Wake up call to ditch Santander 123 current account

YorkshireBoy

A_Flock_Of_Sheep wrote: »

1 x Santander 123 = £435 pa with 20k and DD Cashback after £60 fee

Max interest on £20K after the fee is £425.60 after BR tax (things change in April though). So you're covering the fee by around 80p a month, ie £5.80 in cashback? That's a lot compared to my £3.90 ish. Some scope to reduce your utility and/or communications costs?

If you really want to maximise your returns, then you'd ditch Santander, open Club Lloyds and 2 more BoS Vantage, and hit the 4 and 5% regular savers you can get with 3 of your providers hard (£1,150 a month max in those).

Yes I know there are 3 x 6% regular savers, but that would require 3 more current accounts and you may feel that's too much admin?

A_Flock_Of_Sheep

YorkshireBoy wrote: »

Max interest on £20K after the fee is £425.60 after BR tax (things change in April though). So you're covering the fee by around 80p a month, ie £5.80 in cashback? That's a lot compared to my £3.90 ish. Some scope to reduce your utility and/or communications costs?

If you really want to maximise your returns, then you'd ditch Santander, open Club Lloyds and 2 more BoS Vantage, and hit the 4 and 5% regular savers you can get with 3 of your providers hard (£1,150 a month max in those).

Yes I know there are 3 x 6% regular savers, but that would require 3 more current accounts and you may feel that's too much admin?

I may have miscalculated a bit - TV does not seem to include the normal TV licence.