Santander 123 Account to save £14,000

tiggit

I am currently with Lloyds where I have a Current Account, then an "Easy Saver" with £14,000 savings, this gives me 0.5% interest

I have been looking at the Santander 123 account, I input over £1000 a month into my current account and 5 direct debits going out. I live with parents so wouldn't have electricity/mortgage/utilities coming out, just a mobile telephone bull

I believe that by having £14,000 in my account and input over £1000 a month, this would be a very beneficial account.

Is it all this easy? Has anyone else used this account before or are there any other that are better out there?

Thanks in advance

F1F93

Yep, I use that, and it is as easy as that. Also consider a Nationwide Flexdirect for 5% on £2500, and First Direct regular savings for 6% on £300 a month .

xylophone

just a mobile telephone bull

:eek: Or a Freudian slip?

See http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Snooping4Value

tiggit wrote: »

I am currently with Lloyds where I have a Current Account, then an "Easy Saver" with £14,000 savings, this gives me 0.5% interest

I have been looking at the Santander 123 account, I input over £1000 a month into my current account and 5 direct debits going out. I live with parents so wouldn't have electricity/mortgage/utilities coming out, just a mobile telephone bull

I believe that by having £14,000 in my account and input over £1000 a month, this would be a very beneficial account.

Is it all this easy? Has anyone else used this account before or are there any other that are better out there?

Thanks in advance

Or just set up another 2 Lloyds Vantage current accounts and run the operation from just 1 log in. As I understand, the Vantage accounts just require you set up monthly payments of £1000 into them (and straight back out again if you want).

I have 3 TSB Enhanced and 1 Santander 123. That said, I don't know if they require the £1000 monthly input to be new money or if it can come from your existing linked Lloyds account. I just set up the standing orders between TSB and Santander.

G_M

Yes. Why move from Llloyds? Open 3 x Lloyds Vantage accounts (but be quick as they are about to launch a new c/a and may withdraw the Vantage).

manyaonisland

Snooping4Value wrote: »

the Vantage accounts just require you set up monthly payments of £1000 into them

...and have 2 direct debits setup on every account to Qualify for vantage interest

Funkyfreddy

manyaonisland wrote: »

...and have 2 direct debits setup on every account to Qualify for vantage interest

Really ?

There is no so such requirement to gain 3% interest on a Lloyds "Vantage" Current account.

There was for the short lived 4% offer that ran from Sept '12 - Oct '13


Rgds
FF

manyaonisland

Funkyfreddy wrote: »

Really ?

There is no so such requirement to gain 3% interest on a Lloyds "Vantage" Current account.

There was for the short lived 4% offer that ran from Sept '12 - Oct '13


Rgds
FF

you are right.. my bad!
I set it up during that time and then the rate dropped but I never removed by DD.. they are for 1£ anyways..

I re-checked the latest Vantage conditions and can confirm that there is NO requirement for 2 DD anymore for qualifying for vantage interest. Payment of 1K every month to qualify for vantage is still inforce

Funkyfreddy

tiggit wrote: »

I am currently with Lloyds where I have a Current Account, then an "Easy Saver" with £14,000 savings, this gives me 0.5% interest
[..]

You don't have "Vantage" on this account ?

http://www.lloydsbank.com/current-accounts/vantage.asp

You can earn 3% on balances between £3-£5k

With three Lloyds Current Accounts with Vantage you have a home for £15k earning 3% and instant access.

You need to fund each one with £1k a month but currently (and unlike most other accounts requiring funding) this can be from other Lloyds accounts and doesn't have to be external - just cycle £1k from one to the other by Standing Order each month.

FF

ColdIron

manyaonisland wrote: »

...and have 2 direct debits setup on every account to Qualify for vantage interest

Not required to qualify for Vantage. There is rumour that the new Club Lloyds account will need DDs so you should open the Vantages sharpish if you want it

a&akay

I believe that by having £14,000 in my account and input over £1000 a month, this would be a very beneficial account.

Have a look also at Lloyds Vantages and their equivalents in TSB and HBOS (BOS). You don't need to pay in £1000 a month to these accounts if you have more than 1 and £3k+ in 1. Just transfer £1k 1-2-1 if you have 2 and 1-2-3-1 if 3. This applies to TSB and HBOS(BOS) as well. If you've got Halifax £5ers, and a normal joint current account there like us, then pay your current account £1k, transfer to your 5er then to your Vantage(s) and back to your current. In our case once it's back in the joint, we log out, log back in as a sole, transfer to the other sole 5er and back and then back out to the feeder account which could be a 123. Takes 5 mins max each month and no faffing with SOs.