Santanders' nerve

ChesterDog

Hadrian, as you will now have seen, regular posters here are especially keen on the idea of personal responsibility, taking control of your own future and fortune (in both senses, I hope) and generally moving forwards rather than looking backwards and finding people to blame for our own mishaps.

Merry Christmas to you, and I recommend that policy to you as a new year resolution.

jimjames

Cardew wrote: »

You can get higher interest accounts with Santander for savings and ISA as well as with other banks/building societies - but the interest rates are still dismal.

You can certainly get higher interest elsewhere but I completely disagree that the rates are dismal. 5% and 6% accounts when inflation is under 0.5% is an exceptional return for no risk savings accounts.

Hadrian wrote: »

To say I'm livid is an understatement, how dare they!! 25p for loaning them £100 for a YEAR!
I have withdrawn all of my ISA and my savings from them and bought a new car which I'd rather watch depretiate daily than give these **** robbers my cash.

If you're prepared to lose 50% of your money over 3 years as you will with a new car, you should have looked into investments instead. Long term you'd have an appreciating pot of money invested which should grow as well as producing an income which could be 4%. Yes it does increase and decrease but less so than a car.

anoncol

You sound angry to yourself, and I can understand why for not looking around for better saving options.

Goldiegirl

I had a similar letter from Santander a couple of days ago, telling me that the interest rate was going down on an older account that I have with them.

It's going down to 0.25% on 29th February 2016

So that's plenty of time for the OP to sort out another account with a better rate of interest, if he hadn't panicked, drawn all his money out and bought a new car!

I'd suggest that the OP, calms down, and doesn't let such a small matter as an interest rate change ruin his Christmas.

saver861

colsten wrote: »

If you have been unable to find this offer, or offers better than 0.25% at other banks, that wouldn't be the fault of Santander. This forum has been packed with information about interest rates for more than a decade. I would recommend you read about a bit.

I think this is the point. It's not really 'their' fault but 'yours' for not being on the ball. You ain't the first and you sure won't be the last.

I consider myself to be pretty much on the ball with these type of things, but invariably, I will get caught out with something or other so it happens. If you are a regular on these forums though, you should get caught out a lot less than most others.

Chalk it down to experience!!!

One day I parked my wheels and decided not to bother paying the £1 parking fee as I was only going to be about ten minutes. Sure enough, in that ten minutes I got myself a £20 ticket. Not one of my better investments ........

AndyPK

They have been sending me letters for ISA's that are no longer with them!

eskbanker

OP has previous for this sort of hysterical nonsense: https://forums.moneysavingexpert.com/discussion/comment/35994519#Comment_35994519

Probably hitting the sherry before the mince pies....

kangoora

eskbanker wrote: »

OP has previous for this sort of hysterical nonsense: https://forums.moneysavingexpert.com/discussion/comment/35994519#Comment_35994519

Probably hitting the sherry before the mince pies....

Anyone else getting a picture of Victor Meldrew in their head?

Cardew

jimjames wrote: »

You can certainly get higher interest elsewhere but I completely disagree that the rates are dismal. 5% and 6% accounts when inflation is under 0.5% is an exceptional return for no risk savings accounts.


If you're prepared to lose 50% of your money over 3 years as you will with a new car,

A 'no risk' 5% or 6% on an amount sufficient to buy a new car? £10k +


Where please.

saver861

Cardew wrote: »

A 'no risk' 5% or 6% on an amount sufficient to buy a new car? £10k +


Where please.

I think you must be out of touch also.

Lloyds 5% up to £5000. Nationwide 5% up to £2,500 (for a year). TSB 5% up to £2,000.

Thats pretty much your £10k. If you have a partner you can triple up on all of these and get near £30k at 5%. With the £1,000 tax free allowance from April you don't need to worry about tax either.

Money covered up to £75k so no risk.

Not sure how you can't have been aware of all this - unless I'm misreading your post.