Santander rate dropped, where now ?

Archi_Bald

A_Flock_Of_Sheep wrote: »

So basically I pay nothing by DD so the Santander account wouldn't suit me.

How do you pay your council tax?

Why don't you pay your gas & leccy, and phone by DD?

I reckon you could easily get more than £2/mth DD cashback at Santander.

Even if you did not, would would still be able to get something like 2.8%ish for up to £20K if you had £20K in a 123.

£500 to deposit each month, abut that's easy to do. and the interest rate is way above anything you can get anywhere else. Consider it something "the country" does for you, if only you would let "the country" help you.

Archi_Bald

A_Flock_Of_Sheep wrote: »

I thought the Santander deal was you had to pay out 2 direct debits a month to be eligible for the 3% interest???

You thought wrong.

You just have to have 2 DDs set up on the 123 (and pay in £500 a month). It's dead easy to set up some new DDs if you do not want to change your existing DDs: https://forums.moneysavingexpert.com/discussion/4168667

How do you not pay council tax?

A_Flock_Of_Sheep

Archi_Bald wrote: »

You thought wrong.

You just have to have 2 DDs set up on the 123 (and pay in £500 a month). It's dead easy to set up some new DDs if you do not want to change your existing DDs: https://forums.moneysavingexpert.com/discussion/4168667

How do you not pay council tax?

I have a disability and don't pay.

I think I could change my insurance to DD across a year and the telephone land line.

Archi_Bald

Ok - - - there's plenty of "easy" DDs to set up, as per my link. Just do it (that's "the country" telling you to look after your own interests!)

A_Flock_Of_Sheep

Archi_Bald wrote: »

Ok - - - there's plenty of "easy" DDs to set up, as per my link. Just do it (that's "the country" telling you to look after your won interests!)

Ahh I have looked at the Santander site and it says that you only need to set up 2 direct debits not PAY OUT 2 direct debits???

Right so do you need to "transfer" to get this or can you just open up the account, set up 2 direct debits and then slam your cash in and then direct £500 over to it? I have been checking the Nationwide 5% just now but that is just for 1 year?

Archi_Bald

A_Flock_Of_Sheep wrote: »

A

Right so do you need to "transfer" to get this or can you just open up the account, set up 2 direct debits and then slam your cash in and then direct £500 over to it? I have been checking the Nationwide 5% just now but that is just for 1 year?

Just apply for a new 123. You don't have to "switch" - -- but if you want to do a full switch, and if you do it via Quidco or Topcashback, you might get £40 or so extra cashback.

The 3% 123 interest rate is variable, so they can change it any time they like. Nationwide FlexDirect is 5% guaranteed for 12 months.

Archi_Bald

A_Flock_Of_Sheep wrote: »

Ahh I have looked at the Santander site and it says that you only need to set up 2 direct debits not PAY OUT 2 direct debits???

That's correct, your DDs at 123 do not have to pay out monthly, or any time. But be aware, DDs that do not pay out anything over 13 months might get cancelled by the bank.

A_Flock_Of_Sheep

Archi_Bald wrote: »

Just apply for a new 123. You don't have to "switch" - -- but if you want to do a full switch, and if you do it via Quidco or Topcashback, you might get £40 or so extra cashback.

The 3% 123 interest rate is variable, so they can change it any time they like. Nationwide FlexDirect is 5% guaranteed for 12 months.

It's £45! I do like my Cumberland BS Account though and wouldn't want it closed

Archi_Bald

A_Flock_Of_Sheep wrote: »

It's £45! I do like my Cumberland BS Account though and wouldn't want it closed

Simples - don't switch if you don't want to.

Or switch an account that you recently opened.

In keeping with Dragon's Den: I am out now.