Santander 123 - worth keeping 2 accounts?

ffacoffipawb

I have two of these accounts from before they capped the number of accounts you should have. Account 1 is fully funded at £20k and account 2 has just over £15k in it.

That £15k is earmarked for a S&S ISA next month so the balance of account 2 will be next to nothing.

Would you pay £2 a month to retain account 2 just in case or get rid of it and save the monthly fee?

colsten

It really depends on what sort of cash you expect to get anytime soon, whether and how a 123 would be of use to you for it, and whether you consider a £2/mth "insurance policy" value for money for your circumstances.

ffacoffipawb

colsten wrote: »

It really depends on what sort of cash you expect to get anytime soon, whether and how a 123 would be of use to you for it, and whether you consider a £2/mth "insurance policy" value for money for your circumstances.

Could always cash in my Premium Bonds and I-L certificates at some point to refill but I like both these NSI products even though Martin Lewis thinks the former is rubbish.

I suppose £24 p.a. is nothing in the scheme of things, less than one small Premium Bond win.

colsten

ffacoffipawb wrote: »

I suppose £24 p.a. is nothing in the scheme of things, less than one small Premium Bond win.

True - but the small premium bond win might never mature, and £20K in a 123 will pay you about £40 a month after BR tax

YorkshireBoy

If you don't already have them, 3 (or 6 if there are two of you) BoS Vantage accounts would provide a home for £15K (£30K) should you need it at some point in the future.


These accounts pay a 'clean' 3% AER, but you'd need to ensure you didn't lose the Vantage status by leaving them dormant.

ffacoffipawb

YorkshireBoy wrote: »

If you don't already have them, 3 (or 6 if there are two of you) BoS Vantage accounts would provide a home for £15K (£30K) should you need it at some point in the future.


These accounts pay a 'clean' 3% AER, but you'd need to ensure you didn't lose the Vantage status by leaving them dormant.

Wasn't Vantage cut to 1.5%?

Steve_xx

ffacoffipawb wrote: »

Wasn't Vantage cut to 1.5%?

Yes Vantage was cut on to 1.5% on the old Lloyds current account, but not on the Bank of Scotland Current account which retains a rate of 3% providing that you pay in 1k each month.

See here: http://www.bankofscotland.co.uk/bankaccounts/classic/

ffacoffipawb

Steve_xx wrote: »

Yes Vantage was cut on to 1.5% on the old Lloyds current account, but not on the Bank of Scotland Current account which retains a rate of 3% providing that you pay in 1k each month.

See here: http://www.bankofscotland.co.uk/bankaccounts/classic/

Thanks will look into it. I already have a BOS Reward account (and 2 Halifax ones) for the free fivers!

honeytabby

Am I correct that you can have 3 123 accounts, 1 joint, 1 for me and 1 for my wife?

colsten

honeytabby wrote: »

Am I correct that you can have 3 123 accounts, 1 joint, 1 for me and 1 for my wife?

yep, that's their current rules

No_6

20k in each account



6