Does anyone have a Santander 123 account?
Mrs Opti and I have one each.
A letter from Santander dropped through the letterbox this morning informing us the Interest rate will drop from 3% to just 1.5% in November.
The overdraft charges will also treble. The £5 monthly charge will remain.
Surely they can't keep calling it the 123 account from November.
Braver man than me, I would personally give them a miss, after looking at all the Spanish Bank's property loan books. I'm sure at some century in the future they will be worth the book loan security value.
Never forget, the return of the money always takes priority on the the return on the money. Forget Greece, the new EU / ECB
bailout bailin model is Cyprus.
Without impossible major political reforms, loss of sovereignty by all Euro countries, including money transfers from Germany to poorer regions, sovereign debt pooling and possibly some form of sovereign debt insurance (backing ECB's whatever it takes), Steins law will prevail. In Germany moving the population of Libya, Syria, Iran, Iraq and Yemen, lock, stock and barrel, would be more popular politically than monetary transfers and sovereign debt pooling.
If you want me two post up a couple of useful links, including a recent podcast at an LSE event by a Nobel prize winning, Prof in Economics, then I can do so?