Santander 123 rate to be cut to 1.5%

bigadaj

Ballard wrote: »

Furthermore it's not a rip off to be paid 2% more interest than base rate anyway.

Though it is illogical.

Pincher

I have some shares in Santander, BNC.

I have always thought the 3% interest must be a drain on resources for Santander. So, if they did drop the rate, and all the rate tarts move away, maybe it's a good thing for the share price.

Heads I win (3% interest), tails I win (higher share price and dividend).

norm_

Can anybody comment about opening a 2nd sole 123 account since the new rules? Is it worth trying? Or are they strict on 1 sole account only?

Frogletina

From November the rate is going to be 1.5%

Speculator

just saw this on MSE news.

1.5% from 1/11

Speculator

norm_ wrote: »

Can anybody comment about opening a 2nd sole 123 account since the new rules? Is it worth trying? Or are they strict on 1 sole account only?

It's not strict.

I opened my 2nd sole a/c in April this year and have been paid the full 3% each month.

However, probably not worth it now because they're slashing the rate in half to 1.5%.

colsten

The OP should change the title, or we should have a new thread

1.5%.


A 50% cut.


MASSIVE (cut, exodus, etc)


The end.

Frogletina

Where to move money in this account to next is a real problem.

In the short term I will use money in this account to fund my regular savers from November, but as they mature I am sure their rates will reduce too.

Westie983

Wonder if the others will follow suit, time to consider moving after November, may as well get the next two months interest,

roddydogs

So all you doom mongers were wrong, it aint going down to 2%, its 1.5%!!