MSE News: Should I save in Santander's 123 account or put the money in a cash ISA?

Davey_Jones_2

Those concerned to bank ethically should know that Santander is being strongly criticised currently for investing many millions of their savers' money in a company called Asia Pacific Resource International Limited (APRIL) that is clear cutting primary rainforest in Indonesia for paper pulp production. This destroys the habitat of orangutans, tigers and sun bears, driving them closer to extinction. I, for one, am withdrawing my savings from Santander and putting them somewhere that does good rather than harm.

Archi_Bald

Excellent news, one less competitor for the good rates to worry about.

eskbanker

Davey_Jones wrote: »

Those concerned to bank ethically should know that Santander is being strongly criticised currently for investing many millions of their savers' money in a company called Asia Pacific Resource International Limited (APRIL) that is clear cutting primary rainforest in Indonesia for paper pulp production. This destroys the habitat of orangutans, tigers and sun bears, driving them closer to extinction. I, for one, am withdrawing my savings from Santander and putting them somewhere that does good rather than harm.

Just out of interest, which institution are you moving your money to, and on what basis do you judge them to be ethically better than Santander?

masonic

Davey_Jones wrote: »

I, for one, am withdrawing my savings from Santander and putting them somewhere that does good rather than harm.

I take the view that since I always aim to cost banks more money than they can make from me, holding accounts with the more unethical banks is actually a good thing. Not that I would turn down the opportunity to make money using an ethical bank (if there really is such a thing).

Gordon_the_Moron

masonic wrote: »

I take the view that since I always aim to cost banks more money than they can make from me, holding accounts with the more unethical banks is actually a good thing. Not that I would turn down the opportunity to make money using an ethical bank (if there really is such a thing).

I donate all my cash back and interest to charity. I think that does more good than banking with a more ethical institution that pays bugger all.

impster

question. If I were to open a Santander 123 account, and pay in £15000, AND pay the £2 month fee - but NOT pay in £500 a month and not arrange 2 DDs, would the money in the account still earn 3% gross?

Thanks.

Archi_Bald

impster wrote: »

question. If I were to open a Santander 123 account, and pay in £15000, AND pay the £2 month fee - but NOT pay in £500 a month and not arrange 2 DDs, would the money in the account still earn 3% gross?

Thanks.

No you would not get any interest in a [statement] month in which you do not pay in £500 and do not have 2 DDs. For additional detail, please see your other post about 123 and my answer to it.

Vortigern

impster wrote: »

question. If I were to open a Santander 123 account, and pay in £15000, AND pay the £2 month fee - but NOT pay in £500 a month and not arrange 2 DDs, would the money in the account still earn 3% gross?

If you can't pay in £500 per month, you could transfer out £500 each month, then immediately transfer it back. You'd still need 2 DDs and you still need to read the terms & conditions.

raggedyanne

Can anyone give me the actual phone number for Sandtander Newton Abbott branch in Devon please.

escapee

According to Saynoto0870 the number for Newton Abbott branch is:

Santander - 0845 765 4321 or 05511 430232 Newton Abbot, Devon

Hope this helps!!