Santander 1 2 3 Account

innovate

£20,000 * 3% = £600, before tax

£600 * 80% = £480. Max annual interest after basic rate tax. Max £40 a month in interest.

May be you make another tenner net a month from the DD cashbacks, after the £2 monthly fee.

If you have more than £20K, you are highly unlikely to net anything more than 3% AER (before tax) from a 123.

You are, in any case, likely to net 4% interest from a FlexDirect. And a "clean" 3% AER (before tax) from BoS/Lloyds Vantage.

Anyway, I am repeating myself.

saintalan

Don't forget the other type of Cashback.

On 1 a/c use the above to get £45.

Hominu

saintalan wrote: »

Don't forget the other type of Cashback.

TCB are currently offering £55, but as with Quidco, only for people who switch to Santander (not just for opening an account), and only if done wholly online, so if you need to talk for Santander for any reason (such as proof of ID), no cash back will be received.

innovate

Hominu wrote: »

....only for people who switch to Santander (not just for opening an account)...

How do they check that, and where in the T&Cs is the completion of "switch" defined?

Hominu

innovate wrote: »

How do they check that, and where in the T&Cs is the completion of "switch" defined?

You are asked if you wish to switch from your existing bank during the application, so if you decline, the cash back will be declined as well.

saintalan

Don't think the account you switch from has to have DDs though.

Time to use that old current account with a £1 in it! Probably can even keep it open!

gkerr4

innovate wrote: »

£20,000 * 3% = £600, before tax

£600 * 80% = £480. Max annual interest after basic rate tax. Max £40 a month in interest.

May be you make another tenner net a month from the DD cashbacks, after the £2 monthly fee.

If you have more than £20K, you are highly unlikely to net anything more than 3% AER (before tax) from a 123.

You are, in any case, likely to net 4% interest from a FlexDirect. And a "clean" 3% AER (before tax) from BoS/Lloyds Vantage.

Anyway, I am repeating myself.

i was including the cashback - and stated as such - if i am receiving just over £40 for interest and £6 for cashback, but noted that many could do better with the cashback offers.

i'm not that daft you know :-)

psychic_teabag

I think the point is that a Lloyds or BOS vantage account is slightly better than a second 123 account. All the cashback can be got from a single 123 account, and the non-123 account(s) can get 3% without the monthly fee. A second 123 account attracts the monthly fee, but doesn't get any additional cashback.

standinman2009

All 123 accounts get cash back !!

Gromitt

standinman2009 wrote: »

All 123 accounts get cash back !!

But whats the point of spreading cash back across multiple 123 accounts? Just have it all on the first and use other accounts (TSB, BoS, upto 30K) instead of additional 123 accounts that charge an extra £2/month per account.