Santander123 As A Savings Account?

eskbanker

DLC2013 wrote: »

Yes i noticed Santander now stipulate 1 single account and 1 joint account. Forgive my ignorance but when was this rule introduced, fairly recently I assume?

Round about 10th March, see this thread

marathonic

YorkshireBoy wrote: »

More chance of them cutting the max balance (from £20K to, say, £10K) and/or pulling the account altogether for new customers, than lowering the interest rate in my opinion.

I agree. Other accounts are paying 4-5%, albeit for lesser amounts. Cutting the rate of this one from 3% would also ruin the whole 1-2-3 marketing campaign.

td_007

stingy1 wrote: »

so just to be clear one person (sole) can open an 123 account and a new option to create a joint account (with someone else) will appear?

So its just a question to find a 2nd person then and one can have 2x123 accounts ?

Yes...with all the caveats of holding a joint account. Btw the other person can also hold a sole account and therefore between the two of you can have 3 accounts :-)

stingy1

td_007 wrote: »

Yes...with all the caveats of holding a joint account. Btw the other person can also hold a sole account and therefore between the two of you can have 3 accounts :-)

thanks great info just waiting on santander and tesco to authorise now:)

SmithR

lazer wrote: »

If you have the inclination and the patience here is the way my savings are set up to maximise interest (or at least will be set up when i have the money to do so)

1 by nationwide current Account - 5% Interest (For 12 months) for £2,500
(Not sure of the requirements as use this as my main account so has DD's etc)
2 by TSB current Accounts (@ £2,000 in each) - 5% interest (and not a bonus 12 month rate) - think its £500 a month funding requirement - and no requirement for DD's
Santander 123 account for anything over this

And finally a first direct regular saver @ 6% at 300 a month which is fed from the santander 123 account.

On a Balance of of £13,100 this would give the following interest
Nationwide - £100 (net)
TSB - £160 (net)
First Direct - £93 (net)
Santander - on the £3000 which stays in the account from start to end of year - £72 (net)
Santander - on the £3,600 which is being drip fed to first direct - £46.80 (net)

So that is a total interest of £471.80 (Equivalent of 4.5% Gross Interest Rate Average)

If you have less the £13,100 this will result in lower rates as the Santander account will drop below £3,000, so therefore interest rates will be lower.

If you have more - put it in Sandtander 123 account up to the £20,000 limit and you will get 3% on this all as well.

Hopefully the DD's set up om the 123 account should pay enough cashback to cover the £2 a month fee

And if you want to make another £60 - open a halifax reward account to which pays £5 a month (subject to minumum funding requirements, DD's etc).

On payday each month, I manually transfer the same £1,000 between all the current accounts to meet the funding requirements.

Hi i think Ive been talking to you in the other thread, and i now understand more on what your doing and will probably do the same, regarding the first direct savers account, how have you go around the current account issue you have to have open first and the (either pay £10 a month or deposit at least £1000 or hold a selected first direct additional product)

Rob

CCFC_80

Do they have to be 2 direct debits you have to set up or can they be standing orders instead. I would like to set up this account but as a non home owner don't have any direct debits. What would be the easiest way to set up 2 direct debits to qualify for the account. Any advice welcome

innovate

Must be DDs.

Check out Tesco, Post Office savings accounts for DDs. Plenty of info on the forum.

CCFC_80

innovate wrote: »

Must be DDs.

Check out Tesco, Post Office savings accounts for DDs. Plenty of info on the forum.

Looks like a non starter then. I don't have either of those accounts and only 1 bank account. For me would be too much hassle to open up 2 new bank accounts just to get the 2 direct debits for this account:mad:

innovate

Well if it's too much hassle for you and you would rather not maximise the interest you can get, I rest my case.

CCFC_80

innovate wrote: »

Well if it's too much hassle for you and you would rather not maximise the interest you can get, I rest my case.

Thanks anyway,