Santander offer 5%

so in rear figures, 125 per annum at a cost of 120 = 5 int and as you say

I wonder how much is cost the wiz bangs to come up with that one. I should talk, I have company money with them and probably used to pay those wiz bangs........

"Tom E" wrote

... unless you pay any tax on the interest, in which case the "interest rate" becomes *negative* !

I must say, my view of Santander is abysmal. Since it took over Abbey and Alliance Leicester the ISA and savings rates for existing savers is not much above zero. I think it's appalling how they treat existing customers and I wouldn't invest with them again.

Rob Graham

I did well out of moving from Abbey to A & L, they gave me a fee free 2.5k overdraft for a year, a super saver rate for the first year, and they gave me 50 quid over a c*ck up. Plus I got 50 quid to open it and 35 quid from quidco.

There you go - new customer! Us existing ones get left on the scrap heap. No more Santander for me.

Rob

I'm with you. They tried to charge me 45 quid for being overdrawn by less than 2 quid for a couple of days. When I phoned up to complain they withdrew the charge.

In message , Alan writes

I complained to the Advertising Standards Authority about this advert - but they say that financial adverts are not within their remit. The only recourse they suggest is the Banking Ombudsman, which of course requires a complaint to the offending company first, and then takes years. By which time 0.1% might be quite a good rate!

The gross return is 0% net on an investment of £2400 and negative below that.

It has a misleading headline rate but the small print that makes it OK for them means little can be done about it I think.