Santander first home saver

saving-mad

I have been steadily filling this account from when they first opened years ago, they set off on 5% (IIRC) then dropped to 3% a fair while ago.
Having not removed any money from this and kept paying the £300 a month in theres a fair chunk in there now.
On saturday they sent me a letter saying the interest rate is going down to 1.5% so I'm looking to move the money.
A quick search shows the 1.5% is still quite competitive within the banks so I was wondering what anyone else is doing with their nest egg from this account? Assuming peeps still have them?
I did a search but couldn't find anyone chatting about the halving of the rate.
I have all the current accounts paying higher levels of interest.

beefturnmail

There is another long standing thread on here where people have mentioned the halving of the rate.

My mortgage deal runs out at the end of February, so I will probably use the cash to overpay the mortgage\reduce my borrowing to unlock better deals at lower LTV (unless I can remortgage at under 1.5%, in which case I will keep it in the Santander account)

saving-mad

Many thanks, i did a search but nothing came up

beefturnmail

If you have Club Lloyds current accounts there is a linked regular saver paying 4% a year, with a max funding allowance of £400 per month. These can be used to shift £1200 per Lloyds current account (i.e. £400 in Nov\Dec\Jan) before the Santander FHS drops to 1.5%, and earn 4% on what's shifted until next November. I've just opened a couple and going to do this

badger09

saving-mad wrote: »

Many thanks, i did a search but nothing came up

here it is
https://forums.moneysavingexpert.com/discussion/2528485