Santander 123 rate to be cut to 1.5%

adindas

ScoobyZ wrote: »

You can't the only way is to leave them. It might seem like cutting your nose off to spike your face, but if everybody did it they would need to rethink.

Or just stick with them and go "oh well they have increased the monthly fee and halved the rate but it's still OK as it's 1.5%"

This is exactly what I am thinking, Everyone who just has not maxed out other better option move your money elsewhere.

The BoE just cut the base interest rate by 0.25% but Santander cut it by £1.5% and they increased the fee earlier ....

It is highly likely that they will be suffering from an exodus of money and hopefully have enough staffs to cope with it in November 2016. It will definitely have an impact on their cash flow on the short term.

People who have a good attitude to risk might consider the P2P ...
Here is the independent forum about P2P to start with. A few people have reported to get 1% per month so it might be risk worth taking for some people. Just be aware about the capital at risk and learn various ways to reduce or to mitigate the risk. ......
http://p2pindependentforum.com/

Another option for risk free is to start looking into 2%+ RSA and deplete your 123 account to as many as 2%+ Regular savers which allow people to open it via post with at least one fee free withdrawal per year and preferably no maturity date. One fee free withdrawal per year could be used as an exit strategy when you need the money urgently and still get the interest of 2%+. There are still a few available here
https://forums.moneysavingexpert.com/discussion/608697

Buckingham BS for instance allow people to open by post, Pay 2.00% Gross p.a./AER and you can withdraw at any time when you need it.
http://www.bucksbs.co.uk/savings/regular-saver-accounts/simple-regular-saver-issue-2-40619/

If you do not mind to do more work and want a faster depletion rate you might even consider the one with 1.75%+

Just to make people aware that there might be few people in this forum or even in this thread who are working for Santander who will do everything to ask you to stick with Santander 123 AC for obvious reason ....

JustAnotherSaver

What is this talk of increasing the fee also?

I thought that came in BEFORE the BoE cut? Not after?

joe134

If any of the Wolfie Smiths on here think that Santander give a fig whether you hold or fold, dream on.
They have made their choice, you have to accept it and move on.
That's life.
If you can get a better deal, take it, if not, stay put.
All the other options have all been disclosed in this and other threads.
As I have most of the other options,and they are likely to change come November, I will stay put, until I decide to do otherwise.
Himple:::::cool:

harz99

2% regular savers, versus £20k staying with Santander123?


Pretty sure the end interest results after a year are not going to be much different particularly if you have enough cashback to cover the monthly fee, and therefore not worth the effort of multiple accounts and tie ins for that £20k.


A 2%+ fixed rate if you are able to tie up the cash is a different matter, and that's where some of ours went when that sort of rate was on offer at the time Santander revealed their cut.

joe134

Hindsight good.
When I took my 3 123 A/cs out, £60k, I didn't need it really, but put it in there anyway.
At that time, I could have opted for a better rate, fixed, and still would be getting it to come.
I didn't, I made my choice then, now, I have to live with that choice.
Not always Jam today is the best.;)
See Tesco are sending out surveys now, just had mine via e-mail, same as TSB.
Must be the survey season, or, somethings afoot, there's rumours:eek:.
BINNED.it:)

dreaming

joe134 wrote: »

Hindsight good.
When I took my 3 123 A/cs out, £60k, I didn't need it really, but put it in there anyway.
At that time, I could have opted for a better rate, fixed, and still would be getting it to come.
I didn't, I made my choice then, now, I have to live with that choice.
Not always Jam today is the best.;)
See Tesco are sending out surveys now, just had mine via e-mail, same as TSB.
Must be the survey season, or, somethings afoot, there's rumours:eek:.
BINNED.it:)

I completed the TSB survey, and the Tesco one - mainly to see what it was about but Tesco did not mention rates - it was just customer service. I am always neutral on this topic unless I have had exceptionally good, or bad, service - in which case I tend to e-mail thanks or complaints immediately. However I have had no problems at all with Santander, Nationwide, TSB or Tesco so have not had the necessity to contact them.

teddysmum

[QUOTE=joe134;71229525


See Tesco are sending out surveys now, just had mine via e-mail, same as TSB.
Must be the survey season, or, somethings afoot, there's rumours:eek:.
BINNED.it:)[/QUOTE]



I had a letter on Tuesday saying that Tesco's Instant Access Savings account rate is to fall from 0.6% to 0.25%.


I only have it through laziness, as a tiny amount of money was left there in order to get free broadband (no longer applies).

joe134

teddysmum wrote: »

I had a letter on Tuesday saying that Tesco's Instant Access Savings account rate is to fall from 0.6% to 0.25%.


I only have it through laziness, as a tiny amount of money was left there in order to get free broadband (no longer applies).

Hi, I also have 2x IAS', for
I also keep a small amount in them, so am not bothered really.
Didn't know about the drop, but expected it, as they have already dropped IS' once, from 1.5%, and another due as well.
I do keep a large amount in my 2x IS', so, not too pleased about that, but, that's life.
Might try to take another IS out before next drop.
Mine is up october, not sure if it's before, or after next drop?.
It's the bonus that helps, for 12 months.
They will probably refuse this time:(
:beer:

joe134

dreaming wrote: »

I completed the TSB survey, and the Tesco one - mainly to see what it was about but Tesco did not mention rates - it was just customer service. I am always neutral on this topic unless I have had exceptionally good, or bad, service - in which case I tend to e-mail thanks or complaints immediately. However I have had no problems at all with Santander, Nationwide, TSB or Tesco so have not had the necessity to contact them.

Hi, I never fill surveys in, but, like you, have no complaints about any of them.:beer:

schiff

Speculator wrote: »

Closed one of my 123 a/cs yesterday before the next interest payment on the 3/9 to avoid the £5 fee.

I suppose it's standard practice by Santander to charge the fee on the same day as the interest is credited - it has been on my accounts. Which leads me to ask - is the fee for the month to come, or the month just gone?

As far as I can see the fee is quite separate from any qualification for the 3% interest rate, so what you have done doesn't cost you anything, I assume?