Santander 123 rate to be cut to 1.5%

Nationwide8

Sky news is running a news article about job cuts at Lloyds and further interest rate cuts for savers,will see the new rate but I get free cinema tickets there.
Seems inevitable interest rates are going to fall for savers due to Brexit.

bristolleedsfan

Nationwide8 wrote: »

Sky news is running a news article about job cuts at Lloyds and further interest rate cuts for savers,will see the new rate but I get free cinema tickets there.
Seems inevitable interest rates are going to fall for savers due to Brexit.

Are you saying that before the R result, Lloyds didnt close branches and/or cut staff numbers and savings rates didnt get reduced. :rotfl:

Jeems

I always thought the 1-2-3 referred to the cashback rates you get back on bills. I think the 123 Lite account name proves that. This is all a bit silly anyway, yes its marketing but the account has been around for 4 years and if they want to change it now then it's going to happen regardless of what people may say.

TSB changed the terms of their 555 promotion much sooner!

Nationwide8

bristolleedsfan wrote: »

Are you saying that before the R result, Lloyds didnt close branches and/or cut staff numbers and savings rates didnt get reduced. :rotfl:

Not on my Club Lloyds Current at 4% :cool:

veryintrigued

Nationwide8 wrote: »

.....due to Brexit.

That's the en vogue way to terminate sentences these days it seems.

DragonQ

Unsurprising. TSB and Lloyds have already dropped their regular saver rates recently.

apt

bristolleedsfan wrote: »

Are you saying that before the R result, Lloyds didnt close branches and/or cut staff numbers and savings rates didnt get reduced. :rotfl:

Are you saying that there has not been further downward pressure on interest rates since the referendum result? Borrowers are going to benefit, savers are going to get caned, even more so because inflation will rise following the fall in the pound.

jimjames

FOREVER21 wrote: »

Yes but 1.7% for an easy access account is still pretty good and I doubt if you will find an easy access account paying anything near that.

My instant access accounts pay 5% on all my savings! (TSB & Nationwide)

karlie88

Jeems wrote: »

I always thought the 1-2-3 referred to the cashback rates you get back on bills.

As said previously, it refers to both cashback and interest rates.

Quite surprised people didn't realise it was for both...

FOREVER21

apt wrote: »

Are you saying that there has not been further downward pressure on interest rates since the referendum result? Borrowers are going to benefit, savers are going to get caned, even more so because inflation will rise following the fall in the pound.

It seems to be that all the woes of the financial world are been attributed to bretix.
The vote only took place on 23June, and I am certain that Lloyds would have been in the process of planning for the closure of branches and cutting staff long before that. Detailed planning on such a scale do not take place overnight.

I suggest that had remain won, the closures would still have gone ahead.