Calis Beach and Fethiye Turkey Discussion Forum

Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: Karennina on October 08, 2016, 19:16:00 PM

Title: Santander 123 account interest rate drop
Post by: Karennina on October 08, 2016, 19:16:00 PM
Had a letter to say the Santander 123 account will only be paying 1.5% interest from 1st November gutted, anyone else had the letter if so am i defo reading the changes right please...thanks...
Title: Re: Santander 123 account interest rate drop
Post by: Lotty on October 08, 2016, 19:38:46 PM
Nope, you read it right. Down to 1.5%  :-\
Title: Re: Santander 123 account interest rate drop
Post by: ArtyMar on October 08, 2016, 21:35:02 PM
AND they are now charging £3 per month for their 123 credit card.
Title: Re: Santander 123 account interest rate drop
Post by: MarKar on October 09, 2016, 10:37:55 AM
Just been trying to sort this out for my mother in law, there really isn't much out there with higher rates,  the best option I could find was to open a regular savers account and fillter as much as it allows each month for the 12 mnth period and then change to another one, (thats the important bit as the rate drops again). Santander do one, I think HSBC do another but if you check Martin lewis money page it gives you upto date rates if you shop around there are some with 5%.
Title: Re: Santander 123 account interest rate drop
Post by: Colwyn on October 09, 2016, 15:41:41 PM
Even with a monthly fee of £5 and an interest rate of 1.5% (together with cashback on some DDs) it still beats anything else I can find on the High Street. UK banks have long wanted to get customers to accept monthly charges for using a current account. I suspect Santander's £2 for 3% was a sweetener to try to achieve this.
Title: Re: Santander 123 account interest rate drop
Post by: Karennina on October 15, 2016, 06:18:05 AM
And now TSB are following suit and cutting their rate from January on the classic plus current account from 5% to 3. Also the email said if you have more then one account in sole names they may merge the accounts! I guess Tesco will be next...