Revealed: Santander 123 customers face DOUBLE rate drop – to 1% today and to 0.6% in August

Former_MSE_Naomi

Santander will cut the interest rate on its popular 123 account again in August to 0.6%, MoneySavingExpert.com can reveal. This cut comes on top of a rate cut today from 1.5% to 1% and should act as a clarion call for anyone still with the 123 account to switch to better payers - and there are still a few out there...

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'Revealed: Santander 123 customers face DOUBLE rate drop – to 1% today and to 0.6% in August'

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roddydogs

Oh do keep up, posted in another thread at 07.46.

born_again

Well given the BOE interest rate at 0.1% is there any surprise....

Seems yet another piece of reporting the obvious.

Edited due to "0" in wrong place. Thanks eskbanker.

eskbanker

born_again said:

Well given the BOE interest rate at 0.01% is there any surprise....

Seems yet another piece of reporting the obvious.

Unlike reporting a BoE base rate of 0.01%, which, unless there's been a substantial change since I last looked, is out by an order of magnitude!

Bronniedog

Typical. How dare the banks BORROW our money, to relend out at a hugely inflated rates (overdrafts up go 40%) and then plead poverty or need baillng out. Then add insult to injury by charging an account management fee, and we let them do it!!!

colsten

No bank has pleaded poverty, or requested a bailout for a decade at least. 

There are plenty of current accounts which do no cost the account holder a penny. Banks are also not forcing you to use an overdraft. 

You have a choice. 

digalumps

I think in some ways we are lucky in this country to have current accounts that don't charge you

I know people in Australia and America for example where they are charged monthly fees to have bank accounts and also individual fees to for example make payments

fewcloudy

I wonder, does Martin Lewis have it in for Santander, lol?!
He seems a bit OTT and shouty, screaming about it being deader than a dead duck etc. it just seems so unnecessary.
Right at the bottom of the same article, he tells you that the (rather obvious) thing to do is to move your account to "the top-pick account for bills cashback", step forward the terribly evil, er, Santander 123 Lite, doh!
There, sorted.  And breathe...

schiff

With Santander now having six ongoing threads on pages 1 and 2, it is in danger of becoming the Virgin Regular Saver of current accounts. 

colsten

fewcloudy said:

I wonder, does Martin Lewis have it in for Santander, lol?!
He seems a bit OTT and shouty, all this screaming about deader than a dead duck etc. it just seems so unnecessary.
Right at the bottom of the article, he tells you that the (rather obvious) thing to do is to move your account to "the top-pick account for bills cashback", step forward the terribly evil, er, Santander 123 Lite, doh!
There, sorted.  And breathe...

I think the 'deader than dead' sermon is about the full-fat 123. The 123 Lite has as yet not fallen out of the official MSE favour

ZeroSum

And they're still charging £5 pcm for 0.6% interest? Who in their right mind will keep this now?