SANTANDER rip off

griff45_2

I had a ISA Account with Santander for some years, to date. 3 and half years ago they offered an ISA with 10 % interest. It was Linked to another account Direct Share Investment. the direct share investment was to be locked away for 3 1/2 year term. So I had 10k in both accounts. this equals= 20K in accounts of santander. for 3 years. within 12 months the 10% interest on the isa went down to 5.75 %. 12 months later the interest went down to 3 %. after 3 1/2 years the direct shares investment matured . my reward for the investment of 10K in the investment was a miserable £237. is there anyone who understand the attitude of santander's helpful financial advisors. How loyal are these people ? i understand that the advisors were paid more money than ourselves as we were the investors. maybe someone from the the moneysaving experts can advise me on this one .

thanks

opinions4u

my reward for the investment of 10K in the investment was a miserable £237

The FTSE 100 is currently lower than it was 3 and a half years ago. So well done on making a gain!

noh

Assuming you received what was promised in the original terms and conditions of the investment account how can it be described as a "rip off" ?

sabretoothtigger

You choose one of the worst times ever to invest, some who did so will never get their money back so its hard to say San did terrible. Obviously not that good, I would suggest San shares are ironically a better yield at 10% and could double but thats high risk.

Bank advisors are just going to sell you their bank products, decide for yourself or use an IFA?

How much interest did the ISA give, I do remember that offer now and I thought it was a fair balance at the time though not my choice

dunstonh

i understand that the advisors were paid more money than ourselves as we were the investors.

Quite possibly and in this case their advice saved you money. So, well done for them.

The Santander investment products are not as good as you can get from an IFA but you made the choice to use a Santander product. The product has performed exactly within its range of expected outcomes. It is not a rip off as it has done what it said it could do. The fact it was not the best (or near best) on the market does not make it a rip off.

le_loup

Mmmm, you need to change the title of this thread, it was not a rip-off.
I hate Santander with a passion but you bought the product and it gave you a positive outcome ... better than most.
So, get over it and research future purchases more carefully.

adindas

I fully agree with this.
My personal experience is Santander always play by the rule and T&c...

noh wrote: »

Assuming you received what was promised in the original terms and conditions of the investment account how can it be described as a "rip off" ?