Santander 123 becomes 0.5,1.0,1.5

[bmwmike]

p1stonhead said:

bmwmike said:

Jockman said:

bmwmike said:

How were you getting 600 per month from a single 123 account ?

Can't see where he said that Mike

Care to explain it to me then? Not sure ive had enough coffee today but "600 down to 300 on one account" was what I read.

Per year not month. Its £600 per year per account.

Oops.. thanks.. blinded by the possibility I was missing some trick with these accounts

[p1stonhead]

bmwmike said:

p1stonhead said:

bmwmike said:

Jockman said:

bmwmike said:

How were you getting 600 per month from a single 123 account ?

Can't see where he said that Mike

Care to explain it to me then? Not sure ive had enough coffee today but "600 down to 300 on one account" was what I read.

Per year not month. Its £600 per year per account.

Oops.. thanks.. blinded by the possibility I was missing some trick with these accounts

Yeah I think everyone in the world would have one at those rates!

[FiF]

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

Also let's not forget that, against the background of that base rate cut, Halifax, Tesco and Nationwide plus who else have sneaked up the rates of tracker mortgages. Then, to coin an mph1977 phrase, the be-goateed powerfully built in the finance industry wonder why the man on the Clapham omnibus is so cynical about their, at times, questionable behaviour.

[Elderly]

3% and no monthly charge was great .

Then they introduced a £5.00 monthly charge .

Now they have drastically cut the rate to 1.5%
and retained the monthly charge, the return is in reality just 1.2% .

[55palfers]

Why not all turn up at Santander on 1 November and empty our accounts in cash?

Hang about in the branch for ten minutes then pay it back in?

[Steamer]

Got my letter this morning

Bugger - thats been paying for Curry Night for the last 4 years

[Simpo Two]

From First Direct:

'As you may know, on 4 August 2016 the Bank of England reduced its base rate from 0.50% to 0.25%. We know this isn't great news for savers, but even though our savings rates are not directly linked to the base rate, we've taken this time to review our savings accounts.'

0.75% > 0.40%
0.25% > 0.15%
0.15% > 0.10%

[baptistsan]

Had that bs from them too! My ISA rate is dropping by 0.4%. No idea where I'm going to move it to.

[condor]

I got the Nationwide letter a couple of days ago - my instant access cash ISA is being cut by 0.25% to 0.75% 1 September. Was only reduced to 1% from 1.4% a couple of months ago. I'm thinking of returning to premium bonds just for the fun of the draw.
I have opened a TSB current account which pays 5% for the first £2000, but I don't want to have multiple current accounts that all need £500+ amounts being credited each month, even if you can remove that amount a few days later.

[bmwmike]

Stocks and shares it is then...

[KTF]

For TSB you can have a standing order to transfer £500 between each account on the same day. Then all you need to do is log in on the second working day of each month and skim off the interest.

[wilwak]

bad company said:

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?

I've rolled mine over.

NSI have stopped index Linked Bonds for new savers because the risk to them is too high.

With the pound falling in value and QE there is a good chance we could suddenly get inflation.

The bonds are exactly as they say... inflation proofed. Not a great investment but safe come thick or thin.

[CrouchingWayne]

I use the account for savings only with no cash back contributing. Is there a better alternative to keep £15k readily accessible?

[KTF]

bad company said:

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?

I regret selling mine now as RPI is only going to go up after Brexit.

It's worth having a read of the last few pages of this thread on the MSE forums if you are wondering what to do with them: http://forums.moneysavingexpert.com/showthread.php...

[baptistsan]

And Firstdirect have just emailed to say their ISA rate is about to be cut to 0.5%!!!

Now looking for a new ISA provider, any ideas?

[p1stonhead]

I had a letter from HSBC saying my rate in my normal account would be cut to 0.01%

[baptistsan]

Pointless.

Starting to question why I'm even bothering to save.

[Jockman]

baptistsan said:

Starting to question why I'm even bothering to save.

Stick it all in an EIS and reclaim 30% back in income tax.

[Steamer]

And now it's become the Santander 0.15, 0.3, 0.6

Got my email notification this afternoon.

Cashback of upto 3% (capped at £5) is staying the same as is the monthly fee.

Edited by Steamer on Wednesday 6th May 21:57

[33q]

I am changing my account to 123 Lite

£1 fee cash back but no interest.