Santander rate dropped, where now ?

Archi_Bald

You are confusing needs with wants. We need a benefits system, we need an NHS, we need a social conscience that gives young people a chance to establish themselves on their own two feet. Of course we also need a social conscience that lets old people live gracefully. Living gracefully doesn't mean you get it on a plate, though.

We want to get more interest on our cash. We can get almost inflation-beating interest rates on some £90K cash if we put our minds to it. We can get inflation-beating returns on a lot more if we, again, put our minds to it and invest some of our money. As you should know, judging from your earlier posts on MSE.

I am not young, and I do remember 5% and 10% interest rates on savings, and 13% APR on mortgages. I don't need to ask what has happened because I lived through the last 60-odd years and it's all happened whilst I watched it, often in disbelief. But you can't change reality. I would absolutely love to get a lot more interest for my cash savings but I understand why I can't at this time. I also have tons of time now that I am older and can spend an hour or so each month exploiting the loopholes that pay me more than 1.6% on my savings. In fact, it's some sort of sports and enjoyment to 'beat' the banks on their savings rates. Sad, I know, lol.

And last not least, I am delighted that my kids can have mortgages at around 2% these days. Not that this stops them badgering for financial help, lol.

A_Flock_Of_Sheep

Archi_Bald wrote: »

You are confusing needs with wants. We need a benefits system, we need an NHS, we need a social conscience that gives young people a chance to establish themselves on their own two feet. Of course we also need a social conscience that lets old people live gracefully. Living gracefully doesn't mean you get it on a plate, though.

We want to get more interest on our cash. We can get almost inflation-beating interest rates on some £90K cash if we put our minds to it. We can get inflation-beating returns on a lot more if we, again, put our minds to it and invest some of our money. As you should know, judging from your earlier posts on MSE.

I am not young, and I do remember 5% and 10% interest rates on savings, and 13% APR on mortgages. I don't need to ask what has happened because I lived through the last 60-odd years and it's all happened whilst I watched it, often in disbelief. But you can't change reality. I would absolutely love to get a lot more interest for my cash savings but I understand why I can't at this time. I also have tons of time now that I am older and can spend an hour or so each month exploiting the loopholes that pay me more than 1.6% on my savings. In fact, it's some sort of sports and enjoyment to 'beat' the banks on their savings rates. Sad, I know, lol.

And last not least, I am delighted that my kids can have mortgages at around 2% these days. Not that this stops them badgering for financial help, lol.

Sorry Archi I didn't mean to have a right kick off at you and excuse my rant. But times are quite hard yet me and you came from an era where we were told to put money by for the future. But I often sit here and think why did I bother.

That said I NEED higher interest rates on my savings!!!!

110% Mortgages were thrown at people a few years back - we had to find a hefty deposit and endured years of repayments of 16% interest but were still encouraged to put something by for the future.

I go to a lunch club and Monday we were all "moaning" about how the rates are really cutting our incomes and many there do not even understand how a computer works so can't research how having 5 Vantage Accounts and going online to feed them would boost their income and even if one explains they don't understand. They understand that a current account was where your wages went and you then pay the bills from it anything left over goes into your savings account.

They seem to have invented savings accounts for first time buyers, have them for children with decent rates so why not a "pensioners" saver where you can deposit up to £20,000 and get 3%.

talexuser

A_Flock_Of_Sheep wrote: »

where you can deposit up to £20,000 and get 3%.

It's called a Santander 123. I've got two of them and they both give around £39 a month after basic tax.

A_Flock_Of_Sheep

talexuser wrote: »

It's called a Santander 123. I've got two of them and they both give around £39 a month after basic tax.

I mean that sort of deal but NOT a current account.

Anyway haven't Santander got the worst level of service possible or so I have read on here.

Archi_Bald

Flock Of Sheep, although at times it has been really rough, we didn't do too badly, did we, us oldies? By today's standards, we paid extortionate mortgage rates - and we got extortionate salary increases and savings interest rates. If we were able to save, we got 8% - 10% interest on our cash ISAs, and made even more from our investments. I also remember 10% salary increases, not including any bonuses. I would be very surprised if you didn't, too.

Then the financial crisis hit the world. A bit of a shaking up for all of us - - but has the relationship between savings and lending interest rates, and inflation, actually changed a lot? No, not really. So we aren't any worse off than before. Or at least not much worse off.

In line with everything else, banking has moved on. You have to just keep up with what's happening around you. For example, not too many years ago, having a mobile phone was the preserve of a few privileged. Nowadays, if you don't have a mobile, you basically don't exist. A massive paradigm shift, but we all quite happily lived through it. Similarly, years ago, you put your cash into a thing called a savings account to get the best interest. These days, you put it into a thing called a current account. And who knows what the thing you put your cash in tomorrow will be called. Whatever it's called, and whatever the pre-reqs, it isn't too hard to figure out what you need to do.

If your Monday luncheon club can't figure out what's best for their cash, I'd be happy to come and talk to them. I reckon their wine bill would easily pay for my expenses.

BTW, how does your luncheon club communicate these days? Letters in the post? Emails? Phone calls to land lines? Phone calls to mobiles?

planteria

SnowTiger wrote: »

Transfer £500 from a Halifax account to a Santander 123 account, then back again if you wish, every month. As far as Santander (and Halifax) are concerned it doesn't matter where the money comes from, providing it's an external source.

agreed..i roll £1k+ through Sant, Co-Op and 4 Halifax accounts one afternoon each month:A

A_Flock_Of_Sheep

Archi_Bald wrote: »

Flock Of Sheep, although at times it has been really rough, we didn't do too badly, did we, us oldies? By today's standards, we paid extortionate mortgage rates - and we got extortionate salary increases and savings interest rates. If we were able to save, we got 8% - 10% interest on our cash ISAs, and made even more from our investments. I also remember 10% salary increases, not including any bonuses. I would be very surprised if you didn't, too.

Then the financial crisis hit the world. A bit of a shaking up for all of us - - but has the relationship between savings and lending interest rates, and inflation, actually changed a lot? No, not really. So we aren't any worse off than before. Or at least not much worse off.

In line with everything else, banking has moved on. You have to just keep up with what's happening around you. For example, not too many years ago, having a mobile phone was the preserve of a few privileged. Nowadays, if you don't have a mobile, you basically don't exist. A massive paradigm shift, but we all quite happily lived through it. Similarly, years ago, you put your cash into a thing called a savings account to get the best interest. These days, you put it into a thing called a current account. And who knows what the thing you put your cash in tomorrow will be called. Whatever it's called, and whatever the pre-reqs, it isn't too hard to figure out what you need to do.

If your Monday luncheon club can't figure out what's best for their cash, I'd be happy to come and talk to them. I reckon their wine bill would easily pay for my expenses.

BTW, how does your luncheon club communicate these days? Letters in the post? Emails? Phone calls to land lines? Phone calls to mobiles?

It's been going for years and is advertised on town notice boards but in fact mainly word of mouth. There's a few people there in their 90s!

I possibly need to get more with it. But I have prepayment meters so don't pay the gas or electric by DD. The phone I pay by cheque. I actually don't have a TV so no licence. I don't pay council tax and my water is a private supply. Insurance I post off a cheque. Been with same insurer for years and have run quotes for others but they are never cheaper. I have a mobile but it is PAYG.

I have EBICO energy and about 2 times a year I do a comparison for suppliers and EBICO always comes out cheapest for me.

So basically I pay nothing by DD so the Santander account wouldn't suit me.

Archi_Bald

A_Flock_Of_Sheep wrote: »

I mean that sort of deal but NOT a current account.

why do you worry about the title of the account? shouldn't you worry about how much money you can make from an account? and if not, why not?

A_Flock_Of_Sheep wrote: »

Anyway haven't Santander got the worst level of service possible or so I have read on here.

You are really losing it rapidly now. There are dozens of happy 123 customers. I have 3 123 accounts myself (£60K), though these days, you can only have 2 as a new customer. I have received my expected interest without fail each month for the last two and a half years and I have no complaints about the way they handle my account. I believe there are many more MSEers with similar experiences, and millions of others, judging from the most recent Santander financials. What exactly doesn't work for you with a 123 account?

And what do you suggest as an alternative?

Thrugelmir

bigadaj wrote: »

otherwise two of the largest banks in the uk would have been allowed to fold rather than being bailed out by the taxpayer to the tune of tens of billions of pounds.

RBS at the point of collapse was the largest bank in the world. Letting it fold would have destroyed the City of London on which the UK is heavily dependent for tax revenues. Costing the UK far more than it was lent to enable it to trade out of it's predicament.

A_Flock_Of_Sheep

Archi_Bald wrote: »

How do you pay your council tax?

Why don't you pay your gas & leccy, and phone by DD?

I reckon you could easily get more than £2/mth DD cashback at Santander.

Even if you did not, would would still be able to get something like 2.8%ish for up to £20K if you had £20K in a 123.

As I said I don't pay council tax and my electric and gas are prepayment meters - my phone I could as I pay that by cheque or a Paypoint card.

I thought the Santander deal was you had to pay out 2 direct debits a month to be eligible for the 3% interest???