Santander 123 account fee increasing to £5 from January
Comments
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Yes, it's a current account so they expect you to be taking money out as well as putting it in! The £500 can be withdrawn immediately or even before it's paid in (available funds permitting)....tripleblack wrote: »Might be a daft question so excuse me if so. With the 123 account can you pay in the £500 per month to meet the conditions to qualify for the 3%, but take it back out (or near enough) in the same month?0 -
I thought this item might make Moneybox this weekend but was astounded to hear it as a news item on Radio 4's main 6 o'clock news! A minor change in the terms of one account of one UK bank. I wonder what overseas tragedy they decided was less important than this 'news'.
The 2.96% interest has gone? Where to?Kind-off knew this would come sooner rather than later.
Too good an interest plus cashback that pays the charge plus a little profit. Now that's all gone.0 -
"Fee increase. From 11 January 2016, the monthly account fee increases for both new and existing customers from £2/month (£24/year) to £5/month (£60/year)."
That's quite some increase!0 -
http://www.lse.co.uk/SharePrice.asp?shareprice=BNC&share=banco_san
Earnings 37.51p
Dividend 47.12p
Yield 12.74%
£20,000 x 12.74% = £2,548
£20,000 x 3% = £600
If this is true, why is anybody still keeping their money in the 123 account?
http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/investment-limits/
Investment Limits
The maximum level of compensation for claims against firms declared in default on or after 1 January 2010 is £50,000 per person per firm.
Q. Will I be compensated for losses arising from investment performance?
A. No. FSCS does not protect losses arising from investment performance, including shares held in a company that has become worthless on its collapse.
Sweet dream:
£50k buys shares, guaranteed by FSCS, generating £6,370 at 12.74%. From April 2016, £5,000 dividend tax free.
Put £15k into ISA every year, buy more Santander shares. In ten years, have £200k, generating £25,480. :dance:
That's why it is really important to invest in a good bed, so you can have a good dream.0 -
I am really annoyed. I switched to Santander 2 weeks ago! I only have 2 direct debits going out.
I presume they don't guarantee the charges for year?Loved our trip to the West Coast USA. Death Valley is the place to go!0 -
I also changed to the 123 account from my standard account about 3 weeks ago after being badgered about the benefits every time I visited my local branch!
The price increase was never mentioned at the time. Surely the staff would have been aware of the upcoming rate increase? I feel that I have been miss sold an account or at least not been given all the correct information to make an informed decision?
Is there not a legal case here?0 -
I also changed to the 123 account from my standard account about 3 weeks ago after being badgered about the benefits every time I visited my local branch!
The price increase was never mentioned at the time. Surely the staff would have been aware of the upcoming rate increase? I feel that I have been miss sold an account or at least not been given all the correct information to make an informed decision?
Is there not a legal case here?
T&cs change all the time - as long as they give you notice before they apply them then you have no case. As the changes apply from January then they will be deemed as having given you sufficient notice.
Do the sums - if you still make money then stay if not then move. Switching is easy these days so there are no barriers to change now...0 -
Don't be ridiculous, there is no mis-selling just because the monthly charges go up in 3 or 4 months time.
Terms, charges and interest rates of current accounts can always be changed, provided sufficient notice is given. The terms you agreed to state you need to be given 2 months notice (industry standard).
As an account holder, you have the right to close/switch your account if you don't like the changes.
You can also close/switch your current account at any other time you like.0 -
I have two Santander123 accounts and get around 95 pounds per month from them combined from the accounts, although my direct debits barely cover the 2 pound fee even now.
With very low interest rates, it's still worth using for me as 3% savings accounts, but it's quite a hike.
I don't use the 123 credit card as this never appealed to me, I think AMEX 1.25% card which pays that on everything is a much better deal.0 -
Hmmm...
Time to change to a more expensive gas and electricity tariff, change council tax band, use more mobile minutes/data/texts, switch to Sky movies, sports, entertainment, unlimited fibre optic broadband, anytime talk package.
At least that way I can recoup some of the £5 monthly fee.
:grouphug:
Official MSE canny forumite and HUKD VIP badge member :grouphug:0
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