Santander rate dropped, where now ?

hubb

I have been taking advantage of introductory savings rates and then moved my money on when it expired. First I was with ING, the West Brom and now Santander which has just ended and dropped back down to a low rate.

As Santander and West Brom both come top in best rates (for new customers) What would be my option now for around £2800 easy access?

Thanks.

Glen_Clark

See the link just above your post - Quick Links - Top Savings Accounts

latecomer

stay with santander and open a 123 current account if your balance would be over £3000? Monthy charge but normally offset by cashback you get on direct debits

hubb

I don't want a current account, I already have a Halifax reward account. I want a savings account.

talexuser

The point is the 123 current account pays more than any instant access saving account (and even most fixed term) available now if you can abide by those criteria.

It should work out better than the Halifax £5/month for salary in and 2 direct debits (if that is still available).

Mee

I get the 123 benefits, but I've never liked how Santander record debits and credits for the same date.

mgdavid

hubb wrote: »

I don't want a current account, I already have a Halifax reward account. I want a savings account.

what do you perceive the difference to be?

hubb

They want £3000 to open the account and from £500 a month put into it. As I have to put £1000 a month into Halifax to get my reward I can't do this. Basically savings rates at the moment are poor. Most decent rates want silly money to open an account.

SnowTiger

hubb wrote: »

They want £3000 to open the account and from £500 a month put into it. As I have to put £1000 a month into Halifax to get my reward I can't do this. Basically savings rates at the moment are poor. Most decent rates want silly money to open an account.

Transfer £500 from a Halifax account to a Santander 123 account, then back again if you wish, every month. As far as Santander (and Halifax) are concerned it doesn't matter where the money comes from, providing it's an external source.

edward123

I had/have the same question as the OP but I have over £40,000 in this Santander account. Seems at the moment there is not a lot of options to me lest I wish to fix and lose easy access. And that I don't want. Still, at the new 0.5% interest rate the above amount will be pulled and put somewhere!

psychic_teabag

I think you can have multiple 123 accounts - even though you have to pay the monthly fee on each account, it works out at around 2.8% on a balance on £20k. (I think you do need to set up some D/D on each account, though.)

Or you can open multiple Lloyds and/or BOS vantage current accounts, also paying 3% on balances of between £3k and £5k.

For OP there's also the Nationwide current account - 5% on up to £2500 IIRC.