. Lloyds offer a similar saver, just not had the time to review.

    Also m&s 2.5k @6% and first direct I believe is similar for 1 year

    tomdavidrichards

    Also m&s 2.5k @6% and first direct I believe is similar for 1 year



    Those are regular savers though, so you can only put in a small amount per month... I think FD is £300 and M&S is £250/month.

    You could do this to get 4% of £30k. Once set up it should be pretty automated.

    moneysavingexpert.com/sav…ole

    elitom

    why is it corporate greed?when interest rates are down again to an all … why is it corporate greed?when interest rates are down again to an all time low and the financial markets are uncertain due to upcoming Brexit then the banks still have to protect their share holders .......it is simple economics - supply and demand / profot and loss / margins etcEliTom



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