Santander rate dropped, where now ?

green1960

Can I just ask some advice, my son has recently changed his Nationwide current account to a Flexdirect account, opened a Santander 123 account and a Lloyds Vantage account. If he was to open another current account, say another Lloyds Vantage, would this damage his credit rating if he was to apply for a mortgage in the near future.

saintalan

psychic_teabag wrote: »

I think you can have multiple 123 accounts ....

Anyone experience of doing this?

Cheers

Alan

innovate

Yeah, there are 2 or 3 people here who admit to it.

eskbanker

innovate wrote: »

Yeah, there are 2 or 3 people here who admit to it.

Guilty as charged m'lud, opened my second one a few weeks ago, without any problems.

eskbanker

green1960 wrote: »

Can I just ask some advice, my son has recently changed his Nationwide current account to a Flexdirect account, opened a Santander 123 account and a Lloyds Vantage account. If he was to open another current account, say another Lloyds Vantage, would this damage his credit rating if he was to apply for a mortgage in the near future.

See https://forums.moneysavingexpert.com/discussion/4545665 for a recent discussion about the (lack of) effect of multiple current accounts on credit rating, although it'll obviously vary according to personal circumstances....

hubb

Of course Santander 123 account charge £2 a month too.

saintalan

eskbanker wrote: »

Guilty as charged m'lud, opened my second one a few weeks ago, without any problems.

Yep me too now, thanks. Done on line, opened within a day.

Only potential problem, I ticked the NO overdraft and after checking the Credit Agency they decided I couldn't have an overdraft!

The penalty of having no earned income, no debts and investments:)

hubb

Dang it. Signed up to Santander 123 account set up direct debits and my nationwide mortgage. I have just realized that Santander state (in small wording) that they will only pay interest on a mortgage direct debit that is with Santander. Coupled with the £2 a month fee it's hardly worth a bag of sweets :-(

FreddieFrugal

hubb wrote: »

(in small wording) that they will only pay interest on a mortgage direct debit that is with Santander. Coupled with the £2 a month fee it's hardly worth a bag of sweets :-(

It's not small at all it says it very clearly any time it mentions cashback on mortgage payments - always worded as Santander Mortgage payments.

The cashback from only very modest payments to energy companies and water etc. should easily cover the £24 yearly fee without the mortgage payments as well.

Even if you only break even on the fee/cashback it's still the best rate account to have your savings in.

innovate

IanRi wrote: »

Even if you only break even on the fee/cashback it's still the best rate account to have your savings in.

It is one of the best only, not the best, if you just look at interest rates. There's a 4 and a 5% one! and plenty of 'straight' 3% ones.