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    • niftythrifty33
    • By niftythrifty33 10th Jan 18, 9:58 PM
    • 439Posts
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    niftythrifty33
    Advice needed-Santander-not happy with all money in one place...
    • #1
    • 10th Jan 18, 9:58 PM
    Advice needed-Santander-not happy with all money in one place... 10th Jan 18 at 9:58 PM
    A few years ago we moved all money from ISA and First Direct to Santander 123 for the 3% offer.

    I don't like everything being in one place, plus interest now at 1.5%. I'd like to put the savings away again so I can't see them. I'd also like 3 separate accounts, 1 each for me and other half to save a little each week for ourselves and 1 for Christmas/birthdays etc. Leaving one current account for DD's and everyday spending.

    Please can you recommend the best way of doing this.

    I was happy with FD and I also have an old HSBC account linked to our mortgage.

    Thanks in advance
    Mortgage (2004) - orig £78,000 - now £43,800
    Home loan (2004)- orig £10,000 - now £2,393 ZERO-Paid off!!!

    OP's since March 2015 Total £3,992
    Small steps with a small budget!
Page 1
    • YorkshireBoy
    • By YorkshireBoy 10th Jan 18, 10:10 PM
    • 29,693 Posts
    • 17,643 Thanks
    YorkshireBoy
    • #2
    • 10th Jan 18, 10:10 PM
    • #2
    • 10th Jan 18, 10:10 PM
    How much is in the 123 account at the moment?
    How much per month will be added to each of the 3 new accounts?


    Consider keeping the household DDs at Santander in a Lite account. Cashback the same as 123, but only a £1/mth fee. Should still turn a profit for most people I'd have thought?
    • niftythrifty33
    • By niftythrifty33 10th Jan 18, 10:36 PM
    • 439 Posts
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    niftythrifty33
    • #3
    • 10th Jan 18, 10:36 PM
    • #3
    • 10th Jan 18, 10:36 PM
    Thank you for your reply.

    Between 9-12K at any one time in Santander. £80 p/m to go into separate accounts for me and other half, then around £200 into another account for Christmas/birthdays/holidays.

    Ideally I wanto to leave Santander all together as I don't like going into the local branch. Plus I'd like to take advantage of a cash incentive to move DD's.
    Mortgage (2004) - orig £78,000 - now £43,800
    Home loan (2004)- orig £10,000 - now £2,393 ZERO-Paid off!!!

    OP's since March 2015 Total £3,992
    Small steps with a small budget!
    • YorkshireBoy
    • By YorkshireBoy 10th Jan 18, 10:44 PM
    • 29,693 Posts
    • 17,643 Thanks
    YorkshireBoy
    • #4
    • 10th Jan 18, 10:44 PM
    • #4
    • 10th Jan 18, 10:44 PM
    3 Nationwide FlexDirect accounts would see £7.5K earning 5% AER for a year.

    A Nationwide regular saver each could take another £500 in total per month, again at 5% AER.

    Should be possible to have all your cash making 5% AER very quickly.

    Should also get £400 from referring each other.
    Review in 12 months time.

    Treat switching incentives as a separate activity alongside interest earning activities. Maybe another £600 plus possible over the next few months, on top of the £400 Nationwide cash.


    EDIT: I realise all your cash is still in one place, ie Nationwide, but this time in 5 separate accounts. And remember, it'll be earning over 3 times the interest it was at Santander!
    Last edited by YorkshireBoy; 10-01-2018 at 10:54 PM.
    • niftythrifty33
    • By niftythrifty33 10th Jan 18, 10:56 PM
    • 439 Posts
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    niftythrifty33
    • #5
    • 10th Jan 18, 10:56 PM
    • #5
    • 10th Jan 18, 10:56 PM
    Blimey!! I had no idea that was even possible. Which account will hold the DD's?

    My only worry is that a year goes very fast! plus in my experience setting up the online account and the mobile app takes quite a while to then have to do it all again in 12 months, although if I can make £600 it's well worth the time.

    I'm not 100% sure I understand your plan though, if you're able to put it in step by step instructions I'd be really grateful

    Thanks so much
    Mortgage (2004) - orig £78,000 - now £43,800
    Home loan (2004)- orig £10,000 - now £2,393 ZERO-Paid off!!!

    OP's since March 2015 Total £3,992
    Small steps with a small budget!
    • YorkshireBoy
    • By YorkshireBoy 10th Jan 18, 11:06 PM
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    YorkshireBoy
    • #6
    • 10th Jan 18, 11:06 PM
    • #6
    • 10th Jan 18, 11:06 PM
    I've applied for 2 NatWest current accounts this evening AND set up 2 lots of online banking in 25 minutes flat whilst listening to the news on TV! So not really "quite a while".

    You'll need to switch a sole account each to Nationwide to bag the £400. You'll also need 2 DDs on each account being switched. Details on the Nationwide site. Enter "refer a friend" in the search box. Come back with any questions after you've read the info on there (summary, FAQs, and T&Cs).

    As to which account would hold the DDs, as I said before I'd keep the household ones with Santander Lite and make 1-3% cashback on them. But you could put them on the joint FlexDirect. Then when that reverts at the end of the 12 months at least you'll still be making 1% on the cash whilst it's waiting to be paid out.
    • niftythrifty33
    • By niftythrifty33 10th Jan 18, 11:20 PM
    • 439 Posts
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    niftythrifty33
    • #7
    • 10th Jan 18, 11:20 PM
    • #7
    • 10th Jan 18, 11:20 PM
    Thanks for your reply,

    The online set up is obviously a lot easier these days which is great!

    We don't have a sole account each to switch, just one joint acct with Santander. Also, not sure how we'd bag the £400? surely we can't recommend each other twice?

    I've heard of people making money from having different accounts/switching but always thought it looks like too much hassle, plus I'd forget to do something at the right time. I work at a PC all day and never fancy looking at it again when I get home!! But I'm starting to have second thoughts!
    Mortgage (2004) - orig £78,000 - now £43,800
    Home loan (2004)- orig £10,000 - now £2,393 ZERO-Paid off!!!

    OP's since March 2015 Total £3,992
    Small steps with a small budget!
    • YorkshireBoy
    • By YorkshireBoy 10th Jan 18, 11:28 PM
    • 29,693 Posts
    • 17,643 Thanks
    YorkshireBoy
    • #8
    • 10th Jan 18, 11:28 PM
    • #8
    • 10th Jan 18, 11:28 PM
    We don't have a sole account each to switch, just one joint acct with Santander.
    Originally posted by niftythrifty33
    Open one each with Santander, load each with a pair of DDs, and then switch those.
    Also, not sure how we'd bag the £400? surely we can't recommend each other twice?
    One opens an account and refers the other = £100 each.

    The person initially referred then refers the other, who so far hasn't switched in, only opened the account = another £100 each.
    I've heard of people making money from having different accounts/switching but always thought it looks like too much hassle
    A couple could easily make £1K over the course of a year.
    plus I'd forget to do something at the right time.
    Not if £500 was at stake on the recent YB/CB switching offer you wouldn't! You'd be concentrating for that one!
    • Cornucopia
    • By Cornucopia 10th Jan 18, 11:30 PM
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    Cornucopia
    • #9
    • 10th Jan 18, 11:30 PM
    • #9
    • 10th Jan 18, 11:30 PM
    There are best buy tables and regular MSE savings reviews. If you're not keen on the frequent switching route, there are some other options, however Santander 123 is still a good deal (though possibly at balance levels higher up towards the £20k limit).

    https://www.moneysavingexpert.com/savings/

    You may want to think about your long-term plans and look at deals where you lock your money away for a period of time, as these seem to be the best deals at the moment.
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    • ValiantSon
    • By ValiantSon 10th Jan 18, 11:43 PM
    • 232 Posts
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    ValiantSon
    As Cornucopia says, Santander 123 is still a comparatively good deal, but it is more beneficial to those who have closer to the maximum £20,000 in the account. Yorkshireboy also makes a good point about the possible advantages of switching to 123 Lite to still benefit from the cashback on direct debits.

    I am a little unclear why you are concerned about your money being in this one bank, however. If you are concerned about bank collapse then there are no signs that Santander's financial position is worrying, and you are protected by the FSCS up to £85,000 in deposits. Your money is safe and would be no safer if it were split across different banks.

    If you want to have two "savings" accounts then you might want to look at current accounts paying interest, but without the need for direct debits. Nationwide FlexDirect (5% on £2500) and TSB Classic Plus (3% on £1500) may be worth looking at, but I'd also suggest thinking about regular savers too, for the best interest.
    • gt94sss2
    • By gt94sss2 11th Jan 18, 1:02 AM
    • 3,989 Posts
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    gt94sss2
    3 Nationwide FlexDirect accounts would see £7.5K earning 5% AER for a year.
    Originally posted by YorkshireBoy
    Is this actually still possible? I thought Nationwide had stopped the ability to get 5% on multiple FlexDirect accounts simultaneously..

    If the OP still has their FD account, they also offer a 5% regular saver account.
    • YorkshireBoy
    • By YorkshireBoy 11th Jan 18, 6:38 AM
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    YorkshireBoy
    Is this actually still possible? I thought Nationwide had stopped the ability to get 5% on multiple FlexDirect accounts simultaneously.
    Originally posted by gt94sss2
    OP mentions an "other half" so that's one sole each and a joint.
    • Gary_Dexter
    • By Gary_Dexter 11th Jan 18, 2:17 PM
    • 380 Posts
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    Gary_Dexter
    The Regular Saver only allows £250 per month at 5%, not £500
    • YorkshireBoy
    • By YorkshireBoy 11th Jan 18, 2:53 PM
    • 29,693 Posts
    • 17,643 Thanks
    YorkshireBoy
    The Regular Saver only allows £250 per month at 5%, not £500
    Originally posted by Gary_Dexter
    I don't think anyone claimed it took £500 per month did they?
    • Gary_Dexter
    • By Gary_Dexter 11th Jan 18, 3:51 PM
    • 380 Posts
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    Gary_Dexter
    I don't think anyone claimed it took £500 per month did they?
    Originally posted by YorkshireBoy
    Post #4
    A Nationwide regular saver each could take another £500 in total per month, again at 5% AER.
    • YorkshireBoy
    • By YorkshireBoy 11th Jan 18, 4:06 PM
    • 29,693 Posts
    • 17,643 Thanks
    YorkshireBoy
    Post #4
    A Nationwide regular saver each could take another £500 in total per month, again at 5% AER.
    Originally posted by Gary_Dexter
    Read it again, concentrating on the words "each" and "in total".
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