Those with more than one sole Santander 123 account

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Ashen
Ashen Posts: 592 Forumite
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I know quite a few people have made use of multiple sole 123 accounts from when you could open more than one, so just want to gauge views on this now the interest rates are dropping.

I have two sole accounts, and I'm wondering whether it's worth keeping both as a 123 account for £60 per account each year, in the prospects of whether in the next couple of years it does become a much better account again - wondering what others are planning to do?

I've opened up a few more regular savers, so my balances are currently significantly lower than they were.
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  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    I've currently got two, will transfer one out for a switching bonus in the next week or two. This will allow me to move dds to the one account to help offset the monthly charge.

    Still an issue of what to do with the money, more into regular savers, investments and p2p and might increase my premium bonds holdings as well.
  • Vortigern
    Vortigern Posts: 3,243 Forumite
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    If I close one of my 123 accounts, will they boot me out of Santander Select?

    Could I be bothered? ;)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    That's a £5 monthly bet that things will get better next year (assuming no Santander mortgage). You'd get better odds with a lottery ticket! ;)

    You must have all the other high interest current accounts, so maybe time for something else other than cash?
  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
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    I switched one of mine earlier this year.

    Am switching my remaining one to a RBS Child and Co Reward account as will be better off than even converting to 123 Lite. And a pretty chequebook too. :):):)

    Investing in investment trusts at HL with half the excess funds, getting 4% dividend yield. Capital values not guaranteed blah blah blah :)

    The other half of the money is going to be topping up my Premium Bonds.
  • G_M
    G_M Posts: 51,977 Forumite
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    I'm keeping both but would only do so if both were maxed at £20K.
  • colsten
    colsten Posts: 17,597 Forumite
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    I'm keeping mine but only because I have exhausted all better alternatives.
  • dave_dph
    dave_dph Posts: 618 Forumite
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    For me the DD's on the second account earn no cashback so in effect the annual fee lowers the interest to 1.2%.

    I've opened two more Vantage accounts with Bank of Scotland which takes £10,000. I will move £3000 to Clydesdale at 2% and the rest will go into my loyalty saver with Nationwide currently paying 0.95%; this I'll use to drip feed regular savers with M&S and First Direct. Overall this is better that 1.2% from Santander. This second 123 account will switch to an existing account with Tesco in order to gain the 2500 Clubcard points.

    My regular saver with Nationwide matures @ £6000 early December; again I guess the best option open to me by then will be the loyalty saver.

    I've just spent most of this morning re-organising accounts and monthly money movements; need a break now before my head explodes!!! :rotfl::rotfl:
  • xylophone
    xylophone Posts: 44,413 Forumite
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    I'm transferring out to M&S for switching bonus /regular saver - will use another account for balance/ consider pension contribution/ wait for next 5% year on Flexdirect/ consider buying new small car...
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    I switched one of mine to first direct earlier on this year. Got the £150 switching bonus and divided the £20k into bos, lloyds, 2 Tesco, nationwide and TSB. Over the year I have gradually moved some of that to regular savers so ditched the bos when they brought in 2 DD rule and nationwide when it got to 1 year and interest dropped.

    We still have 1 Santander 123 and will still aim to keep up to £20k in it. Not looking that healthy at the moment though as just bought car for OH :(
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • xylophone
    xylophone Posts: 44,413 Forumite
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    ditched the bos when they brought in 2 DD rule

    Open three and set up necessary DDs from Tesco saver accounts?

    http://forums.moneysavingexpert.com/showthread.php?p=71492917#post71492917

    post 57
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