santender123 and direct debits

Stompa

steveo3002 wrote: »

when you say tesco...what service have you signed up to

It's just a Tesco savings account, which lets you set up a DD to pull funds into the Tesco account.

wiseshark

innovate wrote: »

You do not have to be employed to qualify for interest on a Santander 123 account. All you have to do is pay in £500 a month from a non-Santander account, have 2 DDs on the account and you will get interest if you have more than £1K in your account.

Agree. I was merely trying to save the OP the £2 fee as he didn't mention until later that he had a good bit of savings and he wanted to take advantage of the 3% interest up to £20K

He doesn't seem interested in the 123 cashback the account pays.

wiseshark

steveo3002 wrote: »

im lucky enough to have a good bit of savings and the 3% rate would help me out

You might want to consider opening a Nationwide Flex Direct Account who will pay 5% AER on balances up to £2500 and just bounce £1000 in and out [STRIKE]along with 2 Direct Debits set up on the account.[/STRIKE]

Archi_Bald

wiseshark wrote: »

You might want to consider opening a Nationwide Flex Direct Account who will pay 5% AER on balances up to £2500 and just bounce £1000 in and out along with 2 Direct Debits set up on the account.

FlexDirect only needs £1K paid in once a month, no DDs.

I agree, on the face of it, a FlexDirect looks better for someone with no job, but we have no idea about their finances and they might still be able to meet the requirements of a 123 with ease, and make more from that account than from the FlexDirect.

They probably also have a lot of time searching the web for the best deal for themselves, and to manage any accounts they decide to set up.

steveo3002

i wasnt aware of the flex account , will take a look

just looking for a good intrest rate really , easy access and not to many hoops to jump through

thanks

£2500 limit ...kinda ruins it

ive got a fair chunk to put into an account

bsms1147

steveo3002 wrote: »

i dont have direct debits that i want to use with that account ,

Why not? If they qualify for cashback would be silly not to.

eskbanker

steveo3002 wrote: »

i wasnt aware of the flex account , will take a look

just looking for a good intrest rate really , easy access and not to many hoops to jump through

thanks

£2500 limit ...kinda ruins it

ive got a fair chunk to put into an account

Unfortunately with rates as they are just now, there is no such thing as a good interest rate that doesn't involve jumping through hoops, whether that's DDs, minimum monthly payments being internal or external, balances having to be between specific floor and ceiling limits for interest, etc. What does 'a fair chunk' mean to you, knowing this may help identify options for you? For example, there are other current accounts offering 3% interest but on smaller amounts than Santander and if you'd need multiple accounts to accommodate your fair chunk that would be likely to involve multiple credit checks, which might not be ideal without employment....

Hominu

steveo3002 wrote: »

ive got a fair chunk to put into an account

If you don't mind some risk and are going for the long term, investments might be worth a look. One of my investments has increased by 30% since April.

Depending on how much a 'fair chunk' is, property may also be worth an investment. It's forecast to increase again next year. I'm hoping to make at least 10% profit from one I bought this January.

macman

steveo3002 wrote: »

no mobile contract

when you say tesco...what service have you signed up to

paypal i can do...already use it funded straight from my bank

Charity DD of your choosing, could be as much or as little as you want? Pound a month upwards?

steveo3002

i dont really dare risk any investments

i have 20k the g/f has 60k , yes buying a house to rent out is something we may consider at one stage