Wake up call to ditch Santander 123 current account

colsten

where_are_we wrote: »

I`m afraid that "Hoc" has condemned me incorrectly

Best ignored.

No_6

£175 from Halifax ? for one year ?

colsten

• £100 for the switch
• £6.25 gross per month x 12 = £75

YorkshireBoy

No_6 wrote: »

£175 from Halifax ? for one year ?

£100 for switching, and because they're a non-tax payer they'll use an R40 to get the Reward payments grossed up (from £60 to £75).

where_are_we

Halifax Reward Current Account : £100 switching bonus (within 3 days of the switch)
+ £5 per month that you pay in £750 a month, pay out two different direct debits and stay in credit.
I am a non tax payer and the £5 is net so I can claim a £1.25 tax refund. So £6.25 x 12 = £75 per annum.
So £100 + £75 = £175 per annum.
However, will Halifax continue to pay a £5 reward after 6/4/16 when the £1000 tax free interest comes in for lots of people?

A_Flock_Of_Sheep

This is all well and good but it is high time this nonsense of having to have multiple current accounts to get a decent % on "savings" was stopped and general decent rate of interest was introduced on normal savings accounts.

If Santander can pay 2.7% on an instant access current account then why can't they pay that on a normal generic savings account with no direct debts for balances up to £20,000.

People here must have a lot of monthly expenditure to be able to set up a raft of direct debits across multiple accounts to meet the T&Cs of the account to gain an interest bonus.

For anyone interested in an instant access cash ISA I recently opened one with Kent Reliance who also do a fair rated regular saver account too.

A_Flock_Of_Sheep

I do have two Tesco bank accounts maxed out with £3,000 apiece as I think you can have two and there are no conditions that you pay money in each month or pay so many DD's out.

I am sure there is a thread on here how you lace this multiple current account scheme together to max out interest but I pay nothing by Direct Debit and I am sure you need to pay out on some of these accounts by DD to get any bonus? At least on the Halifax Reward you do?

A_Flock_Of_Sheep

Yes I have just checked to get the interest on the 123 account and the £5 bonus(s) on Halifax you need to have two direct debits on each so thats 6 DDs if you run 2 rewards and a 123 account. So for me it won't work as I have no DDs to pay.

colsten

A_Flock_Of_Sheep wrote: »

Yes I have just checked to get the interest on the 123 account and the £5 bonus(s) on Halifax you need to have two direct debits on each so thats 6 DDs if you run 2 rewards and a 123 account. So for me it won't work as I have no DDs to pay.

A_Flock_Of_Sheep

I don't know whay you need to take that attitude colsten - that is the way I read on each of the websites if you see it differently please let me know.