Santander 123 rate to be cut to 1.5%

adindas

bigadaj wrote: »

Well you could start an account called the 8/9/10 account, but no one would force you to pay 10% interest.

Well, if it is advertised as such that the name 10 spelled out from the headline advertised interest of 10%, such as what Santander do with Santander123 account with 3% as shown on the picture above, led people to subscribe to the product, I wonder whether they could change the interest without breaching the rule of advertising standard agency if the product is not rebranded ???

Is there any member here with good legal knowledge in advertising and brand name here who could elaborate this matter any further ???

schiff

Does it really matter? Surely nobody opens an account based on a guess at what the interest rate is from the account's title?

bigadaj

adindas wrote: »

Well, if it is advertised as such that the name 10 spelled out from the headline advertised interest of 10%, such as what Santander do with Santander123 account with 3% as shown on the picture above, led people to subscribe to the product, I wonder whether they could change the interest without breaching the rule of advertising standard agency if the product is not rebranded ???

Is there any member here with good legal knowledge in advertising and brand name here who could elaborate this matter any further ???

With sufficient notice the suppliers can change their terms and conditions over time, as the case for Santander. That would normally form a new contract which you could withdraw from, as is the case with the Santander 123 account.

Of course if you consider advertising to last for ever then you need to take up smoking, it's amazing what you could do there from what was claimed a few decades ago.

Whether this make Santander look a bit stupid given the changes is a separate matter and it would be surprising for them to maintain the boarding after the changes but again that their decision.

bigadaj

schiff wrote: »

Does it really matter? Surely nobody opens an account based on a guess at what the interest rate is from the account's title?

I'm not so sure, though I was disappointed when I opened the Leeds liquid gold account many years ago.

eskbanker

adindas wrote: »

Well, if it is advertised as such that the name 10 spelled out from the headline advertised interest of 10%, such as what Santander do with Santander123 account with 3% as shown on the picture above, led people to subscribe to the product, I wonder whether they could change the interest without breaching the rule of advertising standard agency if the product is not rebranded ???

Is there any member here with good legal knowledge in advertising and brand name here who could elaborate this matter any further ???

Did you read the word immediately after AER in the picture?

schiff

bigadaj wrote: »

I'm not so sure, though I was disappointed when I opened the Leeds liquid gold account many years ago.

But of course you were less experienced then. And short of galvanised buckets

Nationwide8

I pay my BT bill by automatic DD from my 123 account,twice in the last 3 mth s the DD has been cancelled NOT by me,have had to pay manually and then set up DD all over again,BT says Bank will have cancelled DD ?? Have sent Santander a secure message as to why DD has been cancelled twice.Point is its "lost" me £1.50 cash back every time it's not taken by DD...if it happens again might just be the extra push I need to switch out of Santander.

xylophone

http://moneyfacts.co.uk/guides/banking/what-is-a-direct-debit-and-guarantee/

BT is the originator and has your authority to pull the money from your account.

You have not cancelled the DD with either your bank or BT.

What was Santander's response when you queried the matter first time round?

Nationwide8

xylophone wrote: »

http://moneyfacts.co.uk/guides/banking/what-is-a-direct-debit-and-guarantee/

BT is the originator and has your authority to pull the money from your account.

You have not cancelled the DD with either your bank or BT.

What was Santander's response when you queried the matter first time round?

First time around ( in July ) BT said DD had to be reset with them as they were "using a more secure system" BUT no one had contacted me about it until I noticed DD not taken,they charged me £7.50 as well for late payment which I got back after complaining !!

This time around BT are saying it's Santander who have cancelled DD instruction ( obs without my authority ) didn't contact Santander first time around as BT said it was effectively their fault...

brizey47

Between my wife and I we have 3 123 accounts with £20000 in each returning a current interest of around £50 each month for each account. The utility cashback just about covers the monthly fee for one of the accounts but after Nov all will only return about £25. Does anyone know of an alternative that will give us a better return once the rates change, we are retired and welcome this interest as aboost to our pension.