Need Good Savings Rate (1 Viewer)

Jan 28, 2008
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I've been looking at a bridging loan for my sons new house. We have £175k coming when we finally sell a factory unit this month hopefully
But my sons house purchase needs completing immediately.
The cost of the bridging loan for one month is £6000 - Maybe we could do a deal?
who is going to lend 175k to someone with the screen name stealaway? thats like having a builder called bodge it and scarper
 
Jan 8, 2013
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who is going to lend 175k to someone with the screen name stealaway? thats like having a builder called bodge it and scarper

Bugger ------ you spotted the flaw in my cunning plan.:)

Still need £175K urgently- any ideas?

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Minxy

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There are some current accounts that you can put money it to get better interest rates than many standard savings products but quite a few of them require at least 2 monthly direct debits for you to qualify, and also you need have a minimum amount gong through the account each month, eg you can put up to £60,000 in total into 3 x Santander 123 current accounts (£60,000 in total: 2 single, 1 joint) but will need to have 6 direct debits (2 for each one) and be able to have £500 going in each one each month from an account OUTSIDE Santander but the extra £500 doesn't have to stay there, just be in and out the same day if you want.

There are other accounts but they don't pay interest on anything like £20,000, below are ones we have/have had:

Current accounts:

Nationwide (2 = 1 single each) = £5,000 total
£1,000 in pcm / 5% on £2,500 for one year / no DDs

Santander (3 = 1 joint, 2 singles each) = £60,000 total
£500 in pcm / 3% on £20,000 (no time limit) / 2 DDs (can be annual)

Lloyds (3 = 1 joint, 2 singles each) = £15,000 total
£1,500 in pcm / 4% on £4,000-£5,000 (no time limit) / 2 DDs pcm

Bank of Scotland (6 = 3 singles each) = £30,000 total
£1,000 in pcm / 3% on £5,000 (no time limit) / no DDs

Tesco (4 = 2 singles each) = £12,000 total
£0 in pcm / 3% on £3,000 (no time limit) / no DDs

TSB (4 = 2 singles each) = £8,000 total
£500 in pcm / 5% on £2,000 (no time limit) / no DDs

Clydesdale (2 = 1 single each) = £6,000 total
£1000 in pcm / 2% on £3,000 (no time limit) / 2 DDs

Yorkshire Bank (2 = 1 single each) = £ total
£1000 in pcm / 2% on ? for one year / 2 DDs​

Savings account:

Birmingham & Midshires (as many as you want!) = £ no limit
£0 in pcm / 1.6% on minimum of £20,000 for one year / 2 DDs​

There will be others out there and you need to check the terms are the same as when we had them just to be sure and also ensure that you don't each put more than £75,000 into one 'group'.
 

Minxy

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To be honest, I'd suggest making appointment with an independent financial advisor as I'm sure they'd be able to help you find something(s) suitable as they'll have access to stuff we don't even know about!
 

TheWM

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I don't know how quickly you need your money back, but with that kind of money you could do a lot worse than look at fixed rate bonds. Generally 12 months coupons offer around 2% and are protected. I'd personally want to 'gamble' and say put 50k into 5 different shares. For example when I last looked Shell the yield on their shares was 6%+. That's not to be sniffed at. Plus you get the chance of some capital appreciation (and loss too). But it's worth considering. Especially if you will be using that money to assist your pension for example. Will start to return an income, or you can opt to reinvest the dividend giving you more shares (and thus more capital appreciation).

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Judge Mental

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I don't know how quickly you need your money back, but with that kind of money you could do a lot worse than look at fixed rate bonds. Generally 12 months coupons offer around 2% and are protected. I'd personally want to 'gamble' and say put 50k into 5 different shares. For example when I last looked Shell the yield on their shares was 6%+. That's not to be sniffed at. Plus you get the chance of some capital appreciation (and loss too). But it's worth considering. Especially if you will be using that money to assist your pension for example. Will start to return an income, or you can opt to reinvest the dividend giving you more shares (and thus more capital appreciation).

Agree stocks and shares the only way to see money grow, property as well but both carry risk especially in the short term.

Also be aware of TAX if selling.....different rules for your home or a second property as capatial gains tax can be due...

https://www.gov.uk/tax-sell-home

https://www.gov.uk/tax-sell-property/what-you-pay-it-on
 

TheWM

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ABZSteve

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"I've been looking at a bridging loan for my sons new house. We have £175k coming when we finally sell a factory unit this month hopefully. But my sons house purchase needs completing immediately. The cost of the bridging loan for one month is £6000 - Maybe we could do a deal?

Hmm. Maybe
I can do a deal also, just deposit your dosh into my paymepal wallet, account name ABZSteveScam. It is really safe and with a 100% return, honest guv. email me a ABZsteve@Nigeria.gov.ng

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Frentchy

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All money in Premium Bonds is safe!

:cooler:
Hi Mariner, We have some spare cash in a couple of UK banks, (doing absolutely nothing) but no UK address, and were thinking of going for the premium bond option. Can you give us an idea as to how we can do this. Frentchy
 

mariner

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Hi Mariner, We have some spare cash in a couple of UK banks, (doing absolutely nothing) but no UK address, and were thinking of going for the premium bond option. Can you give us an idea as to how we can do this. Frentchy

As far as I know, you can only buy them if you have a UK address.


:cooler:
 

Deneb

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Oct 20, 2015
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There are some current accounts that you can put money it to get better interest rates than many standard savings products but quite a few of them require at least 2 monthly direct debits for you to qualify, and also you need have a minimum amount gong through the account each month, eg you can put up to £60,000 in total into 3 x Santander 123 current accounts (£60,000 in total: 2 single, 1 joint) but will need to have 6 direct debits (2 for each one) and be able to have £500 going in each one each month from an account OUTSIDE Santander but the extra £500 doesn't have to stay there, just be in and out the same day if you want.

The funding for 123 accounts doesn't have to be from an account outside Santander, but it can't be from another Santander account in your own name. We meet the conditions each month by transferring between an account in my name and an account in my better half's name, but we fund the joint account externally, as transferring money from either of our sole accounts wouldn't meet the terms.

As you say, the required amount only has to go through the account, so the money that goes in to our joint account is the same money that we transferred out of it a short while previously, to send through various other interest paying current accounts before being transferred back to Santander.

Sounds complicated, but it's quite easy really, and well worthwhile for a few minutes work once a month!

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Charlie

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Agree stocks and shares the only way to see money grow, property as well but both carry risk especially in the short term.

Also be aware of TAX if selling.....different rules for your home or a second property as capatial gains tax can be due...

https://www.gov.uk/tax-sell-home

https://www.gov.uk/tax-sell-property/what-you-pay-it-on

No doubt there can be gains by playing on the stocks and shares market. I have seen people win and also loose heavily. It really can be costly if it goes wrong. I myself lost well over 30K when the crap hit the fan is 2007/8

Its one thing gambling money that is sat in a bank account earning nowt but to place funds from a house IF the funds are to be relied on later down the line would be a gamble I certainly would not take or advise anyone to do.

Minxygirl.. Is there any such thing as a completely impartial independent financial adviser ? Perhaps if we pay a fee ?
Financial advisers make their money by selling products. They take a wedge from the provider of the product and the provider rakes it back later on. How many really can actually be completely impartial unless they are charging for the advice ?

Lets face it there are no rates worth having. The best products like even the current market leader (I use this as an example) Santander with its 3% up to 20K are not really returning much, There was a time recently when inflation was up where the savings many of us have were absolutely and definatley Loosing money because the interest rates were lower than the inflation rate so money at the end of the year is less than interest added.


I still think the same applies today. I cant bear to look at it to be honest. Our savings now earn us near enough fark hall and again to be honest its just not worth the effort trying to find an account that gives even a tint bit of interest.

The banks of course continue to use our money to lend out. We get if we are lucky 1% in even the best current accounts. They lend out at 29% plus on credit cards.

All I would like is a wee bit of reasonableness. Just give the saver a bit of interest in return for using our money... Some greedy bas tards are raking it in...

There I feel better now :D:D:D
 

Charlie

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The funding for 123 accounts doesn't have to be from an account outside Santander, but it can't be from another Santander account in your own name. We meet the conditions each month by transferring between an account in my name and an account in my better half's name, but we fund the joint account externally, as transferring money from either of our sole accounts wouldn't meet the terms.

As you say, the required amount only has to go through the account, so the money that goes in to our joint account is the same money that we transferred out of it a short while previously, to send through various other interest paying current accounts before being transferred back to Santander.

Sounds complicated, but it's quite easy really, and well worthwhile for a few minutes work once a month!

Your right its not that hard... But why on earth should we have to arse around like we do just to get a what in reality is a small amount of interest on our hard earnt coin ?

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Jan 8, 2013
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To be honest, I'd suggest making appointment with an independent financial advisor as I'm sure they'd be able to help you find something(s) suitable as they'll have access to stuff we don't even know about

Be sure to ask about the charges - they certainly don't work for nothing.
 
Mar 23, 2012
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If inflation was 8% and the interest rates 10% everyone would think it was fine its the low rate of inflation that makes rates so low, good for the long term worth of your cash poor for short term income. You could look at drawing down some capital so the pot reduces at the same rate as it would do if inflation were higher, There is no difference between reducing the capital by 5% a year when inflation is near enough zero and getting 2% interest and getting 7% when inflation is 5% and not putting any back in!!

David
 

Judge Mental

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No doubt there can be gains by playing on the stocks and shares market. I have seen people win and also loose heavily. It really can be costly if it goes wrong. I myself lost well over 30K when the crap hit the fan is 2007/8

Its one thing gambling money that is sat in a bank account earning nowt but to place funds from a house IF the funds are to be relied on later down the line would be a gamble I certainly would not take or advise anyone to do.

Minxygirl.. Is there any such thing as a completely impartial independent financial adviser ? Perhaps if we pay a fee ?
Financial advisers make their money by selling products. They take a wedge from the provider of the product and the provider rakes it back later on. How many really can actually be completely impartial unless they are charging for the advice ?

Lets face it there are no rates worth having. The best products like even the current market leader (I use this as an example) Santander with its 3% up to 20K are not really returning much, There was a time recently when inflation was up where the savings many of us have were absolutely and definatley Loosing money because the interest rates were lower than the inflation rate so money at the end of the year is less than interest added.


I still think the same applies today. I cant bear to look at it to be honest. Our savings now earn us near enough fark hall and again to be honest its just not worth the effort trying to find an account that gives even a tint bit of interest.

The banks of course continue to use our money to lend out. We get if we are lucky 1% in even the best current accounts. They lend out at 29% plus on credit cards.

All I would like is a wee bit of reasonableness. Just give the saver a bit of interest in return for using our money... Some greedy bas tards are raking it in...

There I feel better now :D:D:D

Years ago a friend talked me into getting a pension. Just a small one but I drew on it at 60 in retrospect glad I took his advice.
My health has always been suspect due to diabetis so I also took out a ISA investment account at same time, reasoning being it would not be tied up in an annuity. The ISA fund twice the size of the pension now and still growing. This (due to charges from pension companies)

wish I had doubled the ISA up to be honest!:(

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Judge Mental

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Be sure to ask about the charges - they certainly don't work for nothing.

Indeed..and they have a chunk of your investment for life! My nephew one I can't even trust him. Drives a top of the range Jag...makes a fortune.
 

Charlie

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Years ago a friend talked me into getting a pension. Just a small one but I drew on it at 60 in retrospect glad I took his advice.
My health has always been suspect due to diabetis so I also took out a ISA investment account at same time, reasoning being it would not be tied up in an annuity. The ISA fund twice the size of the pension now and still growing. This (due to charges from pension companies)

wish I had doubled the ISA up to be honest!:(

Judge when you and I set up pensions they were a good investment.. Ok m
Nowhere near what they were forecast to be but still very reasonable.. I drew my pension early at 52. That was 6 years ago mind it's 55 now. If I had left the money in it would have dwindled with the recession and I was fortunate to have solid advice so drew it. Bloody good job cos it would be worth very little if I had left it in.

ISA ? Well we have them but today like any savings they just don't keep pace with inflation.
 

makems

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I don't know how quickly you need your money back, but with that kind of money you could do a lot worse than look at fixed rate bonds. Generally 12 months coupons offer around 2% and are protected. I'd personally want to 'gamble' and say put 50k into 5 different shares. For example when I last looked Shell the yield on their shares was 6%+. That's not to be sniffed at. Plus you get the chance of some capital appreciation (and loss too). But it's worth considering. Especially if you will be using that money to assist your pension for example. Will start to return an income, or you can opt to reinvest the dividend giving you more shares (and thus more capital appreciation).
The issue with most high yielding dividend shares is working out when you get the divis. It doesn't matter if you are investing for the long term, but the OP is talking about a 6month timeframe. Most pay out every 6 months - an interim which is usually less than the final. Some (like Shell) pay out quarterly.
The dates can be complicated - there is a date when you have to be on the share register to qualify for a divi, an ex-dividend date which if you sell after this date you will still get the divi (and conversely if you buy after this date, you won't get the divi). Finally there is the payment date when you actually get the money.
It would be too much hassle I think to select shares that pay a decent dividend AND would fit it with the OP's timing.
I own a significant (to me) investment in Shell and I believe it is one of the best investments you can make in the long term, but not suitable for the Op's purposes.

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Aug 18, 2014
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All I would like is a wee bit of reasonableness. Just give the saver a bit of interest in return for using our money... Some greedy bas tards are raking it in...

There I feel better now :D:D:D

Don't leave it in there. Keep it under the tiles like the spaniards do.:LOL:
 

TheWM

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If inflation was 8% and the interest rates 10% everyone would think it was fine its the low rate of inflation that makes rates so low, good for the long term worth of your cash poor for short term income. You could look at drawing down some capital so the pot reduces at the same rate as it would do if inflation were higher, There is no difference between reducing the capital by 5% a year when inflation is near enough zero and getting 2% interest and getting 7% when inflation is 5% and not putting any back in!!

David

I'm no economist - but long term low inflation I suspect is bad for us in the long run (i.e. under 1.5%). It has all kinds of knock on effects - whilst in the short term are good for consumers, the wider macro economic picture is concerning.

For example - people aren't rushing out to but consumer goods (TV's, fridges etc...) as there is no real 'need' to. The prices aren't going up massively, if at all. One of the reasons for the explosion of Black Friday deals and similar - to get people spending. This is a good thing right? Not for overall wage growth, if companies can't afford to make more money on a product or service then it's the workers (us) that suffer.

See Japan's deflationary years as an example of literally where there was no growth for over a decade, despite being a leader in producing goods the world wants.

So, it's worthwhile factoring in this when considering your next move. Whilst I wouldn't suggest this to the OP, there are actively things that can be done to try and give yourself a further edge. Foreign exchange is one. A foreign exchange ETF (exchange traded fund) aim is to invest in a currency (or a bag of different currencies) therefore, trying to create value from movement of currencies, coupled with the interest rates in some countries (anyone for Ukraine's 18%? - and that has come down!)

But - what do I know. I left home at 14 and have no qualifications :(
 

TheWM

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The issue with most high yielding dividend shares is working out when you get the divis. It doesn't matter if you are investing for the long term, but the OP is talking about a 6month timeframe. Most pay out every 6 months - an interim which is usually less than the final. Some (like Shell) pay out quarterly.
The dates can be complicated - there is a date when you have to be on the share register to qualify for a divi, an ex-dividend date which if you sell after this date you will still get the divi (and conversely if you buy after this date, you won't get the divi). Finally there is the payment date when you actually get the money.
It would be too much hassle I think to select shares that pay a decent dividend AND would fit it with the OP's timing.
I own a significant (to me) investment in Shell and I believe it is one of the best investments you can make in the long term, but not suitable for the Op's purposes.

You're right - but it's not insurmountable. An email to the registrar of the company (or a look at the investor section of a company's website will give you the info). And again, I agree - hold shares for the long term (or so the edict goes); however, in this day an age of HFT (high frequency trading) where the computer does the work for the big firms, it is us small private investors that get shafted. I remember reading a while back that the average length of a shareholding was 22 seconds!!!

So, six months - is an eternity in comparison and with a bit of research, timed right - could be very favourable. But as I said, I'd only commit £50k towards it, not knowing the OP's full circumstances (age/attitude to risk/future plans). I dare say, most of us could afford to lose £50k and whilst it would be painful - it wouldn't be terminal (eg - motorhome was taken and insurance didn't pay out...)

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D

deleted-member02

Deleted User
The issue with most high yielding dividend shares is working out when you get the divis. It doesn't matter if you are investing for the long term, but the OP is talking about a 6month timeframe. Most pay out every 6 months - an interim which is usually less than the final. Some (like Shell) pay out quarterly.
The dates can be complicated - there is a date when you have to be on the share register to qualify for a divi, an ex-dividend date which if you sell after this date you will still get the divi (and conversely if you buy after this date, you won't get the divi). Finally there is the payment date when you actually get the money.
It would be too much hassle I think to select shares that pay a decent dividend AND would fit it with the OP's timing.
I own a significant (to me) investment in Shell and I believe it is one of the best investments you can make in the long term, but not suitable for the Op's purposes.
Will also say that when shares go 'ex div' the share price will fall by an equal amount, (as the Co. is now worth less).
Sometimes the price will rise after xd, as investors can save on stamp duty by buying at a lower price (lower price = less stamp duty).

The main benefit of share ownership is dividend reinvestment - it's the primary reason for the increasing value of funds.
People say that the FTSE hasn't risen in 15 years - with DRIP (dividend reinvestment plan) your money would've earned over 50%.

I'm not keen on specific shares (think BP, great until Deepwater Horizon, or Volkswagen today !) but a balanced portfolio, long term is a great investment.

http://www.thisismoney.co.uk/money/...-money-shares-struggle-beat-safer-assets.html

I wouldn't recommend it for the OP's purposes though.
Pure gambling on a six month timeframe. Transaction costs alone would make it difficult to turn a profit...
 

Minxy

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The funding for 123 accounts doesn't have to be from an account outside Santander, but it can't be from another Santander account in your own name. We meet the conditions each month by transferring between an account in my name and an account in my better half's name, but we fund the joint account externally, as transferring money from either of our sole accounts wouldn't meet the terms.
Never reaslied that - we were told it had to be funded via external accounts, if we'd known it could be from one 'single' Santander account to another 'single' Santander account it would have made things easier - below is the wording on their website and on the T&Cs - the first 2 imply that it cannot be another Santander account, but the last one gives a bit more info and states it cannot be in your own name.

Fund the account with £500 a month (excludes internal transfers). A minimum balance of £1,000 is needed to receive interest.

Fund the account with at least £500 per month - transfers between Santander personal accounts won't count towards this

4. Monthly Funding requirements
You must pay at least £500 into your account every month. This is not a calendar month, it is the monthly anniversary from the date you opened/transferred your account. The £500 minimum monthly payment does not include ... amounts transferred into the account from another Santander account in your name (including any joint accounts).

All I did was just set-up what I call 'ping-pong' standing orders - from external accounts I 'ping' the £500 money into each Santander account then the Santander accounts 'pong' it straight back again to the original external account - so I don't even have to worry about doing it each month.
 

Flamenca

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Never reaslied that - we were told it had to be funded via external accounts, if we'd known it could be from one 'single' Santander account to another 'single' Santander account it would have made things easier - below is the wording on their website and on the T&Cs - the first 2 imply that it cannot be another Santander account, but the last one gives a bit more info and states it cannot be in your own name.

Fund the account with £500 a month (excludes internal transfers). A minimum balance of £1,000 is needed to receive interest.

Fund the account with at least £500 per month - transfers between Santander personal accounts won't count towards this

4. Monthly Funding requirements
You must pay at least £500 into your account every month. This is not a calendar month, it is the monthly anniversary from the date you opened/transferred your account. The £500 minimum monthly payment does not include ... amounts transferred into the account from another Santander account in your name (including any joint accounts).

All I did was just set-up what I call 'ping-pong' standing orders - from external accounts I 'ping' the £500 money into each Santander account then the Santander accounts 'pong' it straight back again to the original external account - so I don't even have to worry about doing it each month.


Mel, the thread seems to be very complicated for me (maybe I have had too many glasses of Spanish wine). AlI know is that Santander seems to be the bank with the highest number of customer complaints and most customer dissatisfaction. I have an account with a Spanish bank and know the problems. The banks just shrug their shoulders and invite you to 'go away'. Out of necessity I have a Spanish account but would advise anyone who does need one to steer clear of them all.

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Minxy

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Mel, the thread seems to be very complicated for me (maybe I have had too many glasses of Spanish wine). AlI know is that Santander seems to be the bank with the highest number of customer complaints and most customer dissatisfaction. I have an account with a Spanish bank and know the problems. The banks just shrug their shoulders and invite you to 'go away'. Out of necessity I have a Spanish account but would advise anyone who does need one to steer clear of them all.
We and my Mum have had Santander accounts since December 2012 and in that time we've only had one issue and that was with a clerk in one of their branches who didn't want to put in the effort to help us sort out something, we rang customer services and complained and it was soon sorted, so other than this one clerk having a 'bad day' we are quite happy with them and have had to get assistance/advice on stuff from them and they've always been very helpful.
 

Flamenca

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Exp
Since 2010
We and my Mum have had Santander accounts since December 2012 and in that time we've only had one issue and that was with a clerk in one of their branches who didn't want to put in the effort to help us sort out something, we rang customer services and complained and it was soon sorted, so other than this one clerk having a 'bad day' we are quite happy with them and have had to get assistance/advice on stuff from them and they've always been very helpful.

I am pleased that you have been happy with Santander . Maybe you should consider yourselves lucky because the statistics rate them near the bottom of the pile. I have contemplated banking with them on more than one occassion but have not done so because of the level of customer dissatisfaction. My Spanish bank is probably no better but I stick with them because the the others are probably no better. The key to it all is that Spanish banks have a different attitude to customers to some UK banks banks. However, on reflection, maybe all banks have the same ethos.....rip-off the customer. :eek:
 
OP
OP
Yorick
Oct 1, 2013
7,487
19,764
Lanzarote
Funster No
28,377
MH
Nil by mouth
Exp
Lots
Santander are getting a slagging, but we've 4 accounts and had no problems.

The only downer is their very poorly laid out printed statements.

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