Santander considering dropping rate...

mgarl10024

AnotherJoe wrote: »

.... assuming they stay 3% ....

Agreed. I suspect that between now and Nov things will be turbulent.

Either, many will follow suit.
Or, a challenger will try to take the space that Santander has left.

Given the lowering interest rate and general economic climate, I doubt there will be much appetite to challenge, so suspect the former.

AnotherJoe

Maceo wrote: »

well and truly shafted...so a 0.25% drop in base rate translates into a 1.5% drop in interest rate. Pensions are also going down the drain.

What, all of them? How do you know this? Mine's doing OK thank you.

Kim_13

I thought they would see the drop as a 50% drop rather than 'only' 0.25%. Probably would have been 2% until they cut the base rate.

2010

http://blog.moneysavingexpert.com/2016/08/14/santander-123-slash-interest-1-5-ditch/?_ga=1.47393252.216515695.1467569480

adonis10

Fantastic. Only last week I set up this account and have been through the faff of swapping all dd's for a now measly 1.2-1.5%.


I guess my £250 ish of dd bills (utilities, water etc.) will cover the £5 charge and then a bit of interest on 20k until something better comes along (if it comes along); better than where the cast is currently sat earning 0.1%.

markwilkinson

My guess would be the TSB rate will drop at the end of the year. Regular saver has already dropped and once the 5% cash back on contactless payments ends at the end of the year they will have to change their current marketing material, ideal opportunity.

chelseablue

My mortgage rate is 1.49%, I might start sending more overpayments to that instead of saving

Phaelok

Time to move my money elsewhere. I suspected this might happen and can only imagine that others will follow suit.

Not only are they planning to reduce the rate down to 1.5%, but they intend to keep the monthly account fee. Talk about trying to screw customers over.

AnotherJoe

Phaelok wrote: »

Time to move my money elsewhere. I suspected this might happen and can only imagine that others will follow suit.

Not only are they planning to reduce the rate down to 1.5%, but they intend to keep the monthly account fee. Talk about trying to screw customers over.

Where will you move it?

ecnirp98

Maceo wrote: »

well and truly shafted...so a 0.25% drop in base rate translates into a 1.5% drop in interest rate. Pensions are also going down the drain.

Going to start revaluating my P2P portfolio already earned £13,000 in interest over the last 4 years , with some large lump sums maturing end of the year taking my total up to £18,000.

Yep, I'm looking at P2P innovative finance Isa's, the returns look very good, I have 2 Santander 123 accounts maxed out, so going to check out the options.