Santander 123 question

SeduLOUs

colsten wrote: »

With £4K, you could have made more if you had had a couple of Tesco current account, for instance. You could still have used Santander for the cashback in parallel.

If I'd filled a 'couple' of TSB accounts I'd have had no cashflow left for daily expenditure/bills.

I waited until my balance was high enough that I could additional accounts without causing too much daily maintenance and monitoring, and I'm at a level of balance I'm now happy with. I chose TSB over Lloyds because of the extra cashback, and no DD requirements, which made life slightly easier.

I'll look into a Lloyds in the future if my savings pot gets larger.

colsten

Not sure we are still on the same page. I am on the page of people who want to maximise the returns from the money they have in current accounts.

If you have an average of £4.5K 'savings' money, there is just about no point whatsoever in putting any of it into a Santander 123 for the purpose of earning interest.

In fact, if you have an average of £20K 'savings' money, there is still no point in putting that money into a Santander 123 for the purposes of earning interest.

That is because there are a multitude of other options of making substantially more interest from non-Santander accounts. Even the DD-cashback offer from Santander doesn't appear to be the market leading offer these days.

Alter_ego

lynnejk wrote: »

I thought the original question was how to find a way to input £500 into more than one Santander account
Lx

No the original question was, Can wife and I bounce £500 back and forth between our 123s to satisfy the £500 per month requirement?

That was answered long ago, the thread has progressed much further now.

SeduLOUs

colsten wrote: »

Not sure we are still on the same page. I am on the page of people who want to maximise the returns from the money they have in current accounts.

Well, I'm on the page where the OP asked about how to meet the pay in requirements of a Santander account and asked nothing about maximising interest.

As the pay in requirement (for the joint account) requires an account with a bank other than Santander, the advice was to opt for an account that pays decent interest and/or other benefits as opposed to any old other arbitrary account, although I admit we have all got a little sidetracked, as any other basic bank account will be fit for the purpose required by OP.

Somebody else jumped in on the thread asking which accounts required DDs to be set up, suggesting that they wanted to make their money work harder for them, but that they didn't want the 'fuss' of managing DDs across accounts and ruling out some of the available higher interest options.

colsten

SeduLOUs wrote: »

Somebody else jumped in on the thread asking which accounts required DDs to be set up, suggesting that they wanted to make their money work harder for them, but that they didn't want the 'fuss' of managing DDs across accounts and ruling out some of the available higher interest options.

There are plenty of options that don't need DDs. All apart from one account (YB/CB Direct) pay more interest than the 123.

Kernel_Sanders

colsten wrote: »

You could still have used Santander for the cashback in parallel.

Surely it would be much better to get 3% cashback on seven different bills with NatWest , even though their fee is £3pm. (but won't be rising to £5 AFAIK).

Paul_1977 wrote: »

I am a fool for thinking a bank would prevent customers doing a run-around.

No, but you are a fool for presenting that thought as fact.