£20k savings Santander 123?

blinko

does anyone on here have any knowledge of cost to process DD, ?

I'm in need of a new DD as I am moving over 1 from halifax reward and really not sure on the next step.

liamcov

blinko wrote: »

does anyone on here have any knowledge of cost to process DD, ?

I'm in need of a new DD as I am moving over 1 from halifax reward and really not sure on the next step.

It is around 8-10 pence so I just set 2 up for £1.

evangeline

JustAnotherSaver wrote: »

To respond to the original question -

If you're going to use the direct debit cashback that Santander offers (phone bills, council tax etc etc) then i'd go for the Santander myself as this should pay off the £2pm fee & you still get 3% interest.

If not having the direct debits on the account then i'd probably opt, initially for Nationwide with their 5% on £2.5k & then the rest in either Lloyds TSB (or whatever they're calling themselves these days) in one of their Vantage accounts at 3% no charge, or HBOS i think the other is for the exact same.

First option would be to stick money where it works hardest (Nationwide 5%).

May I ask which type of nationwide a/c pays 5% , can't see it on their website table of interest. Thanks in advance.

Mr_K

They are building up their customer base as they had a poor start to UK banking. Once done the 3% rate will disappear / only apply to a lower balance and the monthly fee will increase; they'll hope most of the punters will stay through apathy, usually works.

ColdIron

evangeline wrote: »

May I ask which type of nationwide a/c pays 5% , can't see it on their website table of interest. Thanks in advance.

Nationwide FlexDirect

manchild

Don't forget Santander 123 account is variable so keep monitoring.

cepheus

Does anyone simply shift £500/month from a non-Santander account then back again to the same bank to qualify? Looks a little obvious!

Archi_Bald

cepheus wrote: »

Does anyone simply shift £500/month from a non-Santander account then back again to the same bank to qualify? Looks a little obvious!

Interest and transfers from any other Santander accounts do not count towards the monthly funding amount.

http://www.santander.co.uk/csgs/Satellite?c=Page&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

cepheus

I know that's why I said non-Santander account

Hominu

cepheus wrote: »

Does anyone simply shift £500/month from a non-Santander account then back again to the same bank to qualify? Looks a little obvious!

It might be obvious, but I've been doing it for years without any of the banks caring.