Santander and Tesco?

sosad1968

Hi All

I have about £26k to invest.

I have already used my ISA allowance for this year so that isn't an option.

I'm thinking of sticking £20k in a Santander 123 account (at 3%), and the remaining £6k in two Tesco bank accounts (at 3%).

I'm a non tax payer.

Can anyone think of a better plan?!

Does the Santander 123 account get good customer feedback? I don't want to put my money somewhere which turns out to be a nightmare!

Thanks

ColdIron

TSB Plus/Nationwide FlexDirect/Lloyds club?

AndyT678

sosad1968 wrote: »

I have already used my ISA allowance for this year

sosad1968 wrote: »

I'm a non tax payer.

Cash ISA not S&S? If so that's a REALLY bizarre decision. Lowering your return in order to avoid paying tax that you wouldn't have to pay anyway is just weird... :huh:

Post 2 has some other bank account suggestions - take the money out of your ISA and put it in those.

Playing_with_Fire_2

Santander's customer feedback has improved in the past few years (according to Martin), although the fee is due to rise, so decide if it is worth playing with more accounts to get a better rate.

Kendall80

Putting your 26k in bank accounts would be saving not investing


Personally, i'd max out the 5% accounts first (TSB and Nationwide), then set to work on the 4% accounts (Lloyds).


If you cant be bothered with the relatively little hassle then 20k in Santander would get you roughly £580 i think as you are a non-taxpayer.

jimjames

sosad1968 wrote: »

Hi All

I have about £26k to invest.

I have already used my ISA allowance for this year so that isn't an option.

Which ISA pays more than Santander or TSB?

bigfreddiel

AndyT678 wrote: »

Cash ISA not S&S? If so that's a REALLY bizarre decision. Lowering your return in order to avoid paying tax that you wouldn't have to pay anyway is just weird... :huh:

Post 2 has some other bank account suggestions - take the money out of your ISA and put it in those.

Where did he say it was a cash ISA?

fj

littly_kitty

sosad1968 wrote: »

Does the Santander 123 account get good customer feedback? I don't want to put my money somewhere which turns out to be a nightmare!

I was put off using Santander during 2012-2013 due to all the feedback. However, in 2014, I took the plunge and have found it to be excellent.

I notice their feedback is improving on a lot of the review sites, so they must have improved their service.

eskbanker

bigfreddiel wrote: »

Where did he say it was a cash ISA?

Where did OP say she was a 'he'? (she's not!)

AndyT678

bigfreddiel wrote: »

Where did he say it was a cash ISA?

fj

She didn't. Hence my use of both a question mark and the words "if so".

However, and I could easily be wrong, the OP didn't strike me as an S&S investor.

sosad1968

Thanks for all the replies.

I'm not currently a tax payer but intend to be soon as I am looking for a better paid job. Hence the ISAs!

I already have one of the TSB 5% accounts but, considering I already have a bank account I am happy with elsewhere, I am wary of opening too many accounts which require direct debits to be set up.

If I had my real bank account, plus one for Club Lloyds, Nationwide and Santander I would end up having direct debits coming from four sources. I think that would make my head spin too much!

Also, what about the implications for my credit rating, were I to open multiple accounts in a short period of time?

If I were to put the full £20k into Santander, I'm assuming the best move would be to "cream off" any interest as it would be at a low rate over that £20k ceiling? How do other people manage this?

I think if I went down the Santander route I would transfer across the direct debits which could earn me cashback and leave those that couldn't with my "real" bank.