Santander 123 Account

firefox1956

My query has probably been answered before so apologies in advance.
Do you have to keep the balance of the account at £20000 ??
Or do you get a reduced rate of interest if the balance is above £20000 ??

YorkshireBoy

Your question is answered in numerous places on their website.

But by way of a practical example, see their calculator here...

http://www.santander-products.co.uk/banking/calculator/123ca.html

Firstly enter £20,000 in the "your balance" section and see what annual interest is paid.

Then enter £21,000 and see if the figure changes.

firefox1956

Ah......
Dr Google might have answered my query........
You don't get ANY interest at all on any money over £20000.

firefox1956

Personal thanks here YorkshireBoy...........my thanks button has disappeared for some reason.

Zanderman

firefox1956 wrote: »

My query has probably been answered before so apologies in advance.
Do you have to keep the balance of the account at £20000 ??
Or do you get a reduced rate of interest if the balance is above £20000 ??

And the answer to your first question, no you don't have to keep the balance of the account at £20k.

But keep it over £3k or the interest rate will reduce.