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Santander 123 Switch Advice
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unless you have taxable savings of at least 3000 which are currently earning less than 3% then the 123 is no good to you.
I currently have 20K in a Halifax online saver @ 2.8%.
So this would get me £560 gross pa.
Santander would get me £600 gross pa (most likely less as 20K is the maximum I believe, so interest would not be compounded).
Minus the £24 fee (I have no 'compatible' DDs to move) = £576.
Santanders well known customer service isn't worth £16.
Of course, if your getting more like 2.2%, then it might be worth it. Hopefully you'll never need to speak with them, and never suffer from fraud (it is a current account after all, not a savings account)0
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