Santander 123 account

I've got an ISA and 123 account. Will be moving both.  Prob not to a bank account tho.

This could happen sooner than you think.

Some banks are already charging corporate customers to deposit cash and there's even a bank in Switzerland that charges private clients........

It's a bit of a blow. The £5 was always likely and isn't that significant if you keep a lot in it but this rate cut is going to cost me £20 per month on average. Doesn't take effect till Nov. There are better options at the moment I think but only up to about £5k.

Could have an effect on Betfair?

Carrying customer deposits?
Will they be charged?

In which case i suspect customers may find their commission RATE going UP

Somebody on one of the financial websites worked out that after the santander increase to £5 a month that anyone with less than 9K in would be worse off.
Well a rate halfing would double that meaning 18k and under is pointless.
Since they have a limit of 20k I presume that will go will it?
If not people will just close accounts wholesale.

*anything paying 1.2% and over would beat the 123 account
maggots

There are better options at the moment I think but only up to about £5k.

Yep that's the problem salmon, becomes a right game they want Direct debits & £1500 month paid in just to pay you 5% on 5k it's hardly worth the effort

£5 was minimal but now you're only getting £20 month total for 20k , which works out 1.2%  + a few pennies back on bills

Could have an effect on Betfair?

Carrying customer deposits?
Will they be charged?

Betfair bank with Santander , Lucky

RBS to start charging large UK clients to hold cash - negative interest rates?

BOOM

Fat larry tine