santander123 - is it worth it for me?

gadgetmind

ManAtHome wrote: »

Another thing to consider - if you spend time in Spain near a Santander ATM, you can get Euros at the Visa rate with no extra charges.

Coo, that's worth knowing.

I use FairFX pre-paid but will compare rates with Visa.

StevieJ

I was signing up for this but stopped because they insist that you are sent a physical statement in the post. I currently have a Santander account and don't receive a statement in the post. Anyone know why the do this with the 123 account?

R_P_W

I have had the 123 account for nearly 8 months and it is totally paperless so far

bsms1147

I get monthly paper statements and these can be turned on/off in branch or online.

Gromitt

If your existing savings account was 2.8%, you would need £15K in the Santander account to break even. At 20K you would be in profit by £8 per year.

If instead your savings account was 2.5%, you would need £6K in the Santander account to break even. At 20K you would be in profit by £56/year.

All figures assume basic rate tax.

StevieJ

Gromitt wrote: »

If your existing savings account was 2.8%, you would need £15K in the Santander account to break even. At 20K you would be in profit by £8 per year.

If instead your savings account was 2.5%, you would need £6K in the Santander account to break even. At 20K you would be in profit by £56/year.

All figures assume basic rate tax.

Is not the main plus paying interest on current account funds that otherwise would be receiving negligible elsewhere (just keep it topped up above £3000)? I normally have about £2k on average and receive 1%.

StevieJ

bsms1147 wrote: »

I get monthly paper statements and these can be turned on/off in branch or online.

So why does it state this on the application form?

If I/we hold a Premier Direct or Premier 21 Current Account I/we will begin to receive paper statements. This will replace email reminders which are currently sent.

bsms1147

StevieJ wrote: »

So why does it state this on the application form?

Must be wrong;

carlo_koko

Gromitt wrote: »

If your existing savings account was 2.8%, you would need £15K in the Santander account to break even. At 20K you would be in profit by £8 per year.

If instead your savings account was 2.5%, you would need £6K in the Santander account to break even. At 20K you would be in profit by £56/year.

All figures assume basic rate tax.

You need 3k @3% to make £90. (£90-£24) =£66 .
" " 2k@2% to make £60 (£60-£24) =£36
" " £800 to make £24.......
factor in :Only Santander (any account) cash back+ free ATM in Spain.

carlo_koko

Geoff_W wrote: »

Ignoring cashback, to cover the £24 annual charge:-

Keep in £800 if you are a non-Taxpayer (£800 @ 3% = £24)
Keep in £1,000 if you are a Basic Rate Taxpayer (£1,000 @ 3% - 20% Tax = £24)
Keep in approx £1,350 if you are a Higher Rate Taxpayer (£1,350 @ 3% - 40% Tax = £24.30)

Any other bank , bet the above? looks like Santander is offering "best deal" at the mom.???