Santander zero interest charges

[Deleted User]

barnos wrote: »

what return would Santander give me on any savings – <1.5%?

But I bet they don't have a default rate of 10-15% on their savings accounts.

eDicky

barnos wrote: »

in an attempt to be "money-saving" I used to Transferwise to pay for a holiday rental abroad .. and as the price quoted was in Euros I immediately reached for my trusty Santander Zero card (because of the excellent exchange rate.. avoidance of ...

Why would you do that? You pay TransferWise in pounds - it's they who do the conversion to euros. Why not pay the holiday cost in euros directly with your Zero?

vacheron

barnos wrote: »

Yes – appreciate 18% is the annual rate and I fully understand that that is to some extent "the norm" it is however utterly, completely, outrageously, unadulterated -ley, and of course scandalously high..

what return would Santander give me on any savings – <1.5%?

Interestingly – Santander actually allow me to borrow from them on my mortgage .. at something like 1.75% (it's an old mortgage)

truth is – I'm not too wound up about this – I am the ubiquitous sick squid ... down ... but I'll get over it.. eventually. :-)

If it helps try to think what rate you would be charged if you asked Santander for a customised personal loan of 172 pounds with a 28 day repayment term. Doesn't make the £6 sound too bad does it.

barnos

ok ..ok ... I was going to try to say silent and non-controversial but unfortunately I have to disagree strongly £6 interest on a £172 loan 28 days is utterly OUTRAGEOUS.

The only reason we even contemplate such figures as being vaguely familiar is because of the payday loan companies with their even higher pay rates.

The fact is that the banks are being utterly derelict in their duties to their customers by not meeting the need for this service.. at what could best be described as sensible rates.... Which would be what – annual interest rates are – say 1.5% monthly rate of .125%? Okay that's low so let's add in a service charge – EXCEPT I'm already in a service agreement with the credit card company and they're taking a reasonable percentage (one way or another) on every pound I spend.

The whole financial services sector led by the banks, continues to evade proper scrutiny (and perhaps more importantly proper competition) in the level of service that they deliver to their clients..

the solution should be to open up the glare of the free market where poor service, poor quality and rip-off outfits would be easily identified and would soon go out of business. But regulation and establishment continue to protect these ne'er-do-wells

only MHO... but it's all mine and I'm sticking to it

eskbanker

barnos wrote: »

£6 interest on a £172 loan 28 days is utterly OUTRAGEOUS.

You need to look more closely at what it actually says on your statement, because £6 on £172 over 28 days is clearly not the 18% APR you believed it should be, so either your rate isn't 18% or the charge is for a different amount or period.

barnos wrote: »

the solution should be to open up the glare of the free market where poor service, poor quality and rip-off outfits would be easily identified and would soon go out of business. But regulation and establishment continue to protect these ne'er-do-wells

It's the other way round - the level of regulation actually generates (at least some of) the costs these companies have to bear. And it is a free market - if you don't like Santander's offering there's nothing to stop you applying for a credit card with a wide range of other providers - vote with your feet not your keyboard....

bigadaj

barnos wrote: »

ok ..ok ... I was going to try to say silent and non-controversial but unfortunately I have to disagree strongly £6 interest on a £172 loan 28 days is utterly OUTRAGEOUS.

The only reason we even contemplate such figures as being vaguely familiar is because of the payday loan companies with their even higher pay rates.

The fact is that the banks are being utterly derelict in their duties to their customers by not meeting the need for this service.. at what could best be described as sensible rates.... Which would be what – annual interest rates are – say 1.5% monthly rate of .125%? Okay that's low so let's add in a service charge – EXCEPT I'm already in a service agreement with the credit card company and they're taking a reasonable percentage (one way or another) on every pound I spend.

The whole financial services sector led by the banks, continues to evade proper scrutiny (and perhaps more importantly proper competition) in the level of service that they deliver to their clients..

the solution should be to open up the glare of the free market where poor service, poor quality and rip-off outfits would be easily identified and would soon go out of business. But regulation and establishment continue to protect these ne'er-do-wells

only MHO... but it's all mine and I'm sticking to it

So if we translate that, you've utilised the evil banks, thinking that by utilising their loss leader you can save a few quid and get one over.

Having failed to understand what you've signed up to, and the relevant terms and conditions, you've now been charged a moderate amount of money by doing something that you agreed you'd be charged for.

Nothing to complain about, learn your lesson and move on.

Dribiddi

All that for £6.....

chattychappy

We were overdue for an "evil banker" post. I was almost beginning to miss them!

bigadaj

chattychappy wrote: »

We were overdue for an "evil banker" post. I was almost beginning to miss them!

Though they are evil....