Santander 123 rate to be cut to 1.5%

veryintrigued

FOREVER21 wrote: »

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.

No need to suggest it - its fact.

The bank confirmed that the decision to make further cuts was taken before the EU referendum on 23 June.

Still....those 'in the know' will continue to blame Bexit for just about everything.

http://www.bbc.co.uk/news/business-36911896

apt

Despite all this pointless deflection about Lloyds' branch closures, there is no doubt that savers have started to suffer in the wake of the referendum and are highly likely to suffer more through further rate reductions and an increase in inflation.

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.

apt wrote: »

Despite all this pointless deflection about Lloyds' branch closures, there is no doubt that savers have started to suffer in the wake of the referendum and are highly likely to suffer more through further rate reductions and an increase in inflation.

Do you think that repetition adds more weight to your point?

As far as I am concerned interest rates have been reducing for a long time well before 23 June and yes they continue to do so, but as to the next move, well no one knows for certain which way they will go.

colsten

veryintrigued wrote: »

No need to suggest it - its fact.

The bank confirmed that the decision to make further cuts was taken before the EU referendum on 23 June.

Still....those 'in the know' will continue to blame Bexit for just about everything.

http://www.bbc.co.uk/news/business-36911896

That's the new line of the Brexiteers: it would have happened anyway.

Not that this improves their credibility.

colsten

jimjames wrote: »

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

JJ, some people have a need to keep more than £4,500 in cash, all of it for more than 12 months.

veryintrigued

colsten wrote: »

That's the new line of the Brexiteers: it would have happened anyway.

Not that this improves their credibility.

I was on the fence Colsten so was able to take a more balanced view of those 'in the know' from both sides.

Remind me wasn't it you who used the word 'xenophobes' when referring to Brexiteers?

colsten

veryintrigued wrote: »

I was on the fence Colsten so was able to take a more balanced view of those 'in the know' from both sides.

Remind me wasn't it you who used the word 'xenophobes' when referring to Brexiteers?

Xenophobes are Brexiteers more often than not. Not sure, however, what xenophobes should have to do with the Santander 123.

veryintrigued

colsten wrote: »

Xenophobes are Brexiteers more often than not.

I'll take that as a yes (even if you've now softened and switched around your quote).

colsten wrote: »

Not sure, however, what xenophobes should have to do with the Santander 123.

As a lot of the less learned amongst us don't understand those who intrinsically link Brexit and Santander potentially lowering its rate or linked to Lloyds closing branches or for that matter GSK performing a u-turn and now investing £275million in the UK post Brexit.

HornetSaver

apt wrote: »

Despite all this pointless deflection about Lloyds' branch closures, there is no doubt that savers have started to suffer in the wake of the referendum and are highly likely to suffer more through further rate reductions and an increase in inflation.

Indeed.

The majority of people on either side of the referendum are too entrenched to look at things even handedly. But two things are obvious. One, the Lloyds job losses would have happened with or without the Brexit referendum. Two, the rapid downward pressure on interest rates from a pitifully-low-but-nonetheless-stable level wouldn't have happened without the Brexit referendum.

Nick_C

The reason Santander need to cut the interest rate on the 123 account is obvious. They've been borrowing money at 3% and lending it at 2.5%.

A loss leader to get customers from rivals. Not a sustainable long term business model, although they may have been able to maintain it for longer if base rates had risen as everyone expected