Moving savings from Santander to a new account

katies_mum

Thank you so much for all your help its very much appreciated. I now need to break this down one step at a time!!!

badger09

Just to clarify innovate's comment in her post this morning:

The BoS and LTSB Vantage accounts (max 3 per person per bank) don't need any DDs - just funding £1k per month and to be kept in credit. 3% interest on balance £3k - £5k in each account

innovate

I was going to leave something for Katies Mum to find out by herself

katies_mum

Thank you badger09....innovate makes me think could be achievable now I know that.

Quick quesiton, do the Vantage accounts have to be a main bank account or do they know that most are doing it for the interest rate? and can you open 3 accounts online or do you need to go into a branch?

Thank you once again

innovate

You can just use the Vantages as savings accounts.

I could open 2 at Lloyds online, had to show up in Branch for the 3rd one. Other people managed to open all 3 online. 1 BoS one worked fine online and I had to call for the other 2 but you can only do one BoS a day on the phone.

katies_mum

Thank you, seems I`m going to be busy tomorrow!

badger09

innovate wrote: »

I was going to leave something for Katies Mum to find out by herself

Sorreee

Just thought this was confusing and (the implied requirement for DDs) might put her off even looking

katies_mum wrote: »

Don`t know much about Vantage so will have to read up on that, is it another bank account that needs funding and DD`s?

innovate wrote: »

Yes, it's current accounts at Lloyds/BoS.

badger09

katies_mum wrote: »

Thank you, seems I`m going to be busy tomorrow!

Go for it!

You can use them all as savings accounts, but as they are current accounts, they will involve credit searches.

I've actually found it useful to have several current accounts - especially for when my long standing main current account with Co-operative, refuses to let me set up a new payee in online banking :mad:

katies_mum

Thats what I want them for `savings!`.

Silly question but would it just be a standing order I set up from each account (ie if we were able too open 3 Vantage do I just run a standing order from one account to the other every month or does it have to come from another bank?)

ColdIron

Another bank, the easiest thing to do is set up six opposing S/Os
Three from Santander to each Vantage and one back to Santander from each Vantage. Set them up for the same day and as you are using them for savings there should always be enough cash in the accounts to cover weekend differences

PS Don't forget Santander's month runs from the date you opened the account not a calendar month so add 14 days to your opening date