Santander 123 rate to be cut to 1.5%

harz99

badger09 wrote: »

I don't actually disagree with what you have said.

Mid/late 60s, I don't need/want a new kitchen being content with the 15 year old one I already have:o In fact, I don't really need/want anything material, but OH's recent health problems and other reminders of mortality have made me realise that dreams of exotic travel should be turned into reality before its too late. My son is based in Hong Kong - another major reason for travel, almost regardless of the cost.

I am already invested in the stockmarket but for me, 'long term' is more likely to 10, rather than 20, 30 or 40 years:cool:

Incidentally, I voted Remain, because I felt that was in the best interests of UK, and I don't mean just the UK economy.

I am not in fact complaining about Santander's rate cut - a cut was inevitable and I'm sure many others will follow. Like you, I will continue to use it as my (2nd) 'main' account.

My response may be 'atypical', but I suspect it is by no means unique.

Likewise, our expenditure will concentrate on travel.


We too are late 60s, we have family (cousins, children, grandchildren) in Australia, so long haul explorations are our thing.


Again, there is the mortality thing - we ain't getting any younger!


Stockmarket exposure nil - been there don't fancy another go. So we are left with savings and various pensions.


With todays savings rates may as well enjoy the money 'cos it's not going to earn much.


Orf we jolly well go!


I'm sure there are many in similar situations who will think the same way.

colsten

badger09 wrote: »

However, it is unlikely I will spend much on anything which will benefit the UK economy as most will be spent on even more foreign travel.

And abroad you can spend your savings faster as the pound is now worth so much less

Nick_C wrote: »

I will also try to avoid buying goods produced in other EU countries and buy British instead on ethical grounds.

Are you saying other EU countries are unethical?

Nick_C

colsten wrote: »

And abroad you can spend your savings faster as the pound is now worth so much less

Are you saying other EU countries are unethical?

I think the EU as a whole is unethical. It is a bully. They will only allow us to trade freely with them if they can impose their laws on us. They won't enter into negotiations with us until we invoke Art 50

I would like to see the Brexit movement evolve into a new "I'm backing Britain" campaign.

And where we can't buy British, let's buy from those countries that are our friends.

Sorry, this is well off topic.

Rygar

Speculator wrote: »

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%.

How does one go about this? Doesn't their system twig when it sees the same address etc? If I could open a second sole account this would effectively get me 3% again which would be great but seems too good to be true. I'm spitting feathers having opened an account one day before the media speculation regarding the drop in interest rates, I'm more mad at myself for not taking advantage of this account years ago

YorkshireBoy

Rygar wrote: »

If I could open a second sole account this would effectively get me 3% again

How does that work?

Rygar

YorkshireBoy wrote: »

How does that work?

Sorry bad choice of words. What I meant was at 3% I could have made 500 pounds interest. At 1.5% I'll only make 250 but if I could open a second sole account then at least I could max it out also thus still making the same amount of interest as I originally expected when I opened the account. I know I could also put that additional 20K elsewhere but there's no where else available that will pay 1.5% on 20K with instant access as far as I'm aware. I've already maxed out a cash isa. So I didn't mean 3% I meant another option to get most interest from my savings.

YorkshireBoy

Rygar wrote: »

Sorry bad choice of words. What I meant was at 3% I could have made 500 pounds interest. At 1.5% I'll only make 250 but if I could open a second sole account then at least I could max it out also thus still making the same amount of interest as I originally expected when I opened the account. I know I could also put that additional 20K elsewhere but there's no where else available that will pay 1.5% on 20K with instant access as far as I'm aware. I've already maxed out a cash isa. So I didn't mean 3% I meant another option to get most interest from my savings.

£2K TSB paying 5% AER
£2.5K Nationwide paying 5% AER
£5K Lloyds paying 4% AER
£15K BoS Vantage paying 3% AER
£6K Tesco paying 3% AER


I make that £30.5K and all of it paying more than Santander.

ceredigion

Rygar wrote: »

Sorry bad choice of words. What I meant was at 3% I could have made 500 pounds interest. At 1.5% I'll only make 250 but if I could open a second sole account then at least I could max it out also thus still making the same amount of interest as I originally expected when I opened the account. I know I could also put that additional 20K elsewhere but there's no where else available that will pay 1.5% on 20K with instant access as far as I'm aware. I've already maxed out a cash isa. So I didn't mean 3% I meant another option to get most interest from my savings.

I'm sure there is some logic in there somewhere, but its beyond me. Where's the 20k now? that you want to put in your second account.

Rygar

ceredigion wrote: »

I'm sure there is some logic in there somewhere, but its beyond me. Where's the 20k now? that you want to put in your second account.

In a current account that gives zero interest. I appreciate that I can spread it around various accounts giving more than 1.5% but it seems a lot of hassle for the relatively low return. I didn't really want to go down that route originally but I guess I may now have to if I want any sort of return on my savings.

Currently
20K santander 123
15K Coventry BS ISA
20K zero interest current account

badger09

colsten wrote: »

And abroad you can spend your savings faster as the pound is now worth so much less

:j:j:j:T:T:j:j:j

My glass is at least half full:D