Wake up call to ditch Santander 123 current account

colsten

I wouldn't have thought an MSE Forum regular like yourself needs help with finding the cornucopia of information about multiple current accounts + regular savers.

agentk

We ditched one Santander last month oh's. Because over the last few years other accounts with better rates have come along. TSB lloyds etc. We switched it in to her existing Halifax reward and received incentive. I have retained mine as the cashback just about covers the fee. I am very suspicious of the incentive schemes as i am wondering if and when all banks will charge fees.:eek:

xylophone

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.

If you open a Tesco Internet saver and a Tesco Instant Access Savings Account you can set up Direct Debits on these to pull money from bank accounts elsewhere to satisfy those which require DDs to get the interest.

where_are_we

You already have two tesco current accounts so it really easy to open a tesco internet saver and a tesco instant saver and then fund these with two direct debits from your preferred high interest current account. "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." - My tesco internet saver and tesco instant access are funded by £1 direct debits - so where is there a lot of monthly expenditure?

agentk

Not complaining though taking advantage of them:T

A_Flock_Of_Sheep

colsten wrote: »

I wouldn't have thought an MSE Forum regular like yourself needs help with finding the cornucopia of information about multiple current accounts + regular savers.

No I am sure I will find it - what does puzzle me is the huge amount of avtive DDs everyone has to have to make it all work. Call me non MSE but I try and save money by reducing my outgoing expenditure. Not increase it by finding extra DDs so I can get a Current Account Bonus.

The only thing I could pay by DD is water, phone and Barclaycard and Council Tax so that's only 4 - yet I would need 6 to operate 2x rewards and 1 x 123 Santander before extending anywhere else. I just wouldn't have enough bills to go round unless I started squandering money on rubbish like Sky, magazine subscriptions, charity appeals.

I pay my gas and electric on Prepayment via Ebico who for me as a small user are cheaper than any credit meter suppliers.

Like I say its a load of nonsense and it's high time this stupidity with current accounts was stopped and general savngs accounts attracted better interest.

colsten

A_Flock_Of_Sheep wrote: »

its a load of nonsense

Well yes I agree with you on that. Though my definition of "it" could be different to yours.

hoc

where_are_we wrote: »

My intention was to remind everyone who has calculated that a 123 account with a £5 monthly fee could be bettered by using other high interest accounts, to get their skates on to achieve a switching bonus before the fee goes up. Why not get a switching bonus if you are going to close the 123 account anyway.
I`m afraid that "Hoc" has condemned me incorrectly - "The Halifax account is a good one but switching to it from 123 isn't the logical response as explained and highlights 123 wasn't the right choice for the poster to begin with" - without knowing my situation. Our primary current account is a joint 123. My redundancy lump sum necessitated opening a second 123 account after opening TSB, Nationwide and Lloyds accounts. Over the last month I have been moving the £20K in the second 123 account into the other 3% accounts mentioned in this forum. As a non tax payer the Halifax will pay me £175 over the next year for next to nothing in the account - so I most definitely have not been "asleep" !

"Wake up call to ditch" is phrasing that goes beyond "reminding".

OK, so you are saying you've moved money to accounts earning 3% or higher and no longer need your (second) 123 account. Well, those accounts were available before and should have been used even when the fee was only 2 a month. It seems the change in fee has awoken you.

Similar with the switch to Halifax, great you're getting your fiver or 6.25 for next to nothing but what does this have to do with the change in fee to 123? Again, it seems the change in fee has awoken you to that deal which has been available for some time.

It is interesting combination- you're keeping your primary 123 yet are calling for others to "wake up and ditch", your move away from 123 isn't related to a cost/benefit from the fee change and you seem to take it personally when this is mentioned. I would not have written so much on this, but the wording of your thread is an open invitation.

colsten wrote: »

Best ignored.

I am genuinely disappointed this is your response. I believe my responses have been clear and constructive, but I guess...whatever!

Eco_Miser

A_Flock_Of_Sheep wrote: »

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.

No expenditure required.
The method has been discussed in many threads on this board.

KGriff

Yes, you do not have to spend anything in order to set up a direct debit on any current account.

Just as a simple example I have an old post office online saver account and payments into that can be done via any linked current account using a monthly direct debit set up on the current account to make regular deposits. I have one set at £5 per month.

You could of course have severa/numerousl online saver accounts with any financial institution that supports links to a current account and allow regular deposits by direct debit.

No need for any of the numerous direct debits required by these current accounts to cost anyone a penny.

If the online saver is low interest rate, then simply move the money back out to where it can earn a better rate.

Creating numerous direct debits is really not an issue for these type of current accounts.