New Santander Acc + Stoozing

mrsingh

Hi,

I've opened the current account at Santander that pays £100 for signing up (+ extra £35 via topcashback) and then an extra 5% interest on any balance in your acc, up until the first £2,500 in the account.

My question is this;

If I got the egg money card (the one in Martins stoozing guide :money:), and did a BT to my Santander current acc for the full £2,500, would it be better than paying it straight into the best ISA for example? would it be more profitable? As I understand the best ISA's are paying a max of 2.8%, so by putting it in the current acc you could earn an extra 2.2%?

I know each month I could then continue having my wages paid into the acc (to make sure I have the min £1,000 per month being paid into the acc) and then transfer it to a savings acc, whilst paying the minimum amount on the egg money card each month...

I just wonder if anyone has done this previously, and if so, what their expereince has been - although the santander current acc hasnt been going for long...

mrsingh

any help guys????

YorkshireBoy

The Egg Money card doesn't have a 0% introductory period.

mrsingh

so I would need another balance transfer card with a 0% period I guess to pay off the egg money card?

YorkshireBoy

You need to do some reading. Start here...

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs#mule