Santander 123 Account

TickersPlaysPop

Hi

Thanks Archi Bald... I was hoping a financial expert would put me right. I really do want to feel better about Santander.... Internet seaches ( dont like the fact we all say google now, sorry) and comparison sites are not showing the deals you mention....

Please can you give me a clue to the other deals almost as good as Santander you are aware of ?

Many thanks

Gromitt

BoS 15K
TSB 15K,
Lloyds 15K.

Then again lets examine the other facts:

Neither Santander UK nor the Santander Group has ever needed a state-funded bailout.

Santander UK plc operates a UK ring fence around it and its subsidiaries.

TickersPlaysPop

I'm really sorry for annoying you guys, I want to engage with experts, which you guys surely are, so thank you.

I'll look closely at the deals you mention. I never suggested Santander needed a bail out in the past, but neither did IceSave before it crashed, there's always a first time. Ring fence and FSCS is fine if you don't need to get to your money quickly. If things go bust it can takes mths to get your money back, which is not advertised clearly in my opinion.

Thank you

TickersPlaysPop

I'm having trouble finding the accounts you mention....

TSB is only up to 5000 at 3%?

Please can you post the links to these excellent deals?

Many thanks

Archi_Bald

As has been suggested before, do your research. It's been posted countless times that you can have 3 each of the Vantage and Enhance accounts.

If you are so concerned about Santander, just don't use them. But then you probably wouldn't be able to have your money in any other UK financial institution because you have the same risk, and FSCS protection, with all of them

TickersPlaysPop

Hi

I'm naturally altruistic hence my concern extends beyond myself.

Also, I'm lucky enough to be able to take a risk, so I'm not here to post false info about Santander. Far from it! I want to expose how good they are and make myself feel more secure about them and let others know.

Ok.... I've done my research. Interestingly Martin Lewis doesn't make the same suggestions as you?

Both TSB and Lloyds require you to pay in 1000/mth to get 3% interest on you say each of 3 accounts at 5k each. So for a bank to bank comparison.... on top of the extra forms and paperwork you are suggesting that paying in £3000/mth for 3% on 15k is the same as Santander's offer of paying in £500/mth for 3% on 20k....?

Either way, in my opinion that is no where near a comparable deal. It might technically be close, but the overly complicated set up would not be easy.

I see it in a very simple way, we give banks our money and they invest it somewhere. So how do these banks make over 3% on our money? I am guessing, either property or a stock market option.... If property where in the world? and if the stock market how do they get over 3% return? I'm guessing they are taking risks, and also not diversified?

Question.... Is Santander offering the same deals in countries across Europe and else where in the world? Or are they only targeting certain countries? I feel like they have been aggressively taking market share on the UK high street for a few yrs now, and I'm interested if this has been replicated elsewhere... I think at least in Germany?

Peace

pelirocco

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 another 123 account , that's what we have done

eskbanker

TickersPlaysPop wrote: »

Both TSB and Lloyds require you to pay in 1000/mth to get 3% interest on you say each of 3 accounts at 5k each. So for a bank to bank comparison.... on top of the extra forms and paperwork you are suggesting that paying in £3000/mth for 3% on 15k is the same as Santander's offer of paying in £500/mth for 3% on 20k....?

Either way, in my opinion that is no where near a comparable deal. It might technically be close, but the overly complicated set up would not be easy.

Santander insist on the funding coming in from elsewhere, whereas for multiple interest-bearing accounts with Lloyds and TSB (and Bank of Scotland), you can simply rotate the same £1000 around the accounts to satisfy the conditions, i.e. 1 to 2 to 3 and back to 1 again. Hardly the most onerous task in the world, it takes a minute or two every month for those of us who choose to do it manually or even less for those who set up standing orders to achieve the same result.

Archi_Bald

TickersPlaysPop wrote: »

Interestingly Martin Lewis doesn't make the same suggestions as you?

And your point is? Martin Lewis never told us anything about the Lloyds 4% deal on up to £18K that many of us are still enjoying (but is no longer on offer now). Martin Lewis doesn't tell us about a whole lot of savings deals because he doesn't run a comparison site, and I don't believe he ever claimed he would cover 100% of the market.

TickersPlaysPop wrote: »

Both TSB and Lloyds require you to pay in 1000/mth to get 3% interest on you say each of 3 accounts at 5k each. So for a bank to bank comparison.... on top of the extra forms and paperwork you are suggesting that paying in £3000/mth for 3% on 15k is the same as Santander's offer of paying in £500/mth for 3% on 20k....?

Either way, in my opinion that is no where near a comparable deal. It might technically be close, but the overly complicated set up would not be easy.

Of course they are not 100% the same but they are near enough. In fact, if I had £5K, Lloyds/TSB/BOS would all pay me more than Santander, and Nationwide would pay me almost double what they would pay.

The whole debate started because you claimed (in your "wake up people! post) that "3% is much higher than every other UK bank" - and you are just plain wrong about this.

As an aside, you don't need to pay £3000/mth to satisfy the requirement of 3 Lloyds or BoS or TSB accounts, and none of them have "the complication" of needing any DDs like Santander do. Just £1K, or even £500 or less, is enough to make the required deposits. Plenty about this on the forum, by the people who have not found that it requires an "overly complicated set up" as you claim. You may not believe it, but some people quite easily manage over a dozen interest-paying current accounts, alongside some stoozing cards and several savings and investment accounts.

TickersPlaysPop wrote: »

So how do these banks make over 3% on our money?

Hint: look at their loan APRs.

TickersPlaysPop wrote: »

Question.... Is Santander offering the same deals in countries across Europe and else where in the world?

What does it matter? But if it interests you, there is plenty of information about them on the web. Before you come back with more xenophobic theories about Santander "soaking up the UK market to capitalise itself", please inform yourself about the difference in economies, the ownership and make-up of the various banking conglomerates, and look at the offers of other banks in those countries. But best just don't come back with any theories on how Santander is trying to bleed the UK dry, or how they are about to collapse under the weight of paying 3% AER.

Hominu

TickersPlaysPop wrote: »

I see it in a very simple way, we give banks our money and they invest it somewhere. So how do these banks make over 3% on our money?

Its very easy to make in excess of 3% on your money. In fact, I can quite easily say I've been making 20% since the new tax year. Granted there's risk and I may actually end up getting back less than I invested if I don't manage it well, hence why I only have money I'm prepared to lose in that investment. My other investments are getting between 4 - 9%, the 4% being the least risk, then there's the savings accounts offering 3% with zero risk.