Santander 123 Account

grizzly1911

billchecker1 wrote: »

Please note that the maximum you can get interest on is 20K.

I had the esaver before at 3% and had 40K. Need a home for the other 20K now.

Already have maxed out Natiowide X2, Lloyds Vantage X3 and am dripping into a first direct regular saver.

Anyone have any more ideas?

Open a second 123 account if you can meet the funding and direct debit requirements. They allow a maximum of two accounts.

YorkshireBoy

billchecker1 wrote: »

I had the esaver before at 3% and had 40K. Need a home for the other 20K now.

Already have maxed out Natiowide X2, Lloyds Vantage X3 and am dripping into a first direct regular saver.

Anyone have any more ideas?

A combination of...

2 more Nationwide FlexDirect at 5% AER for £5K, and then

BoS Vantage & TSB Enhance (for 'clean' 3% AER interest, ie not affected by £2/month monthly charges).

If there are two of you, then max out the FlexDirect accounts first.

Looter

grizzly1911 wrote: »

Open a second 123 account if you can meet the funding and direct debit requirements. They allow a maximum of two accounts.

I read about this in the weekly email and am considering it. My wages would be paid into the 1st account, would it be ok to pay £500 in cash into the other one every month to be eligible for the interest?

grizzly1911

Looter wrote: »

I read about this in the weekly email and am considering it. My wages would be paid into the 1st account, would it be ok to pay £500 in cash into the other one every month to be eligible for the interest?

As I understand it you need to make a deposit of £500 or more per account. I simply do two transfers from another bank account, one to each account. I can't see why it couldn't be a cash deposit.

Looter

I know the transfer can't be made from another Santander account so I thought just withdrawing it out of one account and paying it into another might not be allowed too.

eskbanker

Looter wrote: »

I know the transfer can't be made from another Santander account so I thought just withdrawing it out of one account and paying it into another might not be allowed too.

I can't think of any way they'd be able to enforce that, but unless you're regularly in and out of branches it might be a bit of a hassle, you might find it easier to have a third account with a different bank (Nationwide, Lloyds, etc) and bounce money backwards and forwards between them online to satisfy all minimum funding requirements....

Minrich

Looter wrote: »

I know the transfer can't be made from another Santander account so I thought just withdrawing it out of one account and paying it into another might not be allowed too.

They accept payments from my Cahoot Account which is Santander too.

jem16

rb10 wrote: »

With the interest rate forming part of the name of the account, it'd be a tricky one to change. The '1-2-2.5' account doesn't quite have the same ring to it...

Is it the interest rate though? I thought it referred to the cashback - ie some at 1%, 2% and 3%.

rb10

jem16 wrote: »

Is it the interest rate though? I thought it referred to the cashback - ie some at 1%, 2% and 3%.

There are 1%, 2% and 3% tiers for both cashback and interest.

Hominu

jem16 wrote: »

Is it the interest rate though? I thought it referred to the cashback - ie some at 1%, 2% and 3%.

Its heavily integrated. £1000 - 1%, £2000 - 2%, £3000+ - 3%.

If anything, I can only see them reducing the amount that interest is paid on, for example, dropping from 20K to 10K. Depends if they are fishing for any more customers I guess.