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  • FIRST POST
    • FunLovinCriminal
    • By FunLovinCriminal 14th Mar 17, 3:54 PM
    • 351Posts
    • 403Thanks
    FunLovinCriminal
    Santander? Time to ditch
    • #1
    • 14th Mar 17, 3:54 PM
    Santander? Time to ditch 14th Mar 17 at 3:54 PM
    Hi all
    We used to have £16k in a 123 account and the maximum £2000 in a tsb account.
    We previously had £2500 in a nationwide account until promo rate dropped.
    Anyway..currently oh is on maternity leave and savings are down to £7000 in the 123 account. With the reductions in our savings and the interest rate dropping, the interest accruingnis £7 and my charges for the.account are £5.
    Is there a better home for our money? We still have the £2000 in TSB.

    FLC
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
Page 1
    • keiran
    • By keiran 14th Mar 17, 3:59 PM
    • 393 Posts
    • 195 Thanks
    keiran
    • #2
    • 14th Mar 17, 3:59 PM
    • #2
    • 14th Mar 17, 3:59 PM
    Well for a start you can reduce your balance in TSB to £1500 (they dropped paying interest at 5% on £2000 to 3% on £1500 at the start of the year)
    • FunLovinCriminal
    • By FunLovinCriminal 14th Mar 17, 4:08 PM
    • 351 Posts
    • 403 Thanks
    FunLovinCriminal
    • #3
    • 14th Mar 17, 4:08 PM
    • #3
    • 14th Mar 17, 4:08 PM
    Thanks Keiran
    I missed the communication on 5% cashback on contactless too.
    So.....where next?
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
    • keiran
    • By keiran 14th Mar 17, 4:23 PM
    • 393 Posts
    • 195 Thanks
    keiran
    • #4
    • 14th Mar 17, 4:23 PM
    • #4
    • 14th Mar 17, 4:23 PM
    As for Santander 123, I'm more or less in a similar position and so waiting for the views of others. I have between £7-£10k at any time, but a low direct debit cashback of about £2.50/month
    • xylophone
    • By xylophone 14th Mar 17, 4:34 PM
    • 23,647 Posts
    • 13,779 Thanks
    xylophone
    • #5
    • 14th Mar 17, 4:34 PM
    • #5
    • 14th Mar 17, 4:34 PM
    Was the NW account joint?

    Are you each able to open a sole Flexdirect and Flexclusive savers?

    Or an additional TSB account?
    • FunLovinCriminal
    • By FunLovinCriminal 14th Mar 17, 4:39 PM
    • 351 Posts
    • 403 Thanks
    FunLovinCriminal
    • #6
    • 14th Mar 17, 4:39 PM
    • #6
    • 14th Mar 17, 4:39 PM
    Nationwide was not a joint account. It was just in my name.
    Will look into doing a joint account.
    Should I be looking anywhere else?
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
    • badger09
    • By badger09 14th Mar 17, 5:38 PM
    • 5,582 Posts
    • 4,889 Thanks
    badger09
    • #7
    • 14th Mar 17, 5:38 PM
    • #7
    • 14th Mar 17, 5:38 PM
    Nationwide FlexDirect & Flexclusive RS for your wife?

    TSB for your wife?

    Tesco for each of you if/when they reopen applications?
    • Katiehound
    • By Katiehound 14th Mar 17, 7:24 PM
    • 3,903 Posts
    • 38,001 Thanks
    Katiehound
    • #8
    • 14th Mar 17, 7:24 PM
    • #8
    • 14th Mar 17, 7:24 PM
    I know its not exactly an answer to your question but the TSB credit card is paying 1% cashback up to £500 spend per month - £5 cashback .
    Deal just extended until June? next year. I think you need the Classic Plus a/c to qualify.
    Also think you could have 3 x TSB Classic between you- one each and one joint.

    if you still have the Nationwide you could be getting the 5 % regular saver
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
    • mgdavid
    • By mgdavid 14th Mar 17, 8:57 PM
    • 5,281 Posts
    • 4,466 Thanks
    mgdavid
    • #9
    • 14th Mar 17, 8:57 PM
    • #9
    • 14th Mar 17, 8:57 PM
    FLC the simple answer is to read the information already collated and provided on MSE.
    Here's the link, although that's also clearly in BOLD at the top of this page!
    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts
    A salary slave no more.....
    • Heng Leng
    • By Heng Leng 15th Mar 17, 11:04 AM
    • 4,276 Posts
    • 1,315 Thanks
    Heng Leng
    If you don't have a reasonable balance, why wouldn't you convert the account to a 123 lite?
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