Santander 123 Current Account for Savings?

robotrobo

Eco_Miser wrote: »

It's not allowed for new accounts, but anyone who got more before the conditions changed will normally be allowed to keep them.

eco is correct!.
but is not allowed now since they changed the t&c.

bigfreddiel

jlfrs wrote: »

"Anyone know if only having 2 direct debits for my CC accounts will qualify me for the 3% APR?"

Yep - sure does, but you will get no cashback as I don't think CC DD"s count. You will also need to pay in 500 quid a month, but you can always set up a standing order from a different account in to the 123 account and then set up a standing order on the 123 to send it back again.


That is exactly what I do, works a treat.

CC DDs are fine, I do that and get my interest every month.

I also set it up for tax exemption, because I do a self assessment, and if I owe anything I pay it back next year. That way I have the money now rather than later, I prefer to owe the tax man rather than him owing me.

Cheers fj

BobQ

OP
Reading the T&C is important. Some accounts will pay you the interest up to the stated limit, and then give you 0% above it. Some will not pay interest if the balance exceeds the stated limit by even £1 in a given month.

colsten

BobQ wrote: »

Some accounts will pay you the interest up to the stated limit, and then give you 0% above it.

all UK interest-paying current accounts available right now do this but check for the finery as some don't pay any interest on balances below £1,000.

BobQ wrote: »

Some will not pay interest if the balance exceeds the stated limit by even £1 in a given month.

I don't think this applies to any account available in the UK but please correct me if I'm wrong by listing them.

BobQ wrote: »

Reading the T&C is important

very true

BobQ

colsten wrote: »

I don't think this applies to any account available in the UK but please correct me if I'm wrong by listing them.

Well if you treat the words literally, Tesco

http://www.tescobank.com/current-accounts/fees.html?tpfpgid=Currentaccounts&navid=ButtonRatesandFees

But it could just be poorly written!

colsten

BobQ wrote: »

Well if you treat the words literally, Tesco

http://www.tescobank.com/current-accounts/fees.html?tpfpgid=Currentaccounts&navid=ButtonRatesandFees

But it could just be poorly written!

Tesco pay interest on anything up to £3,000, 3%AER/2.96 gross atm, regardless of how much money you have in the account.


Where do they say they don't pay any interest if your balance is more than £3,000?


EDIT:

To quote from the Tesco T&Cs, available on http://www.tescobank.com/assets/sections/current-accounts/pdf/tesco-current-accounts-rates-and-fees.pdf?_cachebuster08062015

If you have money in your account, we'll pay the following interest on the first £3,000 of your balance, but you won't get interest on any part of your balance over £3,000

This doesn't seem a case of "poorly written" to me.

BobQ

colsten wrote: »

Tesco pay interest on anything up to £3,000, 3%AER/2.96 gross atm, regardless of how much money you have in the account.

Where do they say they don't pay any interest if your balance is more than £3,000?

They say (in the link)

"Annual interest rate on credit balances of £3,000 or over 0.00% gross AER (variable)"

I prefer your opinion of what they mean to what is actually stated.

saintalan

BobQ wrote: »

They say (in the link)

"Annual interest rate on credit balances of £3,000 or over 0.00% gross AER (variable)"

I prefer your opinion of what they mean to what is actually stated.

Actually it says

Interest rates
Annual interest rate on credit balances up to £3,000 3.00% AER (variable) / 2.96% gross
Net annual interest rate on credit balances up to £3,000 2.37%
Annual interest rate on credit balances of £3,000 or over 0.00% gross AER (variable)

Alan

BobQ

saintalan wrote: »

Actually it says

Interest rates
Annual interest rate on credit balances up to £3,000 3.00% AER (variable) / 2.96% gross
Net annual interest rate on credit balances up to £3,000 2.37%
Annual interest rate on credit balances of £3,000 or over 0.00% gross AER (variable)

Alan

I was reading the words on the website I referenced and interpreting them in a particular way. The T&C document is I agree better explained.