Santander 123 rate to be cut to 1.5%

YorkshireBoy

harz99 wrote: »

Okay if your adding the interest into the fixed term account each year, but if you want your interest paid out monthly or annually it appears it can only be to a YBS current account - so you may need another current account if you've not already got one.


No good for me.

From the product summary...

A Yorkshire Bank current or savings account must remain open in order for the monthly or annual interest to be paid in to.


http://www.ybonline.co.uk/personal/savings/fixed-term-and-notice-accounts/term-deposit/

Have you seen something different on their site?

harz99

No, just gone back and looked again. My error, I read it as just a current account. Must be seeing things (or not) with all the T&Cs I've gone through in the last week or so!


It's still a faff if you want the interest out to use, as you still don't have the convenience of it being paid away to an external current account.

joe134

I/we have 3 123 A/cs. £60k in total. ,OH.
I am maxed out with all the other A/cs paying 3,4,5% and don't get enough cashback to pay the £15 fees, 3xac, not even a £5er
I'm totally subscribed to the max with ISAs since day one
I have fixed rates all over the place.
Atom is no good, it's only £10k max
I've looked at all fixed rates available , they change downwards weekly.but still thinking of fixing again, because, the other a/c's are going to go south as well, so will have a bit of cash to play with.
I will probably stay put, only because @ 1.5% it's still the best A/c without fixing.or 1.2% in my case.
Await the decission of TSB LLoyds et.al
At the moment, it's a waiting game.
Tesco could even be the decission maker.;)for a lot of us, but doubt it.
Their IS is dropping again in Nov.and I use that to keep spare cash.
Each to their own.You pays your money, you takes your choice.

harz99

joe134 wrote: »

I/we have 3 123 A/cs. £60k in total. ,OH.
I am maxed out with all the other A/cs paying 3,4,5% and don't get enough cashback to pay the £15 fees, 3xac, not even a £5er
I'm totally subscribed to the max with ISAs since day one
I have fixed rates all over the place.
Atom is no good, it's only £10k max
I've looked at all fixed rates available , they change downwards weekly.but still thinking of fixing again, because, the other a/c's are going to go south as well, so will have a bit of cash to play with.
I will probably stay put, only because @ 1.5% it's still the best A/c without fixing.or 1.2% in my case.
Await the decission of TSB LLoyds et.al
At the moment, it's a waiting game.
Tesco could even be the decission maker.;)for a lot of us, but doubt it.
Their IS is dropping again in Nov.and I use that to keep spare cash.
Each to their own.You pays your money, you takes your choice.

Similar for us although our ISAs mostly went to fund our retirement property, so only around £50k joint left in them now.
ISA rates are carp now anyway.


We've already cleared out one 123 a/c into fixed rates and half of the other on top. The first will soon be used for a switch to Coop, then later M&S if the current switch is still available.


OH will get a SIPP as she doesn't have earnings above her SP, and another next tax year if rules don't change.


That leaves us with a joint 123 which is our main a/c and cashback covers all but £1 a month of the fee, and around £7k in the other remaining 123 which will gradually pay off forthcoming holidays etc whilst still earning a little after the £5 fee until it becomes uneconomic and then maybe another switch if available.


We've got max of all the other interest paying(TSB, MrT etc.) current a/c's except FirstDirect who I won't do business with for historical reasons, together with linked regular savers.


I don't see the current decreasing rate trend changing any time soon, so this headache and conjuring act will go on for some while. Soon it will be what to do with the final balances on some of the regular savers - another cruise maybe?

joe134

harz99 wrote: »

Similar for us although our ISAs mostly went to fund our retirement property, so only around £50k joint left in them now.
ISA rates are carp now anyway.


We've already cleared out one 123 a/c into fixed rates and half of the other on top. The first will soon be used for a switch to Coop, then later M&S if the current switch is still available.


OH will get a SIPP as she doesn't have earnings above her SP, and another next tax year if rules don't change.


That leaves us with a joint 123 which is our main a/c and cashback covers all but £1 a month of the fee, and around £7k in the other remaining 123 which will gradually pay off forthcoming holidays etc whilst still earning a little after the £5 fee until it becomes uneconomic and then maybe another switch if available.


We've got max of all the other interest paying(TSB, MrT etc.) current a/c's except FirstDirect who I won't do business with for historical reasons, together with linked regular savers.


I don't see the current decreasing rate trend changing any time soon, so this headache and conjuring act will go on for some while. Soon it will be what to do with the final balances on some of the regular savers - another cruise maybe?

Hi, M&S switch still available, I did it early in the year for RS( only allow one).and fee.
My TSB RS,s is due next month, won't be renewing as rate has dropped.
Got RS,s with Hsbc, my main bank, 60 years now.
If other A/cs follow suit, as 123, a major rethink is in order.
Good while it lasted, but, can do without all the DD's and funding, for mediocre rates.

OH same as yours, only has SP, so, most of ours is in her name.
As she doesn't do any banking,or pc use, I may just consolidate , and make it easier for her, if anything happens to me first, which means more fixed rates, before they drop through the floor.
1.8% with Shawbrook 3 yr looks best at present, or 2.2% for 5yr, which is a tad too long I think.
I'm looking at Co-op too.
best of luck:beer:.

djpailo

joe134 wrote: »

Hi, M&S switch still available, I did it early in the year for RS( only allow one).and fee.
My TSB RS,s is due next month, won't be renewing as rate has dropped.
Got RS,s with Hsbc, my main bank, 60 years now.
If other A/cs follow suit, as 123, a major rethink is in order.
Good while it lasted, but, can do without all the DD's and funding, for mediocre rates.

OH same as yours, only has SP, so, most of ours is in her name.
As she doesn't do any banking,or pc use, I may just consolidate , and make it easier for her, if anything happens to me first, which means more fixed rates, before they drop through the floor.
1.8% with Shawbrook 3 yr looks best at present, or 2.2% for 5yr, which is a tad too long I think.
I'm looking at Co-op too.
best of luck:beer:.

Atom has 2.2% fixed on a 2 year bond but you need an iphone and an invite I believe, but they should be rolling out moreso by the end of the year.

bxboards

djpailo wrote: »

Atom has 2.2% fixed on a 2 year bond but you need an iphone and an invite I believe, but they should be rolling out moreso by the end of the year.

I think any business model that is geared to mobile only platforms is pretty much doomed. Web browsers are ubiquitous, Apple phones are or indeed Android phones are not. Restricting access only via a mobile app seems like business suicide to me.

joe134

djpailo wrote: »

Atom has 2.2% fixed on a 2 year bond but you need an iphone and an invite I believe, but they should be rolling out moreso by the end of the year.

yes, I know thanks, but only £10k.
I agree with bxboards, even though I have an ipad, I may not always have one, I had looked at it, but, not for me.

badger09

Alter_ego wrote: »

Can someone please confirm that a 123 current account with no direct debits, but permanently maxed at 20k will earn 1.2% after £5 monthly fee deducted?

YorkshireBoy wrote: »

You need to use the gross p.a rate, not the AER, as with a maxed out balance you won't get the benefit of compounding.


£20,000 x 1.49% = £298

Subtract the £60 fees = £238

£238 / £20,000 x 100 = 1.19%

I assume by 'with no direct debits' you mean 'with no cashback generating direct debits':cool:

To avoid any confusion, you need to meet the minimum monthly funding criteria and have 2 active direct debits, in order to qualify for interest.

Steve059

At least they didn't cut it to 1.23%.