Need advice on Current account 3% is about to run out

DragonQ

Zola. wrote: »

Excellent, will have to look into this.

Do you know the name of the account?

Classic Vantage. You could probably open this account directly in-branch but if not, you should open a Classic account then get the Vantage "add-on" like I did.

psychic_teabag

Zola. wrote: »

Whats the transfer bonus?

See Martin's article at http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Basically, they'll give you £100 or something just to transfer your account to them. (I guess they're just paying it direct whereas some other companies would pay it as a referral via quidco.)

To transfer into another account would my santander account still be active? I pay a lot of direct debits from this santander account, would there be much hassle in moving it?

I've never done a transfer myself because I can't be bothered with the potential hassle if things going wrong. I think you can choose to take a subset of the D/D's when you transfer, but I don't know if the transfer payment is conditional on taking everything over and closing the original.

If you already have lots of D/Ds on the account, just rebranding it as a 123 account is probably the simpler approach if the cashback would cover the fee.

Zola.

Interesting, i'll have to pop in and chat to someone at Santander.

The 123 is probably the easiest at this stage.

Zola.

DragonQ wrote: »

Classic Vantage. You could probably open this account directly in-branch but if not, you should open a Classic account then get the Vantage "add-on" like I did.

Thanks!

Will investigate this also!

opinions4u

Have you considered a savings account for interest on your savings?

innovate

psychic_teabag wrote: »

If you already have lots of D/Ds on the account, just rebranding it as a 123 account is probably the simpler approach if the cashback would cover the fee.

I believe Santander can "upgrade" you easily to a 123, with all the DDs/SOs staying in place, and the account number and sort code also stay the same.

However, if you do that, you can't bag the £60 cashback from Quidco for opening the account.

innovate

opinions4u wrote: »

Have you considered a savings account for interest on your savings?

There's not many instant access savings accounts around with 3% AER these days....

DragonQ

opinions4u wrote: »

Have you considered a savings account for interest on your savings?

Unless you want to lock your money away, the best interest rates right now are actually in Vantage or 123 accounts. 123 accounts are a bit more complicated though - they pay interest on up to £20k and give cashback for bill payments (direct debits only) but you have to switch direct debits and get charged £24py. Plus, you know, it's ****ing Santander.

opinions4u

innovate wrote: »

There's not many instant access savings accounts around with 3% AER these days....

"Not many" exaggerates things! Cross the "m" out and you're closer.

But a savings account can avoid the hoops needed to get most current account benefits.

psychic_teabag

innovate wrote: »

I believe Santander can "upgrade" you easily to a 123, with all the DDs/SOs staying in place, and the account number and sort code also stay the same.

However, if you do that, you can't bag the £60 cashback from Quidco for opening the account.

Yeah, I guess you could just open a new 123 account via quidco and gradually move things over from the old one yourself. It didn't take me long to move my D/D's to the 123 account after opening it - most of them could be done online or with a phone call.

And once the old account has outlived its usefulness, you could transfer it to Halifax or FD to get a second bonus !