Santander 123 rate to be cut to 1.5%

vacheron

Argghhh wrote: »

u only get the £10 a month for 12 months anyway i got same email
- i have just opened new isa with coventry bs at 1.3% and moved all money to it

Yes, I've got 5 months left to run on the HSBC £10 bonus ISA and 6 months on their 6% regular saver. That's the reason I opened an additional Santander account rather than closing & switching the HSBC.

As soon as both HSBC products are up though the account is getting transferred. Headline rates aside I've been utterly unimpressed by them as a banking service.

bristolleedsfan

MARTYM8` wrote: »

Will TSB/Nationwide/BOS/Tesco/Lloyds and co drop their rates or will the regular saver products linked to HSBC/FD/M&S etc be scaled back too?

https://www.facebook.com/Mystictara/

savings_my_hobby

bristolleedsfan wrote: »

Monthly Saver can be operated in conjunction with non fee "Everyday Current Account"

http://www.santander.co.uk/uk/savings/regular-esaver

"The instant access savings account funded from your Santander current account"

This is true. The ECA would be best to open if you wanted to pay into the Monthly Saver and was not already a Sandander customer.

But if you have a 123 account then the fee should be offset by dripfeeding into the monthly saver.

mapk

savings_my_hobby wrote: »

This is true. The ECA would be best to open if you wanted to pay into the Monthly Saver and was not already a Sandander customer.

But if you have a 123 account then the fee should be offset by dripfeeding into the monthly saver.

Does anyone know whether shifting the £200 standing order from the 123 account to the ECA halfway through the year to fund the MS is permitted? I couldn't see anything in the T&Cs to suggest otherwise..

bristolleedsfan

savings_my_hobby wrote: »

This is true. The ECA would be best to open if you wanted to pay into the Monthly Saver and was not already a Sandander customer.

But if you have a 123 account then the fee should be offset by dripfeeding into the monthly saver.

Maybe hasnt crossed your mind that many people have constant 20000.00 balance in 123 account plus additional savings elsewhere thus dont drip feed into monthly saver from 123 account thus none of the fee is offset by ......... due to fact that .......( see my earlier post re "Everyday Current Account")

bristolleedsfan

mapk wrote: »

Does anyone know whether shifting the £200 standing order from the 123 account to the ECA halfway through the year to fund the MS is permitted? I couldn't see anything in the T&Cs to suggest otherwise..

I have just done so via -

Set up a standing order

Choose a type of standing order

Please tell us which type of standing order would you like to set up:

• Regular transfer between my Santander accounts

Ashen

Anyone know if you have to have a bank account switch to M&S fully completed before you can open their regular saver, or if they will let you open it as long as you've told them to start the process?

badger09

Ashen wrote: »

Anyone know if you have to have a bank account switch to M&S fully completed before you can open their regular saver, or if they will let you open it as long as you've told them to start the process?

This would be better in a separate thread:cool:

T&Cs state(my bold)

"Exclusive access to our high rate monthly savings account
Current account customers who have switched to us using the Current Account Switch Service and have two active Direct Debits can enjoy exclusive access to our high rate savings account, the M&S Monthly Saver."

Ashen

badger09 wrote: »

This would be better in a separate thread:cool:

T&Cs state(my bold)

"Exclusive access to our high rate monthly savings account
Current account customers who have switched to us using the Current Account Switch Service and have two active Direct Debits can enjoy exclusive access to our high rate savings account, the M&S Monthly Saver."

Yeah, didn't realise this was the Santander thread when I posted - I had several open, and mistakenly posted here as the top post on the last page of the thread talks about the M&S Saver.

With the M&S terms, I just wondered if they showed flexibility over opening the saver - but I can confirm that they don't.

rebecca1982

I think our savings are pretty safe in the 123 right now. There's not a huge amount of choice out there unless you fancy earning less than 1%......