Conflict of interest - have to switch from Santander 123

kkxtreme

Hi, I was wondering what current account to switch to. I am currently on Santander 123 account with a large amount in there which is earning interest and due to conflict of interest rules at work, I must get rid of it.

I cannot have a current account with HSBC, Lloyds, Santander, Barclays and any associated banks due to conflict of interest. I am allowed to have a deposit account and credit account. What current account would you recommend?

MarkFromCornwall

I suggest Tesco because they pay 3% interest on balances up to £3000.

xylophone

Try TSB/Natwest/Metrobank/Nationwide......

Kim_13

Nationwide FlexDirect (5% for a year, then 1%.) Paid on balances up to £2,500.

TSB Classic Plus (5% on £2,000.) They're now separated from Lloyds so that should be allowed. There's also a Monthly Saver for a year that also pays 5%. You can transfer £250 a month for that but you have to do it from the TSB account.

Tesco as above.

Cycle money between accounts to satisfy minimum pay ins (£500 TSB, £750 Tesco and £1000 Nationwide.)

Edit: I believe you can have two such Tesco accounts provided you don't have a Tesco Credit Card.

More than one Nationwide account is allowed (max 4) but you can only get 5% on one, the others will get 1% which is better than nothing if there are no other interest paying accounts that you're allowed.

The FlexPlus pays 3% indefinitely but unless you have use for the insurances, it'll just make you a loss (£10 per month fee.)

Premium Bonds are worth a look if you have money left over.

colsten

Kim_13 wrote: »

Edit: I believe you can have two such Tesco accounts provided you don't have a Tesco Credit Card.

I believe that only applies to some specific Tesco Clubcard credit card. I have 2 Tesco current accounts and a Tesco credit card, and a separate clubcard account just for the points.

YorkshireBoy

colsten wrote: »

I believe that only applies to some specific Tesco Clubcard credit card.

Tesco "Plus".

Paul_1977

RBS are going to open a similar account in the near future, apparently.

colsten

Paul_1977 wrote: »

RBS are going to open a similar account in the near future, apparently.

Similar to ?

jonesMUFCforever

I'm just nosy - what conflict of interest?

JuicyJesus

jonesMUFCforever wrote: »

I'm just nosy - what conflict of interest?

I was thinking that.

colsten

jonesMUFCforever wrote: »

I'm just nosy - what conflict of interest?

Auditors, may be? Or misunderstanding, more likely?