Due to recently selling my house and buying a far cheaper house elsewhere I now have a bank balance of £149,509.10 in my Santander account.

Despite this they pay me no interest at all.

Santander said I could obtain a different type of account that would pay me

interest but only on a balance up to £20,000.

I am of the impression that the bank doesn't want my money and would prefer me

to transfer it elsewhere.

I find this very strange indeed because I thought banks needed people with large balances so they could lend to other people and charge interest on the loans.

Seems to me if you have a fairly large amount of money the last place you put it is in a bank.

Having no idea where to invest my money I assume I will have to just leave it in the bank and watch it depreciate due to inflation. Oh well, such is life.

Having no idea where to invest my money I assume I will have to just leave it in the bank and watch it depreciate due to inflation. Oh well, such is life.

You are right.

Your assumption is correct.

If you are too dumb to seek professional advice and find an investment that suits:

a) your desired level of risk and

b) your desired level of access to the money invested, then

Yes, you'll have to leave it in a bank account.

It isn't Santander's fault that interest rates are currently low,

Sorry you think I am dumb.

Being dumb I wonder how I made so much money.

Maybe I'm not as dumb as you think I am.

Oh well, such is life. You are welcome to your opinion.

If you have a personal pension running...why not top it up...better interest to be made in pensions at the moment than any Bank Savings Account.

Andy

If wisdom was directly proportional to one's bank account balance, this country would be run by nobel prices...

Money!

What the hell is it for rather than buying food and pay bills?

I wonder why so many people waste their life in desperate search of more money that they need.

The richest man in the graveyard, my grandfather used to say to his friend who was bragging about his bank balance at every opportunity.

My Grandad died happily at 95 surrounded by people who loved him.

His friend died alone at 58 of heart attack possibly due to the stress of working 20 hours a day in order to accumulate useless wealth and taking time away from the family.

Is this a current account you have the money in at the moment ?

I think one of their 123 accounts pays interest, but it isn't very high.

Is this a current account you have the money in at the moment ?

 

 

I think one of their 123 accounts pays interest, but it isn't very high.

Hi CitizenB and thank you for your reply. Yes my money is in a current account. It's the same

account I've had since 1977. I realise that I could open a 123 account.

Sadly the 123 account only pays interest on £20,000 and ignores the rest.

Thank you for giving me kind advice rather than attacking and insulting me.

Hi CitizenB and thank you for your reply. Yes my money is in a current account. It's the same

account I've had since 1977. I realise that I could open a 123 account.

Sadly the 123 account only pays interest on £20,000 and ignores the rest.

Thank you for giving me kind advice rather than attacking and insulting me.

So, in other words you still need:

http://bfy.tw/CbZQ

So, in other words you still need:

http://bfy.tw/CbZQ

Need to change the format on the link as not accessible.

ooh look it googles to Independent financial advice

Is that what you intended BS?

 

ooh look it googles to Independent financial advice

 

Is that what you intended BS?

It is still up to the OP, but isn't that what they need?

seek professional advice and find an investment that suits:

a) your desired level of risk and

b) your desired level of access to the money invested

http://uk.businessinsider.com/uk-savings-rate-falls-to-new-record-low-fuelling-brexit-slump-fears-2017-6?r=US&IR=T

There are probably loads of reasons that people aren't saving - some are repaying debts (hopefully) and others are probably just saving it under their mattress ! Interest is either so low or non- existent - why would they want to just leave money in the bank for the banks to borrow ? Could be they are also concerned that banks might have put themselves in a dodgy position again and don't trust them! Of course there is the main reason - that people simply don't have the money to save in the first place ?

 

Brexit has pushed the amount Brits are saving to the lowest level since records began

 

A Brexit-fuelled economic slowdown is looking increasingly likely, with more data out Friday suggesting UK household finances are being squeezed to breaking point.

 

Brits are saving less than at any point in more than 50 years, due to inflation and falling real wages

 

According to new figures released by the Office for National Statistics on Friday morning, just 1.7% of incomes were put aside for a rainy day in the first quarter of 2017, which is lower than at any point since comparable records began in 1963.

 

 

And of course here is the real reason they are concerned we aren't saving..... Consumer confidence - people aren't spending either.. so more high street shops going out of business, people not upgrading their phones/computers/televisions !

 

This is worrying because, if the savings rate it falling because of rising prices and flat wage growth, it suggests Brits have little headroom to absorb further price rises. This could mean that Brits cut back on their spending. Consumer confidence figures out on Friday show shoppers are at their most pessimistic for 12-months.

 

Any spending slowdown would be disastrous for the economy, as it is consumer spending that has largely held up GDP growth since last year's Brexit vote.

 

So we will lend them more so they can spend !! But still not have sufficient to save.

My son Terry said he could get me some interest on my money if I transfer it to his savings

account with Barclays Bank. OK no problem.

I visit my local branch of Santander and ask them to transfer most of my money into

my sons bank account.

Santander say they can't do that without photographic proof of my identity

such as a passport or a photo driving licence. I have neither so I was unable to

transfer the money to my sons bank account.

I left my local Santander branch wondering how they accepted my house sale money

into my account without me proving my identity.

Surely if your not good enough to transfer money out how can you be good enough to

transfer money in?

I therefore assume banks are bent.

Hello there.Hello there.

We sold our house not that long ago and we had to provide proof of identity. How did you manage that? Can you use whatever you gave the lawyer and/or estate agent to give to Santander?

HB

Most if not all Solicitors check your identity by the same methods before the sale money is transferred to your account....money laundering etc ....as for Santander are you not comforted that they wouldn't transfer without your ID...what if it wasn't you ?

Andy

OP faced similar previously:

http://www.consumeractiongroup.co.uk/forum/showthread.php?474623-Photo-ID-issues-with-house-conveyancing&p=4996568#post4996568

If they find they still need photo ID : all was discussed on that previous thread (and the rationale : anti-money laundering)

You can transfer up to 10k a day with online banking.

Do that if you can, so you get around their ID policy.

Lots of accounts that pay better interest than anything Santander offer. Also look at Premium Bonds & other NSI products.

OP - remember the tax position of your son, if he is in a higher band than you more tax will be paid. Also why can't you open the same savings account that he has if it is that good.

If you have a personal pension running...why not top it up...better interest to be made in pensions at the moment than any Bank Savings Account.

 

Andy

Hi Andy, I have a Civil Service pension that's in payment. I am not allowed to top it up

with any further money. I don't understand how I can make interest on a pension scheme

I'm not allowed to top up.

Well if you cant add to it its irrelevant.....but in the main pensions are one of the best sources of interest rates at the moment subject to the kind of personal pension you hold and if its in managed funds.

http://www.pensionfundsonline.co.uk/content/pension-funds-insider/the-impact-of-rising-interest-rates-on-pension-fund-portfolios/1481

Hello there.Hello there.

 

We sold our house not that long ago and we had to provide proof of identity. How did you manage that? Can you use whatever you gave the lawyer and/or estate agent to give to Santander? HB

To my house sale conveyancing solicitor I provided my paper driving licence, my birth certificate and a recent utility bill. That was accepted as proof of identity for my house sale. I therefore conclude that the proof of identity I provided to my solicitor is insufficient as proof of identity to my own bank.

I noticed something strange yesterday when I received my monthly credit report from Noddle.

Since banking a load of cash my credit rating has gone down from 619 to 594.

I have no blemishes on my credit report apart for one negative for not having a credit card.

My credit rating is 3 out of 5 which means I would be turned down for some credit applications

or charged a higher then average interest rate. I own my house outright, I have a large bank balance, a secure Civil Service pension and I am considered a financial risk if I applied to borrow a few grand? This country is bonkers, the financial services, banks and credit reference agencies can't tell **** from putty.

Well thats irrelevant as you wont require any credit with £149,509.10 in the Bank:wink:

Ignore any credit score from the CRA's (especially Noddle & Clearscore) as they are based on their own criteria which bear no comparison to lenders.

You only need to worry if there are any bad markers, which I would assume there are not.

How bizarre.

First the OP is complaining that they get low or no interest on almsot £150k cash they have at hand:

Due to recently selling my house and buying a far cheaper house elsewhere I now have a bank balance of £149,509.10 in my Santander account.

Despite this they pay me no interest at all.

 

Santander said I could obtain a different type of account that would pay me

interest but only on a balance up to £20,000.

 

I am of the impression that the bank doesn't want my money and would prefer me

to transfer it elsewhere.

 

I find this very strange indeed because I thought banks needed people with large balances so they could lend to other people and charge interest on the loans.

 

Seems to me if you have a fairly large amount of money the last place you put it is in a bank.

Having no idea where to invest my money I assume I will have to just leave it in the bank and watch it depreciate due to inflation. Oh well, such is life.

Then (on the same thread!) they are complaining that they would be turned down for credit, or charged higher than average interest.

I noticed something strange yesterday when I received my monthly credit report from Noddle.

Since banking a load of cash my credit rating has gone down from 619 to 594.

I have no blemishes on my credit report apart for one negative for not having a credit card.

My credit rating is 3 out of 5 which means I would be turned down for some credit applications

or charged a higher then average interest rate. I own my house outright, I have a large bank balance, a secure Civil Service pension and I am considered a financial risk if I applied to borrow a few grand? This country is bonkers, the financial services, banks and credit reference agencies can't tell **** from putty.

There is still no sign of them taking financial advice.

If they raised this with a financial adviser, part of the advice would be "don't take out that loan".

Keep a relevant sum in an investment with quick & easy access

Remember:

find an investment that suits:

a) your desired level of risk and

b) your desired level of access to the money invested,

Use that money in place of getting that loan.

So, the money you no longer are getting (say, for sake of argument) 1.2% AER interest (and paying tax on that interest) prevents you having to pay (again, say) 7% APR interest charges......

So, my conclusion is that either:

a) The OP just wants to complain, and the "I'd have to pay a higher rate of interest" is a 'straw man' argument or

b) They are in desperate need of financial advice if the fact they should use that money (instead of saving it at a low interest rate at the same time as borrowing it at a higher rate......) isn't obvious to them.

Perhaps it is both a) and b).

I sent a cheque to my son Terry for £120,000 and he has paid it into his account.

The cheque hasn't cleared yet but I advised him to invest the money in property.

Meanwhile he will get some interest on the money sat in his savings account.

One thing that crossed my mind, will Terry be accused of money laundering?

Also will I be accused of money laundering?

Are there any tax liabilities for transferring the money to my son?

I hope not.