Looking for a NEW bank account

NarkT_Ov

As I'm taking early retirement in 2015 I'm looking to maximise my returnsfrom a bank account like Santander's 1-2-3 account. A quick check usingSantander’s 1-2-3 checker says I could earn £362 a year if I pay my bills fromthat account.

So my question is are there any other bank’s offering a similar account that do a similar deal?

planteria

there are alternatives that offer better rates than S123....look at Lloyds, TSB, Nationwide..

but not their cashback on your electricity, for example.

perhaps the best things to do is to take advantage of several accounts:A

PeacefulWaters

Lots of time on your hands?

I'd use Santander as a cornerstone account for most of the bills.

Then there's Halifax for an easy £60 in Rewards.

TSB and Nationwide for 5% interest.

Lloyds for 4% interest and some cinema vouchers.

Shovel the money around a little. Use multiple credit cards to trigger direct debit payments where needed and you can top up your retirement income quite nicely for half an hour's effort each month.

gunsandbanjos

PeacefulWaters wrote: »

Lots of time on your hands?

I'd use Santander as a cornerstone account for most of the bills.

Then there's Halifax for an easy £60 in Rewards.

TSB and Nationwide for 5% interest.

Lloyds for 4% interest and some cinema vouchers.

Shovel the money around a little. Use multiple credit cards to trigger direct debit payments where needed and you can top up your retirement income quite nicely for half an hour's effort each month.

Great advice, this is what my parents do.

They had the S123 account for all bills and I persuaded them to open 6 Classic + with TSB for the interest.

Nice little top up each month for not much effort.

NarkT_Ov

PeacefulWaters wrote: »

Lots of time on your hands?


TSB and Nationwide for 5% interest.

Will have time on my hands in 6 months :beer:

5% on my 25% tax free sum from pension should yield just over £100 per week after tax if I've calcuted right. So with pension that's going to be approx £450 per week in my pocket after tax

Probably put my severance pay in also which is circa £54k after tax.

PeacefulWaters

NarkT_Ov wrote: »

Will have time on my hands in 6 months :beer:

5% on my 25% tax free sum from pension should yield just over £100 per week after tax if I've calcuted right. So with pension that's going to be approx £450 per week in my pocket after tax

I think you should read the account restrictions before you get too carried away.

Probably put my severance pay in also which is circa £54k after tax.

Could you reduce the tax bill by investing a chunk of it into a personal pension (or employer AVC) and then withdrawing it post retirement?

Assumes you pay 40% now and 20% later.

colsten

Afraid, you won't get 5% on much more than £4.5K unless you are talking joint accounts. The max you can get 3-5% current account interest on is currently £50,500 in sole accounts, over double that if you can do joint accounts.

NarkT_Ov

Bit more research needed then.

I'd best phone around to see what's on offer then.

YorkshireBoy

NarkT_Ov wrote: »

Bit more research needed then.

I'd best phone around to see what's on offer then.

Here's something to be going on with...


http://forums.moneysavingexpert.com/showpost.php?p=66958618&postcount=6

colsten

You can save the time and expense of phone calls and just use the web. If you add 3 x £5K BOS Vantage to the list in this article, you have the complete picture in 10 seconds flat.

EDIT: or just go by YB's post, lol

robotrobo

NarkT_Ov wrote: »

As I'm taking early retirement in 2015 I'm looking to maximise my returnsfrom a bank account like Santander's 1-2-3 account. A quick check usingSantander’s 1-2-3 checker says I could earn £362 a year if I pay my bills fromthat account.

So my question is are there any other bank’s offering a similar account that do a similar deal?

Our 4 x 123 accounts have been really beneficial to me & my non tax paying wife , i think rules have changed where 3 accounts is now the max with a joint account.
Once you have santander set up , then the other advice like the tsb accounts are there to be taken as well , while you might see a rate return better than the 123 account , the deposits are smaller ie up to 2k but you may open 4 accounts or more.
Santander had a bad name at one time in the past , i can say that the 4 years i have been with them , no problems whatsoever, touch wood.