Santander considering dropping rate...

2010

Keep until end of October and then EVERYONE should ditch it as a kick up the ar*e.

My heart bleeds for these banks that are still making millions despite paying so-called "high intestest".

Santander profits for first quarter of this year £532 million.

http://www.telegraph.co.uk/business/2016/04/27/santanders-uk-profits-jump-as-mortgage-lending-surges/

tim_n

well I'm not surprised. I'm glad it has been there as long as it has.


My view has always been keep it in savings until the mortgage is the more expensive of the two. Now the mortgage is the more expensive, I'll be overpaying it. On the 1st of November 10% will go in. I just need to work out what 10% actually is...

mgarl10024

tim_n wrote: »

well I'm not surprised. I'm glad it has been there as long as it has.


My view has always been keep it in savings until the mortgage is the more expensive of the two. Now the mortgage is the more expensive, I'll be overpaying it. On the 1st of November 10% will go in. I just need to work out what 10% actually is...

This is where Offset mortgages can come in to their own.

blizeH

To the people moving away from Santander as a result of this, as a current account it's still the best available in terms of cashback right?

The lowering of interest rates makes my mortgage even cheaper (just 2.24% now) but since the banks are cutting their rates by more than the interest rate cut, I think I'm going to end up overpaying it again anyway

Edit: 123 Lite account.

System

Santander 1, 2, 1.5

Glambe

If they all change ( which Im guessing they will follow suit) whats the next best thing to put £20000 into.
Are S&S the best option..??

JohnRo

Fixed term savings accounts

Stocks and Shares carry a significant risk, not least of which is investor behaviour risk when the capital valuation inevitably drops.

badger09

2010 wrote: »

Keep until end of October and then EVERYONE should ditch it as a kick up the ar*e.

And exactly where would you recommend EVERYONE move their cash to?

savings_my_hobby

badger09 wrote: »

And exactly where would you recommend EVERYONE move their cash to?

Id think about betting it on Stoke City F.C to avoid relegation @1/12 with paddy power, there are probably better odds out there so have a look, this works out around 8% return IF (big if) you see your money again, I think you would though.
I wonder if that could form part of a balanced portfolio?
It is probably as safe as P2P.

All jokes aside I am a bit concerned that the banks are now cutting the current account rates, it was bad enough seeing the rates for monthly savers go down since Brexit. Just look at this http://www.moneysavingexpert.com/savings/best-regular-savings-accounts Notice how short the list is? it's not getting any better any time soon.

Happily I don't rely on my savings income and I am worried for those that do.
My 2017 savings plan has changed three times since July, oh well at least Nationwide has said they won't be cutting the rates on their flexclusive saver, good old NW.

Thrugelmir

2010 wrote: »

Santander profits for first quarter of this year £532 million.

Which bears no relation to operating current accounts in the slightest. Big numbers but a very big company. Banks are still having to strengthen their balance sheets. Without profit would be a serious challenge. That then would impact day to day services even more.