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  • innovate
    innovate Posts: 16,217 Forumite
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    junkmail42 wrote: »
    For this reason, I no longer consider MSE a one stop shop for the best advice, as I know they don't always cover all the options.

    The MSE forums are ace, there's nothing else out there that has the best information all in one place.
  • tomsocr
    tomsocr Posts: 48 Forumite
    First Post First Anniversary Combo Breaker
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    junkmail42 wrote: »
    For this reason, I no longer consider MSE a one stop shop for the best advice, as I know they don't always cover all the options.

    Totally agree. I found a 4% savings account with Monmouthshire BS in March and could stick up to 12k a year in it. I now have 24k at 4%. Shame it comes to an end in April. This was probably mentioned in the MSE forums, but not my Mr Lewis himself.

    I don't favour the Santander at all. I use cashback credit cards to get 3% on ALL payments and doesn't cost a penny in fees.
  • Fifibelle1
    Fifibelle1 Posts: 1 Newbie
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    iv'e been with my bank for 25 years and live 1 hours drive away so not convienient anymore. So decided to open a new account with HSBC , got told I had to close all other accounts I had with other bank?..as this is a new policy..mmmm I have free banking for life with one of my accounts and not really willing to give this up, I asked for the reason for this" it's to stop money laundering" mmmm but wasn't that what HSBC is being investigated for ?. One rule for one ......pot kettle??????
  • Gromitt
    Gromitt Posts: 5,063 Forumite
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    Probably incorrect information from a staff member. There's a lot of it.

    Have you tried opening an account online?
  • allycatraz
    allycatraz Posts: 12 Forumite
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    Hello Everyone,

    I'm thinking of opening a Santander 123 Current Account and using it as a pure Savings Account (3% for £3k+) but I was wondering if anyone is able to clarify a few points regarding the criteria to be met to ensure you get interest each month?

    1. MSE is saying that you need to "Pay In" £500 per month. To me and as per MSE that means you can pay in £500 and literally immediately withdraw it and therefore have met this criteria. However the Santander website uses the term "Fund" which in my head is different to "Pay In" or are Santander just purposefully trying to make this criteria ambiguous? Can you just pay in £500 and withdraw it immediately and meet this criteria?

    2. MSE states you can/have to transfer over 2 Direct Debits and 2 Standing Orders (implying these would be ones you have already setup in a previous current account). However Santander website states you have to "setup 2 direct debits". This suggests they have to be newly created direct debits to be set up once the account is open. Is this correct or can 2 just be transferred?

    3. I assume the Standing Orders don't have to be with different recipients? I have a standing order for a family member and plan to split this value into two standing orders. I assume this is OK, I can't see it mentioned on the Santander website.

    Any information or others with experience on this account would be greatly appreciated!

    Many thanks!
    Alex
  • arthur2
    arthur2 Posts: 82 Forumite
    First Anniversary Combo Breaker First Post
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    MSE email mentions Lloyds TSB as paying 3% on Vantage current a/c balances from £3K to £5K. BoS does the same.
    --
    Arthur
  • robotrobo
    robotrobo Posts: 921 Forumite
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    allycatraz wrote: »
    Hello Everyone,

    I'm thinking of opening a Santander 123 Current Account and using it as a pure Savings Account (3% for £3k+) but I was wondering if anyone is able to clarify a few points regarding the criteria to be met to ensure you get interest each month?

    1. MSE is saying that you need to "Pay In" £500 per month. To me and as per MSE that means you can pay in £500 and literally immediately withdraw it and therefore have met this criteria. However the Santander website uses the term "Fund" which in my head is different to "Pay In" or are Santander just purposefully trying to make this criteria ambiguous? Can you just pay in £500 and withdraw it immediately and meet this criteria?

    2. MSE states you can/have to transfer over 2 Direct Debits and 2 Standing Orders (implying these would be ones you have already setup in a previous current account). However Santander website states you have to "setup 2 direct debits". This suggests they have to be newly created direct debits to be set up once the account is open. Is this correct or can 2 just be transferred?

    3. I assume the Standing Orders don't have to be with different recipients? I have a standing order for a family member and plan to split this value into two standing orders. I assume this is OK, I can't see it mentioned on the Santander website.

    Any information or others with experience on this account would be greatly appreciated!

    Many thanks!
    Alex

    1/ correct £1
    £20000.
    2/ transfer /or set up 2 d/d
    3/ you do not need 3.

    whats the point of putting 500 in to withdraw again, the idea of this account is to earn interest with the money in place, but it is a current account.
    the best account in the present times that i have opened £50 interest every month ,with the max in.
  • hyperstar
    hyperstar Posts: 6 Forumite
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    Hi,

    I'm new to this so please bear with me...
    I have a Santander current account that charges me £20 a month for my overdraft. This year I'm determined to sort that, so do I switch to First Direct (0% for a £250 overdraft for life of the account) or Halifax 0% for overdraft for a year? Currently I'm about £650 OD a month. I have £400 on a 0% credit card, that's my only other debt (apart from mortgage). Please can anyone advise what would be the best route to take, I'm confused about what's the best way to sort this.

    Many thanks.
  • itsanne
    itsanne Posts: 4,992 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
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    hyperstar wrote: »
    Hi,

    Please can anyone advise what would be the best route to take, I'm confused about what's the best way to sort this.

    Many thanks.

    Hyperstar, if you scroll down towards the end of the best banks article there's a very straightforward section about what to do in your situation. Good luck.
    . . .I did not speak out

    Then they came for me
    And there was no one left
    To speak out for me..

    Martin Niemoller
  • robotrobo
    robotrobo Posts: 921 Forumite
    First Anniversary First Post
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    Hoopeer wrote: »
    1/ correct £1
    £20000.
    2/ transfer /or set up 2 d/d
    3/ you do not need 3.


    HMMM...

    hi hooper

    i am not a boffin & dont posess to be
    but i have set up a 123 account & ididnt need to do no 3 thats all.

    i hope that helps.
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