Santander now rubbish - but who to switch too??

colsten

It's already really dropped. The only one of the interest-paying current accounts with a worse interest rate than Santander is now Starling. All the others pay at least 30% better than Santander. One pays double, another one almost 3 times as much. As I said, don't kid yourself that it's a good account now. It isn't.

hubb

colsten said:

It's already really dropped. The only one of the interest-paying current accounts with a worse interest rate than Santander is now Starling. All the others pay at least 30% better than Santander. One pays double, another one almost 3 times as much. As I said, don't kid yourself that it's a good account now. It isn't.

But for now I will leave it until Aug when it drops more. I could move it to another bank with higher interest and then they could drop theirs just as badly as they probably will all follow suite.

Nick_C

Just to add re the Club Lloyds accounts.

In addition to the CL Monthly Saver paying 2% on up to £400 a month, you can also take out the Lloyds Monthly Saver paying 1.5% on up to £250 a month.  Over 12 months, you can have an average balance of approx £3900 paying 1.8% with instant access.  Drip feed from NS&I for example.

Add in the £5000 current account balance at 1.2% and you are getting £8900 at 1.46%.   Pay in £1500 a month with two direct debits.  Also, "each year, you can choose either 12 digital movie rentals, an annual digital Gourmet Society membership, 6 cinema tickets, or an annual magazine subscription."


Not a bad package with just one institution if you don't want accounts with too many different providers.  (Of course, if you don't mind doing business with multiple banks, you should also be using HSBC/First Direct/M&S/ and TSB).

ArchibaldE

I am in the same boat, deciding to wait until August to see how other banks proceed first....

schiff

Was there an agreed consensus on the best date in one's accounting month to move to the Lite? Immediately the interest is credited and the monthly charge is charged, or immediately after the cash-back is credited? TIA

lhsecons

I moved the day before my monthly charge on the regular Santander account. I received the interest, but didn’t get charged the fee.