Santander considering dropping rate...

teddysmum

Rollinghome wrote: »

I assume the rate paid was always intended as a simple loss-leader sales ploy. And a very successful one. They've gained huge publicity as the favourite account of MSE and the personal finance pages and pulled in thousands of new account-holders - the bulk of which may stay with them.

They can just as easily lose what they gained, as many only joined for the bonus, so have no reason to stay.

fun4everyone

teddysmum wrote: »

many only joined for the bonus.

Santander will make more money with these people gone and will be quite glad to see the back of them (assuming by bonus you mean 3% interest on 123 and 5% reg saver).


I am one of "these people" btw but I am also realistic that I cost banks money. Think of it this way, if offering 3% interest on £20,000 for a current account was profitable, wouldn't every bank be doing it?

jamtheman80

Gutted as recently switched, in June, 19k from my Yorkshire Bank 40 Day ISA (paying 1.75%). Factor in the monthly fee and the money would have been better off staying put. I can still transfer more than half of that money back however.

Thrugelmir

jamtheman80 wrote: »

Gutted as recently switched, in June, 19k from my Yorkshire Bank 40 Day ISA (paying 1.75%). Factor in the monthly fee and the money would have been better off staying put. I can still transfer more than half of that money back however.

You maybe just chasing clouds.

Eco_Miser

Celifein wrote: »

I think it's best if I stop replying at this point. Clearly I've missed a joke that was obvious/funny to everyone else and I don't want to derail things any further.

I didn't see a joke there either, and wrote a scathing reply, but deleted it after considering that they may not be on a full pension, or may have ridiculous housing costs. Personally, since my state pension came into payment, I've never had it so good.