Finally took the plunge - TSB Classic Plus and Santander 123

grimsalve

According to my maths (O level grade unfortunately ), the bottom line is if you've got £24k to "invest" then the annual return is around 3.5%

Unfortunately there's a bit of hassle in setting everything up (and that's what put me off doing all this for so long) but I don't think there's a better alternative at the moment.

Lee_Howden

badger09 wrote: »

Welcome to the party. You're a little late. What kept you?

I've just got to convince my Financial Director (my wife) that it makes sense now. She's always skeptical about Banking and moving Banks.

colsten

You don't need to move bank, you can just open additional accounts. Although the 7-day switching service for current accounts seems to work very smoothly, particularly when a lot of DDs are involved.

Convincing your lady wife should not be hard if you do some numbers for her. Use the 123 calculator to work out your potential at Santander.

For TSB, if you have £2,000 in an account all year, you make around £78 after BR tax interest a year. That's over double of what you could make from a cash ISA, and between you and your wife you could have 6 of these accounts, i.e. you can save £12,000 and make around £470 after BR tax.

Paris2314

Hi All,

I want to open a Santander account for our savings and was about to apply when I read the eligibility criteria. It says that you cannot be a student or in full time education. I am a PhD candidate, which is somewhat confusing as I am classed as a student at times and at other times treated as staff as I have teaching duties, a contract with the university and am receiving a stipend for studying. I am also employed elsewhere on a 4 hour contract and so am wondering if I very cheekily put that I am employed by the company with which I have a 4 hour contract and fail to mention that I am also doing a PhD - does anybody know if there is any way of the bank finding out??!
I know it seems cheeky but I can understand that the bank probably does not want students due to the majority of students not earning enough to meet the conditions or already owing to student loans companies, however I don't have any loans and am a mature post-grad!
All suggestions welcomed! thanks

Fruit_and_Nut_Case

Paris2314 wrote: »

Hi All,

I want to open a Santander account for our savings and was about to apply when I read the eligibility criteria. It says that you cannot be a student or in full time education. I am a PhD candidate, which is somewhat confusing as I am classed as a student at times and at other times treated as staff as I have teaching duties, a contract with the university and am receiving a stipend for studying. I am also employed elsewhere on a 4 hour contract and so am wondering if I very cheekily put that I am employed by the company with which I have a 4 hour contract and fail to mention that I am also doing a PhD - does anybody know if there is any way of the bank finding out??!
I know it seems cheeky but I can understand that the bank probably does not want students due to the majority of students not earning enough to meet the conditions or already owing to student loans companies, however I don't have any loans and am a mature post-grad!
All suggestions welcomed! thanks

I would suggest starting an application and seeing exactly what they ask. e.g. "Income" or "Salary", etc. If you think you can't give acceptable answers, don't click the final "Submit" button.

anoncol

We get even more cashback from Santander on the credit card 123. Cash back on all supermarket, fuel and dept stores. We've made 100s since getting ours a couple of years ago, easily over £700!

BoxerfanUK

I already have a 123 account and keep a float of 20K all the time. I also have other savings so can someone explain how you operate the money shuffling between these accounts in practice and what additional monthly returns I would get if I opened 2x TSB accounts and put 2K in each of them too?


Obviously I like the idea of earning more money but is it worth the hassle?

colsten

It's been mentioned dozens of times...you could just shuttle £500 a month between the 2 TSB accounts, and then cream off the monthly interest into another account which pays interest (like you presumably already do with your full-up 123 account). If you meet all the requirements at TSB (paperless etc), you then get 5% AER rather than just 3% AER on £4K.

BoxerfanUK

Does anyone know? If I open 2 x TSB Classic plus accounts do I need to have two separate online banking logins for them, or can I have one login to access both accounts?

colsten

Just one login.