Santander 123 Rip Off

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MoneyBob
MoneyBob Posts: 70 Forumite
in Savings & investments
I spent a lot of time faffing around a couple of months ago switching to Santander 123 current accounts for my wife and I because their 3% interest and minimal £24/year per account charge was better than I could get elsewhere.

And then this morning they send me a letter letting me know they're going to put their price up to £60/year.

I'm sure it'll be within their terms that they have the right to do this so I'll not even bother trying to moan but !!!!!!, what a rip! It'd be like a mobile phone company getting you to switch networks promising a £2/month fee only to then tell you, sorry, but it's actually going to go up by 250%, welcome aboard!

!!!!!!

/Rant
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  • Stubod
    Stubod Posts: 2,176 Forumite
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    ..yes but if you maintain the full £20k, and get cashbacks on some dd's its still well worth it...we currently average about £80 per month interest (2 accounts)...so we will loose £6, but still one of he best accounts
    .."It's everybody's fault but mine...."
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    MoneyBob wrote: »
    so I'll not even bother trying to moan

    so don't then
  • mgdavid
    mgdavid Posts: 6,706 Forumite
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    it's your timing that is at fault, not Santander's. It's been £2 a month fee for years and we've all had the benefit for ages. You are late to the party, but better late than never!
    :-)
    The questions that get the best answers are the questions that give most detail....
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    MoneyBob wrote: »
    ...their 3% interest and minimal £24/year per account charge was better than I could get elsewhere.
    So you've already exhausted all the other better paying accounts then?...

    £6K with TSB (5%)
    £7.5K with Nationwide (5%)
    £15K with Lloyds (4%)
    £30K with BoS (3%, but 'clean')
    £12K with Tesco (3%, but 'clean')

    Maybe you don't need another £40K/£60K in cash? Might be time to invest some instead?
    It'd be like a mobile phone company getting you to switch networks promising a £2/month fee only to then tell you, sorry, but it's actually going to go up by 250%, welcome aboard!
    It's nothing like that at all. Your mobile contract is fixed for 12-24 months. The Santander fee is variable (with 60 days notice). Can you think of a better analogy?
  • joerugby
    joerugby Posts: 1,180 Forumite
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    This is a current account with charges and benefits. These will change over time, inevitably in favour of the provider.

    Santander's strategy is simply to use this account to hook you in then keep you.
  • davetrousers
    davetrousers Posts: 5,862 Forumite
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    MoneyBob wrote: »
    £24/year per account charge

    going to put their price up to £60/year.

    but it's actually going to go up by 250%, welcome aboard!

    If you think that that is a 250% increase then you deserve to get done!
    .....

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
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    MoneyBob wrote: »
    I spent a lot of time faffing around a couple of months ago switching to Santander 123 current accounts for my wife and I because their 3% interest and minimal £24/year per account charge was better than I could get elsewhere.

    And then this morning they send me a letter letting me know they're going to put their price up to £60/year.

    I'm sure it'll be within their terms that they have the right to do this so I'll not even bother trying to moan but !!!!!!, what a rip! It'd be like a mobile phone company getting you to switch networks promising a £2/month fee only to then tell you, sorry, but it's actually going to go up by 250%, welcome aboard!

    !!!!!!

    /Rant

    are you old enough to manage a bank account on your own?
  • MoneyBob
    MoneyBob Posts: 70 Forumite
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    LOL, a proper old fashioned flaming :rotfl:

    YorkshireBoy, ta for those alternative suggestions. I did look around a couple of months ago, perhaps three now, found nothing like those. Will investigate further.

    davetrousers, £24 x 250% = £60 you sausage!
  • redpete
    redpete Posts: 4,693 Forumite
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    MoneyBob wrote: »
    davetrousers, £24 x 250% = £60 you sausage!
    Yes, but you wrote that it was going up by 250% - which would take it to £84.
    £60 is an increase of 150%.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • kinger101
    kinger101 Posts: 6,295 Forumite
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    MoneyBob wrote: »
    I spent a lot of time faffing around a couple of months ago switching to Santander 123 current accounts

    You obviously did something wrong. I think it took me 5 minutes max.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
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