Santander to slash 123 account interest and shake up overdrafts

dcweather

eskbanker wrote: »

When posters compare the net return of a 123 Lite with a full 123, they're typically doing so on the basis that the bulk of the balance earning interest in a full 123 would be moved to a separate easy access savings account (paying 1.35% or similar), leaving the bare minimum in the 123 Lite for DDs, etc. This is obviously less convenient than keeping it all in the one place though....

Not sure there is an actual current account paying 1.3% so I might stick with one Santander 1-2-3 and put money from the other in a savings account. Or I might just spend it. Probably the biggest happiest return out there at the moment :-)

Zero_Sum

dcweather wrote: »

Not sure there is an actual current account paying 1.3% so I might stick with one Santander 1-2-3 and put money from the other in a savings account. Or I might just spend it. Probably the biggest happiest return out there at the moment :-)

TSB pays 3% ableit just upto £1500
Marcus pays 1.35% which is an instant access savings account.

Downgrading to 123 lite, then moving £20k to Marcus will give you a much bigger return.

whattochoose

Zero_Sum wrote: »

TSB pays 3% ableit just upto £1500
Marcus pays 1.35% which is an instant access savings account.

Downgrading to 123 lite, then moving £20k to Marcus will give you a much bigger return.

That sounds like a very good idea.

Stubod

good idea until Marcus reduce their rates....?

roddydogs

Stop press BOE thinking of reducing br

Eco_Miser

Stubod wrote: »

good idea until Marcus reduce their rates....?

Yes, but so far, while Marcus has reduced the rate offered to new customers, existing customers have received the rate they signed up for, for at least a year (or to date).

brass_in_pocket

Will be moving nearly all of my £20K out; now just have to convince partner (who is always extremely reluctant to ever move money) to do the same.

capital0ne

I'll be moving my £40k to my S&S ISA in April, then I'll close one account and downgrade my joint account to 123 Lite

pearl123

Could perhaps use Marcus and then drip feed into a few regular savers like coventry 2.5% for 12 months and virgin regular saver at 2%.
There's not a lot of options any more.

Fingerbobs

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%.

Did you expect them to keep this secret until they'd written to all of their affected customers to tell them, and only then issue the press release?
I'm quite sure all customers will be notified directly via the usual channels in due course, well before the changes come into effect.