We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

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

Options
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...

Read the full story:

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

Click reply below to discuss. If you haven’t already, join the forum to reply.
«13

Comments

  • roddydogs
    roddydogs Posts: 7,479 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Oh do keep up, posted in another thread at 07.46.
  • born_again
    born_again Posts: 20,449 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 6 May 2020 at 1:59PM
    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.
    Life in the slow lane
  • eskbanker
    eskbanker Posts: 37,156 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    Bronniedog Posts: 21 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    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
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    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
    digalumps Posts: 179 Forumite
    100 Posts Name Dropper
    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
    fewcloudy Posts: 617 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    edited 7 May 2020 at 8:28PM
    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...
    Feb 2008, 20year lifetime tracker with "Sproggit and Sylvester"... 0.14% + base for 2 years, then 0.99% + base for life of mortgage...base was 5.5% in 2008...but not for long. Credit to my mortgage broker
  • schiff
    schiff Posts: 20,259 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    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
    ZeroSum Posts: 1,200 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    And they're still charging £5 pcm for 0.6% interest? Who in their right mind will keep this now?

Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.