Santander Offer An Exclusively Uncompetitive Account

Written by Karen Bryan

santanderlogoI can’t understand why Santander have the audacity to offer an uncompetitive 1.8% rate of interest on their Fifteen Month Fixed Rate Bond, which is exclusively available to holders of the Santander 123 Current Account or 123 Credit Card.

The Britannia Building Society is currently paying 2.03% on their one year fixed rate bond, with the Post Office not far behind with 1.99%. ICICI Bank pay 2.3% on their two year fixed rate bond.

Just when I thought that banks were begining to reward loyalty, e.g. with Virgin Money offering a higher rate Cash ISA to existing customers, Santander are peddling this account. They claim that it offers “an impresssive rate – make your money work hard”. I think they mean make more profit for them.

In fact, as a 123 Current Account holder, I’m annoyed that Santander think I’m daft enough not to check out where I can get the highest rate of interest on my savings.  It’s just not right for Santander to be implying that they are offering a good deal to existing customers

Rates of interest correct on 11 August 2013.

One Response to “Santander Offer An Exclusively Uncompetitive Account”

  1. Well said, Karen. Unfortunately, banks will continue to offer such terrible deals as long as people are willing to accept them. They should take their custom elsewhere and then the banks would have no choice but to offer competitive rates.