have i got enough to start thinking about savings options yet?

danlightbulb

Is it likely that Santander would close my main account down if I did more donor accounts with them?

YorkshireBoy

danlightbulb wrote: »

Is it likely that Santander would close my main account down if I did more donor accounts with them?

I have no idea, but it's certainly a possibility. What I'm saying is I wouldn't take the risk.


That's why, when opening donor accounts for switching offers, I haven't abused those providers I want to 'keep onside'.

danlightbulb

Ah I see. I guess if those other providers introduce switching offers in the future though, then you give up that opportunity.

Going to try HSBC today. I'm hoping the fact I've recently opened a First Direct account, got the £150 and closed it again won't influence their decision.

Then I'll look into the Nationwide RAF for £180 and a place for my savings.

YorkshireBoy

danlightbulb wrote: »

Ah I see. I guess if those other providers introduce switching offers in the future though, then you give up that opportunity.

I was referring to those that pay me decent interest (some on several accounts) and Reward payments (again on several accounts). But, yes, my choice of donor account provider was based on their likelihood of introducing switching incentives in the near future, and that's why I hit RBS heavily!

Going to try HSBC today. I'm hoping the fact I've recently opened a First Direct account, got the £150 and closed it again won't influence their decision.

Shouldn't do, but good luck with it. A great many of us were declined earlier this year, but this time if you're knocked back for the Advance account it doesn't matter as much since you can also get the incentive for switching into their Bank Account. So the only real loss is no access to their 6% regular saver.

Then I'll look into the Nationwide RAF for £180 and a place for my savings.

Don't want to build your hopes up. There's £100 for the RAF, and the possibility of another circa £80 if you apply through a cashback site AFTER first being recommended under RAF.

NectarCollector

If your a 1st time buyer, open the Halifax 4% help to buy ISA for the 25% government bonus, pay in the maximum of £1200 in Jan and SO £200 therafter (will take 4 and half years to reach the maximum bonus you can get).

Switch your current account with the remaining £800 to a Halifax reward to qualify for £100 switch bonus

Open a 2nd current account with someone like Tesco, then switch that to First Direct using the MSE link for £150 switch bonus. Meet the minimum pay in amount by transferring £500 from Halifax to FD then back, and repeat again. This also means you meet the minimum pay in amount for the £5/month in Halifax.

The £200/month remaining that you save could go into a FD regular saver at 6%

YorkshireBoy

NectarCollector wrote: »

Switch your current account with the remaining £800 to a Halifax reward to qualify for £100 switch bonus

Open a 2nd current account with someone like Tesco, then switch that to First Direct using the MSE link for £150 switch bonus.

You haven't read the thread have you?

OP has already done those. See post #5.

enthusiasticsaver

Just as a matter of interest why are you sticking with Santander as your main account as you only have £2k in savings? I hope it is not the 123 as the fee on that goes up in January and is so not worth it for your position unless you have high utility bills and make a lot of cashback.


As others have suggested look at Nationwide and TSB, current accounts and regular saver accounts and maybe the Halifax help to buy ISA if you are going to be buying a house eventually.

colsten

Which one would you prefer?

£2,000 in a Santander 123 for a year pays £40 before tax (ignoring any cashback you might be able to earn from DDs)

Keeping a Santander 123 for a year costs £60

£20 down.

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£2,000 in a TSB Plus for a year pays £97.80 before tax (ignoring that the interest could be earning 5% AER again, and not calculating in the 5% contactless cashback).

Keeping a TSB Plus for a year costs nothing.

£97.80 up.

danlightbulb

Its not a 123 account but i dont want to switch my main acc because of the hassle of my pay and all my bills and SO's.

No halifax FTB ISA for me as ive owned in the past.

My original plan was to switch to tsb but then the offer ended. Along with halifax it was going to be the end of the switching chain. Ive just applied to hsbc but no instant decision got to wait now.

colsten

danlightbulb wrote: »

Its not a 123 account but i dont want to switch my main acc because of the hassle of my pay and all my bills and SO's.

What hassle?

http://www.simplerworld.co.uk/Pages/About.aspx