Santander 5% interest current account

alexpg_2

Hi All, apologies if already asked many a time, I've gone back several pages and not seen anything about this anywhere.

Basically I've stumbled across this account that Santander are running, offering 5% interest on accounts upto £2500 (Sorry, as a new user I'm not allowed to post links directly to the deal).

As this 5% is higher than any easy access accounts, can I basically use this as a holding account for my main cash flow, and then transfer it across to my main account as when needed? As it is a considerably better rate than my ISA would I also be better off leaving any savings I make over the next twelve months?

The only condition they seem to make is that I need to put in £1000 a month - I presume I can get away with shuffling cash between my accounts?

Many thanks in advance!

markums

I have this account and use it for my easy access emergency savings and sweeping excess spending money into. I used to use it with a lloyds vantage account but now I transfer the £1000 to a Halifax reward account instead to get an extra £5 a month. The only downside is that there are no faster payments from Santander accounts, but most transfers take 2 banking days for me (they ask you to allow four).
Faster payments can be paid into the account though.
Many people have lots of problems with customer service but my experience has been all positive (so far).

Hope that helps!

P.S. Opening the account makes you eligible for a 6% monthly saver, but you might not need/want it.