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    • adindas
    • By adindas 27th Sep 16, 10:11 PM
    • 2,869 Posts
    • 1,286 Thanks
    adindas
    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)
    Originally posted by Nick_C
    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 ...
    • adindas
    • By adindas 27th Sep 16, 10:39 PM
    • 2,869 Posts
    • 1,286 Thanks
    adindas
    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%..
    Originally posted by harz99
    Mind you there might be someone out there working for Santander who will say everything to make Santander 123 to look more attractive despite cutting the interest rate and increase in fee earlier, including arguing that people in general will need instant access of 60k simultaneously .......

    More over rational people who put their money into Santander 123 must have maxed out other better interest current account. So there must be any reasonable amount of cash available for instant access when people need it.
    • ashnojutsu
    • By ashnojutsu 27th Sep 16, 11:57 PM
    • 108 Posts
    • 17 Thanks
    ashnojutsu
    The interest rate cut has indeed prompted me to take 16.5k out of my 123 account and move it to higher-paying accounts (and earn switching bonuses at the same time). Once a better current account comes along, I will most defintely move the remainder out, as the small amount of cashback & large monthly fee does not justify it being open.
    Of course, if you factor in mortgage and large utility bill cashback, it does at least pay for itself, and leaves a small profit leftover. All about how many DD's you have and their values really.
    • Sea Shell
    • By Sea Shell 28th Sep 16, 6:48 AM
    • 168 Posts
    • 106 Thanks
    Sea Shell
    We've moved DH's money out into a higher rate account and switched to Halifax for £100. My sole account will probably go the same way, but it's being used as the 'float' for pension contributions and Regular savers, but once it's depleted, it's gone!!!
    • adindas
    • By adindas 28th Sep 16, 7:33 AM
    • 2,869 Posts
    • 1,286 Thanks
    adindas
    The interest rate cut has indeed prompted me to take 16.5k out of my 123 account and move it to higher-paying accounts (and earn switching bonuses at the same time). Once a better current account comes along, I will most defintely move the remainder out, as the small amount of cashback & large monthly fee does not justify it being open.
    Of course, if you factor in mortgage and large utility bill cashback, it does at least pay for itself, and leaves a small profit leftover. All about how many DD's you have and their values really.
    Originally posted by ashnojutsu
    We've moved DH's money out into a higher rate account and switched to Halifax for £100. My sole account will probably go the same way, but it's being used as the 'float' for pension contributions and Regular savers, but once it's depleted, it's gone!!!
    Originally posted by Sea Shell
    Akhh --- Other examples how Santander might have underestimated the number of people willing to move out their money when they decide to cut interest rate to 1.5% despite increase of fee previously.

    People who get mortgage cashback in their Santander123 account might be better off to stay with Santander123. But I fully doubt if there are many people having Santander123 also have mortgage with Santander.

    Santander Mortgage is hardly ever make on the top of the league based on the various well known comparison sites. So unless you have a certain arrangement with Santander such as Santander employee (?) there is no point to take Santander Mortgage if you could get a better deal anywhere else ...
    • 1kevfp
    • By 1kevfp 28th Sep 16, 7:46 AM
    • 32 Posts
    • 6 Thanks
    1kevfp
    Santander "Select?"
    As a Satander 😈 supposed "Select?" client I wrote to my "relationship" manager expressing my displeasure at the cuts and monthly fee involved , but just got back a poorly gramatically written reply essentially towing the party line, I do however believe Santander or an employee will be looking at this thread - whether it will make any diffrence though ?
    • Jeems
    • By Jeems 28th Sep 16, 9:49 AM
    • 108 Posts
    • 75 Thanks
    Jeems
    As a Satander 😈 supposed "Select?" client I wrote to my "relationship" manager expressing my displeasure at the cuts and monthly fee involved , but just got back a poorly gramatically written reply essentially towing the party line, I do however believe Santander or an employee will be looking at this thread - whether it will make any diffrence though ?
    Originally posted by 1kevfp
    I'm not quite sure what other response you expected, its not as if he was gonna say "I'll keep it at 3% for you cos you're special"
    • 1kevfp
    • By 1kevfp 28th Sep 16, 9:56 AM
    • 32 Posts
    • 6 Thanks
    1kevfp
    Jeems,

    I do realise that so I found your reply patronising !

    We have been discussing recently a possible Santander underestimate of dissatisfied clients - a bit like Camerons underestimation ?
    • adindas
    • By adindas 28th Sep 16, 4:29 PM
    • 2,869 Posts
    • 1,286 Thanks
    adindas
    Jeems,

    I do realise that so I found your reply patronising !

    We have been discussing recently a possible Santander underestimate of dissatisfied clients - a bit like Camerons underestimation ?
    Originally posted by 1kevfp
    1kevfp
    The decision has been made, so It is extremely unlikely they will change their decision for whatever reason.

    The best thing to do is the vote on your own feet. If you could move your money elsewhere even it will mean you will need to apply multiple current accounts and regular saver account.

    In this thread alone there area already quite a few people have been doing so ....
    Last edited by adindas; 28-09-2016 at 4:31 PM.
    • Consumerist
    • By Consumerist 28th Sep 16, 5:10 PM
    • 4,449 Posts
    • 2,206 Thanks
    Consumerist
    I wonder to what extent other banks may also be watching this thread whilst they contemplate their reviews of their own accounts' benefits.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Nick_C
    • By Nick_C 28th Sep 16, 5:21 PM
    • 2,495 Posts
    • 3,294 Thanks
    Nick_C
    I wonder to what extent other banks may also be watching this thread whilst they contemplate their reviews of their own accounts' benefits.
    Originally posted by Consumerist
    Well NatWest is offering a loss-making cashback scheme on DDs, similar to Santander. But as NatWest is a basket case bank that has managed to lose fourteen billion pounds in the last 5 years, they will probably not be overly concerned about making any changes. I'm just glad I don't have shares in NatWest. Oh. Wait a second ....
    • adindas
    • By adindas 12th Oct 16, 5:53 PM
    • 2,869 Posts
    • 1,286 Thanks
    adindas
    Well NatWest is offering a loss-making cashback scheme on DDs, similar to Santander. But as NatWest is a basket case bank that has managed to lose fourteen billion pounds in the last 5 years, they will probably not be overly concerned about making any changes. I'm just glad I don't have shares in NatWest. Oh. Wait a second ....
    Originally posted by Nick_C
    BOS is offering the same scheme with Natwest. Earn 3% in Rewards on selected household bills paid by Direct Debit. How come this one is a loss-making business ?
    http://personal.rbs.co.uk/personal/current-accounts/compare-current-accounts/reward-account.html
    It is absolute nonsense to mention it is a loss-making business. If so why BOS is also offering the same scheme ??

    Unless for people working for Santander, why should anyone else here care about loss-making cashback scheme on DDs from Santander competitors. It is not the business of MSEs member here to think about the loss making business of a bank. People are more interested in seeing whether they could get a better deal. In this case Natwest and BOS beats Santander for people aiming at cashback if they could generate a lot of cashback from DD.

    Do you have evidence such as news, credible link, etc where you could demonstrate that Natwest and/or BOS cashback account is a lost making business ?? The intangible benefit of the account such as cross selling will need to be accounted.
    • enthusiasticsaver
    • By enthusiasticsaver 12th Oct 16, 8:48 PM
    • 2,568 Posts
    • 4,377 Thanks
    enthusiasticsaver
    The difficulty is that all the banks are reducing their interest rates on current accounts so Santander is not alone. We have one Santander 123 (closed one down when fee went up to £5) and the cashback of £8-£9 per month covers the fee and as we tend to keep around £20k in it obviously the interest rate dropping by half means £25 per month instead of £50. Lloyds, TSB, Halifax rewards are also now dropping the benefits on theirs. So for next year looks like Tesco, and BOS with 3% will be the best on offer. TSB with only £1500 is hardly worth it. My Nationwide flex account has just got to 12 months so that is down at 1% now. Still, it was good while it lasted.
    Last edited by enthusiasticsaver; 12-10-2016 at 8:50 PM.
    Debt and mortgage free and saving for early retirement
    • Nick_C
    • By Nick_C 14th Oct 16, 10:55 AM
    • 2,495 Posts
    • 3,294 Thanks
    Nick_C
    BOS is offering the same scheme with Natwest. Earn 3% in Rewards on selected household bills paid by Direct Debit. How come this one is a loss-making business ?
    Originally posted by adindas
    BOS is not offering the same deal as NatWest.

    RBS is offering the same deal as NatWest for customers in Scotland. That is because RBS owns NatWest.

    It is absolute nonsense to mention it is a loss-making business.

    why should anyone else here care about loss-making cashback scheme on DDs from Santander competitors. It is not the business of MSEs member here to think about the loss making business of a bank.
    Originally posted by adindas
    RBS (NatWest) is a basket case bank that has managed to lose fourteen billion pounds in the last 5 years.

    We should all care, because we - the taxpayers - own more than 70% of RBS. It's our billions that they are losing.
    • adindas
    • By adindas 14th Oct 16, 9:04 PM
    • 2,869 Posts
    • 1,286 Thanks
    adindas
    BOS is not offering the same deal as NatWest.
    Originally posted by Nick_C
    Thank you for highlighting the obvious typo as the original link refer to RBS.

    RBS is offering the same deal as NatWest for customers in Scotland. That is because RBS owns NatWest.

    RBS (NatWest) is a basket case bank that has managed to lose fourteen billion pounds in the last 5 years.

    We should all care, because we - the taxpayers - own more than 70% of RBS. It's our billions that they are losing.
    Originally posted by Nick_C
    Rather than leading to a discussion where it has not been proven true, please provide evidence such as credible news, credible link, etc where you could demonstrate that Natwest and/or RBS as an institution is making loss due to the launch of cashback scheme. It is not a clever idea to teach the people who are professional bankers to run their bank as they definitely have more internal information, statistics than ordinary people.

    For people who sincerely care about RBS they should lead initiave for people to vote so if there are enough people want it this issue will be discussed in the parliament. The chairman of RBS / Natwest will need to be summoned. If proven that they launched product which is a clear a loss making business to the bank but still launching the product they will need to be fired. The intangible benefit of the account such as cross selling will need to be accounted.

    I am awaiting someone who said he really care to launch an initiative and let the people now so people could decide whether to support this petition. Here is the link to launch a petition.

    https://petition.parliament.uk/

    I will definitely put my signature on it if someone could prove and provide any evidence regarding Nat west and RBS.
    • No_6
    • By No_6 14th Oct 16, 10:43 PM
    • 360 Posts
    • 74 Thanks
    No_6
    has this just gone into laalaa land ?
    • Nick_C
    • By Nick_C 30th Nov 16, 1:08 PM
    • 2,495 Posts
    • 3,294 Thanks
    Nick_C
    Today's news:-

    "Royal Bank of Scotland has emerged as the biggest failure in the Bank of England’s annual health check of the UK banking system.
    The bank, which is 73% owned by taxpayers, issued a plan on Wednesday to Threadneedle Street intended to bolster its financial strength by an estimated £2bn.
    On RBS, the deputy Bank governor, Sam Woods, said: “It’s taking a long time to move this bank forward.”

    As I said, a basket case bank.
    • Consumerist
    • By Consumerist 30th Nov 16, 2:55 PM
    • 4,449 Posts
    • 2,206 Thanks
    Consumerist
    has this just gone into laalaa land ?
    Originally posted by No_6
    Yep. I think you could safely say that.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Pincher
    • By Pincher 8th Dec 16, 8:18 PM
    • 5,860 Posts
    • 2,143 Thanks
    Pincher
    It is true!

    06/12/2016 INTEREST PAID AFTER TAX 0.00 DEDUCTED £24.43

    Versus

    07/11/2016 INTEREST PAID AFTER TAX 0.00 DEDUCTED £46.93

    AND I have to pay 20% tax on it.

    Have to be really careful not to stray into 40% tax now.

    40% tax on 1.5% interest!
    What happens if you push this button?
    • Consumerist
    • By Consumerist 8th Dec 16, 10:19 PM
    • 4,449 Posts
    • 2,206 Thanks
    Consumerist
    . . . 40% tax on 1.5% interest!
    Originally posted by Pincher
    Who said the ISA was dead ?
    Warning: In the kingdom of the blind, the one-eyed man is king.
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