Halifax vs HSBC vs TSB vs Santander

lampard

Hi Guys

I have a santander 123 account at the moment where my wages go into so usually i have between 1500-2k in there picking up the interest there until I need to start living life by buying food and bills etc.

I also have a first direct regular saver where I pay 300 into each month.

I also have just opened a TSB classic plus account for the 5% and plan to put 2000 in there.

Finally I have an old student natwest account which i plan to close and take up on either HSBC or halifax offer.

My question is however which account should I open next? HSBC who offer a 120 switch plus access to a 6% regular saver or the Halifax which will gave me a 100 switch bonus plus 5 a month.

I'm leaning towards the HSBC but I am interested in others opinions regarding my banking setup.

mvarrier

Shouldn't you get the balance of the 123 above 3k in order to earn the 3%?

Prof_FrinkProf

At 6% you definitely want to get the HSBC monthly saver. For your current account, wouldn't a TSB account at 5% be best for you? Unless you receive enough cashback into your Santander account from your monthly Direct Debits to boost the return over the 5% offered by TSB

lampard

:T

Thank you so much guys for the replies and yes your right I do not know why I didn't think about doing that before I guess I forgot about Santander needing over 3000 to get any interest.

AndyPK

You do get interest under £3K but at a lower rate.

jimjames

For under £3k you're better off with a Tesco account which pays 3% from £1 upwards.

greenglide

For under £3k you go for the TSB account paying 5% surely?

We have one but is is the main account for historical reasons which has salary coming in and significant payments coming out (£1.5k to pay off credit card) which means that it is difficult to maximise the interest with the balance varying between £1k and £3.5k.

In retrospect we would be better off with the activity in our Santander 123 account and DDs and standing orders set up to keep the TSB and Lloyds accounts happy.

Will change them at some point in the future..........

enjoyyourshoes

you will need hsbc advance a/c for the rs at 6%, they alos do a save together isa, invest £300 and get guaranteed bonus £10 pm for 12 months plus their isa interest rate

Eco_Miser

greenglide wrote: »

For under £3k you go for the TSB account paying 5% surely?/QUOTE]Yes, even though you only get interest on £2000, 5% on £2000 is better than 3% on £3000. Of course, 5% on £2000 PLUS 3% on the rest is even better.