Santander interest rate drop!

1.5% is good compared to many!

Yes, OH and I were very happy to each be getting 3% and even when they put on the £5 charge, we were still quids in.

I suppose, in the present circumstances, it is still a good account.

I was expecting it to go to 2% and was wondering when they were actually going to notify their customers. Have to have a rethink now what with the £5 charge its looking like it'll mean you will only make a tiny profit even if you've got the full £20000 in the account.

If you find somewhere that pays a better rate of interest and with instant access, I hope you'll share it with us Tanith.

tanith with the full £20,000 in an account, when the rate drops one will earn £300 instead of £600. Still worth it because it appears to be the best around. I think that having £4000-£6000 in an account is the time time to think whether to leave it or move it.

If rates drop any bloomin' further we'll be paying them for the privilege of keeping our money in their banks!

There are countries where that is happening now Greyduster, at least for business accounts

I would never pay them to look after my money, I would buy some more Premium Bonds first.

Greyduster I remember joking a while ago when the interest rates dropped to a ridiculously low level that at this rate we would be paying them. It was a joke then but it seems it's getting nearer and nearer the truth, and not very funny.

Well Santander has gone to 1.5%, I can't find anywhere offering any better rate than that at the moment, so I'm going to use any 'spare' money and stock up on Premium Bonds (I won £25 this month). I know you can get up to 6% on some regular savings accounts, but don't feel its worth all the hassle of opening new accounts, although I think if you could be bothered to open up and run loads of them you might be quids in, but I habe sunshine to sit in and cake to eat so wouldn't really have the time in any case!!

Santander still the best, even with the cut.