Santander to slash 123 account interest and shake up overdrafts

colsten

ColdIron wrote: »

When it paid 3% on £40,000 (you could have 2 of them)

In its heyday, there were no limits at all. So 5 accounts, 4 of them fully loaded, the 5th used to transfer the monthly interest into, were completely possible if you had the cash.

I also had a lot fewer wrinkles back then :rotfl:

soulsaver

surreysaver wrote: »

Because one person cannot have two accounts. They can have one and a joint one, though

2nd half of that statement is correct, see above.

vacheron

We had three 123 accounts for about 6 years, two individual accounts and a joint account, each had 20K @ 3%

I think the fee was £2 per month back then. (so £72 /year in fees to get £1800 interest)

Then the rate dropped to 1.5 and the fee upped to £5. so we switched the single accounts to First Direct (for the bribe) and kept the joint Santander for the bills and resultant cashback.

Now we've just ditched the last joint Santander account for Natwest. Better deal and a £150 switching bonus.

We've also just switched the two First Direct individual accounts to HSBC for the £350 in bribes.

This is our second switch to HSBC, The new deal requires no HSBC account since the 1st of January 2017 to be eligible and it turns out we ditched them last time round on the 29th of December 2016 !

roddydogs

Do we really need 3 threads on this?

Ageing_Stick_Insect

I have sent a secure message to Santander saying how disgusted I am both with their decision and the fact I heard about it on Martin's website and not from them. I acccused them on being unprofessional and also pointed out how they continue to pay their Spanish customers 3%.


I would urge all of you to send a secure message. Maybe their inbox will collapse and that would send a very clear signal of our discontent. Posting here is okay but I'm sure Santander don't monitor this place.


I'm still chewing over my options. Moving a current account is a real pain with so many DDs and electronic payments setup. My initial thought is to keep the account but with the minimum amount to cover monthly outgoings. That doesn't affect the 1-2-3 payments which will match the £5 charge but they'll get minimum use from my much reduced balance previously kept close to £20K.

eskbanker

Ageing_Stick_Insect wrote: »

I have sent a secure message to Santander saying how disgusted I am both with their decision and the fact I heard about it on Martin's website and not from them. I acccused them on being unprofessional and also pointed out how they continue to pay their Spanish customers 3%.

Sounds just like the sort of amusing but pointless rant you'd expect from the character from whom you took your username! Hope it made you feel better....

dcweather

Not great but I feel a big over reaction by Martin and others. Who gets over £5 on a single cashback ? I have just calculated that with my cashback, including my £5 fee I am currently getting 1.8% on my £20,000. After the drop in May this will fall to 1.3%. If I then switch to 123 Lite I will gain the £5 a month and so get 1.6%.
Can somebody tell me which current account I can switch to and get 1.6% on £20,000 and I will gladly do so?

MK62

You do know that 123 Lite pays no interest (and still costs £1pm....for now)......

rpstent

Can we please ask, if we have a 123 account and wish to switch to a 123 lite account.
Can we still be eligible for a switch cashback amount ??

Ageing_Stick_Insect

eskbanker wrote: »

Sounds just like the sort of amusing but pointless rant you'd expect from the character from whom you took your username! Hope it made you feel better....

I'd like to think it was a measured response more than a rant. Whether it's pointless or not remains to be seen. Maybe they will reconsider if every customer who is annoyed at their decision makes their views known. I feel better for having let them know how I feel rather than staying silent. Long live Basil! :beer: