Santander 123 becomes 0.5,1.0,1.5

[33q]

According to the Telegraph the PH favourite is halving its rates

No doubt the rest will follow

Thinking caps on to find something else.....it will not be easy

[Jockman]

1.5% from 1st November on the ENTIRE balance (3% used to only kick in at £3k).

The higher savers are being hit but the lower savers protected by the look of things.

I still don't know a better account.

Edited by Jockman on Monday 15th August 10:14

[KTF]

Given that I have maxed this out and all of the other high interest current accounts, there is nowhere I can move it to.

Time to start switching out of cash and into the stock market I think.

[AyBee]

Shame I've made a lot of money from my Santander account over the last 12 months.

[p1stonhead]

AyBee said:

Shame I've made a lot of money from my Santander account over the last 12 months.

Me too. Although 1.5% is still probably one of the best unfortunately

[bmwmike]

Pity. Was about to open another but won't bother for 1.5% and nor am I keeping 20k in the existing one, will just use it for the direct debit payments and cash back but with the charges it doesn't seem worth the hassle.

BP BAE and AV it is then..

[audidoody]

Regrettably there is NO other instant access account that will beat it - even at 1.5%

Tesco Bank (Bank of Ireland) may still be at 1.5% but that's just an internet saver account - there's no debit card

RCI was 1.64 but that's ended.

My strategy is to drip feed spare Santander cash into S&S through something like Nutmeg or MoneyFarm. Which I suppose is what Carney wanted me to do all along.

[markcoznottz]

audidoody said:

Regrettably there is NO other instant access account that will beat it - even at 1.5%

Tesco Bank (Bank of Ireland) may still be at 1.5% but that's just an internet saver account - there's no debit card

RCI was 1.64 but that's ended.

My strategy is to drip feed spare Santander cash into S&S through something like Nutmeg or MoneyFarm. Which I suppose is what Carney wanted me to do all along.

No he wants you to spend your hard earned on the high street on tat, oh and move house as well, that keeps him and his mates in a job. Surely there must be a halfway house to provide a product that guarantees a return? How does a Ferrari dino being worth £375k help the government? Presumably adequate tax planning will prevent any clawback through IH, so why is the government encouraging asset bubbles? Ultimately self defeating surely.

[Sargeant Orange]

Not sure I'll keep 3 accounts now. What a fking shambles for those who have been prudent, not feckless when the grass was green

[Simpo Two]

I wish I'd been retired when interest rates hit 15%!

We've become so used to an economy based on inflation and interest - but can it all go 'phut'? What alternative economies are there and do they work?

[55palfers]

How do they translate a 0.25% base rate cut into this ?

[Simpo Two]

55palfers said:

How do they translate a 0.25% base rate cut into this ?

Because 0.25% is 50% of 0.5%? In other words, the base rate has been halved...

[Jockman]

Simpo Two said:

55palfers said:

How do they translate a 0.25% base rate cut into this ?

Because 0.25% is 50% of 0.5%? In other words, the base rate has been halved...

Lol. Good attempt Simpo !!

Remember, those on the lower tier of 1% will see their interest rate increase by 50% to 1.5%.

This is purely an attack on the wealthier ones and I shall be writing to my MP about this

[55palfers]

Jockman said:

Simpo Two said:

55palfers said:

How do they translate a 0.25% base rate cut into this ?

Because 0.25% is 50% of 0.5%? In other words, the base rate has been halved...

Lol. Good attempt Simpo !!

Remember, those on the lower tier of 1% will see their interest rate increase by 50% to 1.5%.

This is purely an attack on the wealthier ones and I shall be writing to my MP about this

Quite.

I had the whiff of utter blox too.

So where does one get a decent return on savings these days then?

[bad company]

Slightly of topic I am wondering what to do with my National Savings Certificates. They used to be a really good earner but now only pay RPI + 0.01% . The income is tax free though and given that they are inflation proof perhaps worth hanging onto?

[Jockman]

55palfers said:

So where does one get a decent return on savings these days then?

For risk free? - nowhere better at the moment and by the time November comes others may well have reduced too.

[okgo]

Why is there so much fuss about this?

The max on the account means everyone is earning fk all from it anyway, 3% of fk all is fk all!

[p1stonhead]

okgo said:

Why is there so much fuss about this?

The max on the account means everyone is earning fk all from it anyway, 3% of fk all is fk all!

Not really. Im getting £180 a month after tax. Not too shabby at all.

[okgo]

p1stonhead said:

Not really. Im getting £180 a month after tax. Not too shabby at all.

Is that with multiple accounts?

[Jockman]

p1stonhead said:

Not really. Im getting £180 a month after tax. Not too shabby at all.

Crikey, that is massive cash back !!!!!!