Am I doing the right thing?

Bella79

Good Afternoon All,

We have got £16000 to save, its currently sitting in my halifax account (only jst cleared) and as this pays 0 interest I need to move it.

I don't usually have a lot in savings so I want to make sure I treat it right! I was thinking of opening a santander 123 account and put the £16k in that as well as moving all my d/d over to it as well for the cash back., I have had a play with the calc on their site and it says I should get about £500pa :T

So my wage goes into my halifax acc then I set a standing order up a day later to move my dd amount into the santander acc - will this work? (and count as the monthly pay in)? and my £16k just sits in it?

how long will it take for the money to reach the Santander acc from Halifax?

Thank You

JohnRo

For a long time a Santander 123 (or two/three) was a no brainer but recently that's changed. Also the Santander 123 monthly charge will increase to £5 next month. Unlike Club Lloyds it is an unavoidable charge, although the utility DD cashback will offset some/all of it.

If you like playing with calculators this link is worth exploring.

http://www.bankaccountsavings.co.uk/

Eco_Miser

Bella79 wrote: »

So my wage goes into my halifax acc then I set a standing order up a day later to move my dd amount into the santander acc - will this work? (and count as the monthly pay in)? and my £16k just sits in it?

Yes, and yes - provided the dd amount is big enough.

Bella79 wrote: »

how long will it take for the money to reach the Santander acc from Halifax?

Standing orders usually happen early morning, by Faster Payment, so normally arrive within minutes of being sent, should be within two hours and 'guaranteed' by next day.