Santander 123 rate to be cut to 1.5%

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  • Nick_C
    Nick_C Posts: 7,459 Forumite
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    adindas wrote: »
    Again another example how Santander has underestimated the number of people willing to vote on their own feet.

    Really? How many people did Santander estimate would close their accounts? And how many have actually done so?

    As I cant find an instant access savings account paying more than 1.5%, I'll be keeping my savings in their for now. As far premium bonds, if you are willing to gamble, put the money into shares. You'll probably get a better return.
  • adindas
    adindas Posts: 6,813 Forumite
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    Nick_C wrote: »
    Really? How many people did Santander estimate would close their accounts? And how many have actually done so?

    As I cant find an instant access savings account paying more than 1.5%, I'll be keeping my savings in their for now. As far premium bonds, if you are willing to gamble, put the money into shares. You'll probably get a better return.

    Well in your case you have not mentioned that you have your Mortgage with Santander. So from cashback POV you get advantage which most of people with Santander 123 do not ...

    How many people with Santander 123 account have mortgage with Santander ??

    People with several Santander 123 account could do like the post #406 here
    http://forums.moneysavingexpert.com/showthread.php?t=5500065&page=21

    Their money will definitely earn more interest.
  • Nick_C
    Nick_C Posts: 7,459 Forumite
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    adindas wrote: »
    Well in your case you have not mentioned that you have your Mortgage with Santander.

    Even without the cashback on my mortgage, my cashback exceeds the monthly fee.

    I could of course downgrade to 123 Lite and reduce the fee from £5 to £1, but where else can I get 1.5% with instant access?

    (I couldn't follow your link)
  • Nick_C
    Nick_C Posts: 7,459 Forumite
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    Incidentally, I don't have any particular loyalty to Santander.

    My savings are split between 5 different banks and Building Societies. I have six different current accounts. It makes sense to me for the time being to keep my 123 account as a place to keep money that I may require instant access to.

    If a better deal comes along, I will move to it.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Nick_C wrote: »
    Even without the cashback on my mortgage, my cashback exceeds the monthly fee.

    I could of course downgrade to 123 Lite and reduce the fee from £5 to £1, but where else can I get 1.5% with instant access?

    (I couldn't follow your link)
    I think the link should have gone to post 406 on that page (which is largely irrelevant now since Atom have dropped the rate referenced in that post).


    We've been here before haven't we?..and we didn't win last time! ;)
  • Nick_C
    Nick_C Posts: 7,459 Forumite
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    YorkshireBoy wrote: »
    We've been here before haven't we?..and we didn't win last time! ;)

    Indeed, and heads and brick walls spring to mind, so thanks for the reminder.

    What I was hoping for was an answer to my question "How many people did Santander estimate would close their accounts? And how many have actually done so?", but I guess I'll be waiting a long time for that! LOL
  • harz99
    harz99 Posts: 3,642 Forumite
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    Nick_C wrote: »
    Even without the cashback on my mortgage, my cashback exceeds the monthly fee.

    I could of course downgrade to 123 Lite and reduce the fee from £5 to £1, but where else can I get 1.5% with instant access?

    (I couldn't follow your link)

    I agree the rate is unbeatable for IA, however for many of us that have/had 3 accounts maxed out IA is not needed for the whole £60k, hence the stripping out of at least one into fixed rates and switching as we have done.

    Another point is that for many the second 123 account fee may not be offset by cashback so the actual interest earned is effectively less than 1.5%..
  • harz99
    harz99 Posts: 3,642 Forumite
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    Nick_C wrote: »

    What I was hoping for was an answer to my question "How many people did Santander estimate would close their accounts? And how many have actually done so?", but I guess I'll be waiting a long time for that! LOL

    Of course you're not going to get an answer! That's commercially sensitive information that Santander are never going to give out freely, but you knew that when you asked the question.
  • Nick_C
    Nick_C Posts: 7,459 Forumite
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    harz99 wrote: »
    Of course you're not going to get an answer! That's commercially sensitive information that Santander are never going to give out freely, but you knew that when you asked the question.

    But Adidas writes as if he has this knowledge!
  • adindas
    adindas Posts: 6,813 Forumite
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    Nick_C wrote: »
    Even without the cashback on my mortgage, my cashback exceeds the monthly fee.

    I could of course downgrade to 123 Lite and reduce the fee from £5 to £1, but where else can I get 1.5% with instant access?

    (I couldn't follow your link)

    For people who are just after cashback and have estimated they could generate a lot of cashback from DD without mortgage cashback, they will be better off to switch their account to Natwest. No brainer ...

    Count how many people say they will move their money somewhere else, count how many people say they want to keep their Santander 123, just in this thread alone ...
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