Really optimising interest from banks

curlygirl1971

innovate wrote: »

If you don't convert, you can get another £55 via Quidco

You mean keep (or just close) my regular Santander current account and apply for a brand new 123 account.........?

Would be surprised if they let me but I guess its worth a shot if I decide I want one of those accounts. Cheers.

Alex92_2

londoner1998 wrote: »

The Clarity Credit card from Halifax also gives you commission-free spending when you use it abroad: like you I don't spend £300 on credit cards every month, but I take this one with me every time I go abroad on holiday and when I got to my hometown in Spain twice a year: only on that, it has saved me a lot of £££ in a couple of years. I have used it all over Europe and for a whole month in India and I couldn't have been happier. Just let them know if you are going away and plan to use it so that they don't block it to avoid fraud. It is not 0% but if you pay it in full every month it doesn't matter...

I have a global traveller debit card with CaxtonFX, that is comission-free and IIRC free withdrawals too. I like using this and put on X amount before holiday then after the holiday take it off again (if there is any excess). Dont like carrying around a lot of money with me when im abroad. It's nice if youre on a beach to leave card with towel if youre going into the sea (examples sake) instead of 300 euros or something.

Alex92_2

curlygirl1971 wrote: »

You mean keep (or just close) my regular Santander current account and apply for a brand new 123 account.........?

Would be surprised if they let me but I guess its worth a shot if I decide I want one of those accounts. Cheers.

Keep the regular account. Sign up via QuidCo for the £55 Csahback. its not new customers to santander, its new customers for the 123 account. If you havent had a 123 account before you are eligible .

curlygirl1971

londoner1998 wrote: »

The Clarity Credit card from Halifax also gives you commission-free spending when you use it abroad: like you I don't spend £300 on credit cards every month, but I take this one with me every time I go abroad on holiday and when I got to my hometown in Spain twice a year: only on that, it has saved me a lot of £££ in a couple of years. I have used it all over Europe and for a whole month in India and I couldn't have been happier. Just let them know if you are going away and plan to use it so that they don't block it to avoid fraud. It is not 0% but if you pay it in full every month it doesn't matter...

I've used mine abroad and compared the conversions I've got with the inter-bank rates - the Clarity card conversions have always proved to be very good and as a consequence I take a lot less cash with me and just put what I can on the card instead.

innovate

curlygirl1971 wrote: »

You mean keep (or just close) my regular Santander current account and apply for a brand new 123 account.........?

Would be surprised if they let me but I guess its worth a shot if I decide I want one of those accounts. Cheers.

Plenty of people did just that and got their £55.

curlygirl1971

Just had another look at what cashback I would get on the Santander 123 account - using their calculator......

Assuming my bills stay the same I would get £24 per annum. (Low value property single person council tax, low utilities, no TV/Phone package, work pay for my mobile & internet, no Santander mortgage)

With the £2 a month fee, there goes my cashback

So then I looked at the interest benefit. Bearing in mind that most of my savings are in a 6% regular saver and ISA Accounts (and despite low rates I would prefer to keep them tax free), my average savings balance over the next year is expected to be £1.5k. On this I'd get 1% Gross = £11.70 per year.

(Though, I've just opened a Nationwide 5% account, so wouldn't really be using the Santander account in anycase)

So to be honest the only benefit I can see at present is:-
1) The lure of a good ISA rate. So perhaps I will see what they offer on 11th
2) £55 cashback.... So I'd get the cashback (maybe - poor tracking) but then I'd have the account and the monthly fee to make sure I cover. My bills could go down this year when I move in with OH.

The other fly in the ointment is I have 2 Halifax Reward accounts and if I want to keep the 2 x £5 rewards, I need 2 DD's coming out of each of them.

Alex92_2

Yeah, to be honest I think the 3% accounts only start to 'pay off' once you have used your monthly savers, used your ISA and have a fair bit of capital within it.

I've used my ISA limits up for this year, I'm in the process of setting up the 6% Monthly Saver with FD (What others ones are people in this thread using btw?) and have full amount in Lloyds Classic Vantage at 4%, and then will put £2500 in 5% FlexDirect by Nationwide. So 3% is the next best thing for me.

innovate

curlygirl1971 wrote: »

So I'd get the cashback (maybe - poor tracking)
.

Quidco actually claim 100% tracking for Santander. But of course you have to do what you need to do for all cashback sites - - clean your cookies immediately before making the transaction. If you don't, you reduce your chances of tracking.

innovate

curlygirl1971 wrote: »

I need 2 DD's coming out of each of them.

Getting a couple of DDs set up specifically for the current accounts that need it is a doddle. Get some feeder accounts set up once an re-use them as needed. https://forums.moneysavingexpert.com/discussion/4168667

Chjaka

Between me and my partner we currently have;

Qty 2 x First Direct regular savers @ 6%
(£125 switching bonus each)

Qty 1 x Santander 123 account @ 3% (With £55 cashback)
Qty 1 x Santander E-Saver @ 3.15%
Qty 2 x Santander E-ISA @ 3.5% (due to mature)

Qty 3 x Lloyds TSB Vantage @ 4%
Qty 3 x Nationwide FlexDirect @ 5%
Qty 2 x HSBC regular savers @ 4%
Qty 2 x Co-op current accounts
(£100 switching bonus each)
Qty 2 x Halifax Reward accounts @ £5 p/month
(£100 signing up bonus each)

Qty 2 x Aqua reward cards (3% cashback max £100 each)
Qty 1 x Santander 123 card
(free for 1st year 3% cashback on petrol / 2% at supermarkets)

Excluding the cashback and signing up bonuses we're getting approx £250 a month / £3000 a year in interest, however by far the best financial product we have is an interest only mortgage from HSBC which tracks the baserate + 0.99%. Now that's saved us an absolute fortune.