Santander 123 rate to be cut to 1.5%

teddysmum

castle96 wrote: »

Currently 'frightening' myself at the amount I am 'saving' each month in Regular Saver a/c's. Of course this is just money coming out of Santanders 1.5 jobbie, into various a/c's at 6% down to 2%. At some stage will need to close my 2nd sole 123 as it will no longer be viable. Have in the past, filled all the other viable current a/c's, but at some stage these may also no longer be viable to retain due to rate reductions. By then, the option for the current Regular Savers may well be gone, so thought best to do it now. Of course the Regular Savers may well go as well... What a lot of faphing about for a small return/%, but it is enjoyable (and almost a social 'duty'), to maximise the return on funds.If I snuffed it tomorrow, anyone looking at my miriade of DDMs , S/Os and accounts (used and unused), will be amazed (and confused). Or is it 'Dazed and confused' - Led Zep. Yes I know there are other ways... S & Ss, P2P, etc,. I even thought of BTL, but I keep watching 'Can't pay, won't pay' ! and I just know I would be left with a disappeared East European tenant and a burnt shell. Risk adverse I suppose describes me. Hey ho, just carry on

Looking at things another way, the 'huge' interest paid even by high paying accounts (but with low allowances), could be used up in one visit to the vets, petrol station or on a week's food shopping.

harz99

castle96 wrote: »

Currently 'frightening' myself at the amount I am 'saving' each month in Regular Saver a/c's. Of course this is just money coming out of Santanders 1.5 jobbie, into various a/c's at 6% down to 2%. At some stage will need to close my 2nd sole 123 as it will no longer be viable. Have in the past, filled all the other viable current a/c's, but at some stage these may also no longer be viable to retain due to rate reductions. By then, the option for the current Regular Savers may well be gone, so thought best to do it now. Of course the Regular Savers may well go as well... What a lot of faphing about for a small return/%, but it is enjoyable (and almost a social 'duty'), to maximise the return on funds.If I snuffed it tomorrow, anyone looking at my miriade of DDMs , S/Os and accounts (used and unused), will be amazed (and confused). Or is it 'Dazed and confused' - Led Zep. Yes I know there are other ways... S & Ss, P2P, etc,. I even thought of BTL, but I keep watching 'Can't pay, won't pay' ! and I just know I would be left with a disappeared East European tenant and a burnt shell. Risk adverse I suppose describes me. Hey ho, just carry on

I know exactly how you feel. Cos thats where I am. Pity DD shen I snuff it and she has to unravel everything for her mum!

schiff

teddysmum wrote: »

Looking at things another way, the 'huge' interest paid even by high paying accounts (but with low allowances), could be used up in one visit to the vets, petrol station or on a week's food shopping.

Isn't that perfect though? Everyday expenditure not coming out of earnings/pension?

DivaMum

Received the confirmation letter on Friday that the interest rate on 123 for all balances from 01 November 2016 will be 1.50%. Monthly fee remaining at £5 pm and cash back on household bills remain the same.

joe134

ballard;;" I'm not trying to get sympathy for any bank"

you could have fooled me.
It's been your Mantra ever since this thread, et.al was started.
"They are making vast profits", and now, due to this action, they are going to make even more.
It was a loss leader,YES, BUT, there was NO need for such a stringent cut, soon after a 0.25% Base rate cut, and use that as their excuse, on top of the £3 hike in fee..
.Read up on the stats of what the banks make from other things, CC's etc, and then say they cannot afford to run at a loss on one A/c
Stop being an apologist for them, you sound as if you are in league with them.
And don't forget all the PPI etc, the thieving S*****s tried to get away with.
My heart bleeds for them.
I don't feel lucky, by giving my money to them, on their terms.
We have the Bat and Ball, BUT, they own the Playing field.

NAT WEST, ISA, now 0.01% on it's ISA;
How long before they all follow suit.

Ballard

Banks are a business, Joe. They have the choice of paying 3% for funds or 0.25%. Which do you think appeals to them more?

I absolutely agree with everyone's complaints about ppi etc but this is a completely different thing.

bigadaj

joe134 wrote: »

ballard;;" I'm not trying to get sympathy for any bank"

you could have fooled me.
It's been your Mantra ever since this thread, et.al was started.
"They are making vast profits", and now, due to this action, they are going to make even more.
It was a loss leader,YES, BUT, there was NO need for such a stringent cut, soon after a 0.25% Base rate cut, and use that as their excuse, on top of the £3 hike in fee..
.Read up on the stats of what the banks make from other things, CC's etc, and then say they cannot afford to run at a loss on one A/c
Stop being an apologist for them, you sound as if you are in league with them.
And don't forget all the PPI etc, the thieving S*****s tried to get away with.
My heart bleeds for them.
I don't feel lucky, by giving my money to them, on their terms.
We have the Bat and Ball, BUT, they own the Playing field.

NAT WEST, ISA, now 0.01% on it's ISA;
How long before they all follow suit.

It's a commercial decision, nothing more, nothing less.

If you don't like it move your money, the banks can borrow far more cheaply from the boe/ government in any case so they don't need your money.

If your comments come from an understanding that the banks are pillars of society and could be trusted then you a unfortunately decades out of date and need to catch up with the modern world, transact with those that are profitable to you and you trust, if companies meet that criteria then undertake business with them, if not don't.

joe134

Ballard wrote: »

Banks are a business, Joe. They have the choice of paying 3% for funds or 0.25%. Which do you think appeals to them more?

I absolutely agree with everyone's complaints about ppi etc but this is a completely different thing.

Yes,They are a business, but Usuary is still illegal as far as I know.
None went to jail for the scandals did they.
I know what appeals to them, POWER and MONEY.They go hand in hand.
It's not a different thing, it's all in their Business Plan as a whole.
You cannot Nitpick.
They offer you their Sprat, and catch a Mackeral, then, they will do their best to bleed you.
I have said all along, Banks are a Cartel.
If you jump ship, you end up in another of similar ilk.
We cannot do without them , and they know that, so we are at their mercy.
If you think they are doing us any favours, as you say," we should feel lucky",for their altruism, 3%>1.5%+ fee increase, I don't feel lucky, why should I, it's business:).

joe134

bigadaj wrote: »

It's a commercial decision, nothing more, nothing less.

If you don't like it move your money, the banks can borrow far more cheaply from the boe/ government in any case so they don't need your money.

If your comments come from an understanding that the banks are pillars of society and could be trusted then you a unfortunately decades out of date and need to catch up with the modern world, transact with those that are profitable to you and you trust, if companies meet that criteria then undertake business with them, if not don't.

"boe/ government in any case so they don't need your money".
Therein lies the problem.
Where you get I think they are pillars of society, you didn't read my post, they are bloody crooks, that we have to deal with, like it or not , it's not a choice, it's living.
Move;;Where to, another crook;.
I don't trust ANY bank, you do so at your peril.

bigadaj

joe134 wrote: »

"boe/ government in any case so they don't need your money".
Therein lies the problem.
Where you get I think they are pillars of society, you didn't read my post, they are bloody crooks, that we have to deal with, like it or not , it's not a choice, it's living.
Move;;Where to, another crook;.
I don't trust ANY bank, you do so at your peril.

Fair enough, looks like it's a filtration plant, canned food, guns, ammo etc for your investments.