Ditch Santander ??

mel48rose

I have 20K in Santander 123. I have 2 tsb, 1 Lloyds, and a few others. With the increase to £5 a month is it worth me moving it by splitting it up. My cashback via utility bills only comes to about £2.50 a month. Any ideas please?

Al.

I caught a quick mention of M&S launching a slightly better banking account.

http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/12080511/January-current-account-war-MandS-fires-first-shot-with-316-bribe.html

bigfreddiel

Al. wrote: »

I caught a quick mention of M&S launching a slightly better banking account.

http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/12080511/January-current-account-war-MandS-fires-first-shot-with-316-bribe.html

I'm afraid the answer was in this article itself that says no it's not better.


Mr Hagger says savers with more than £12,500 would benefit more from the Santander 123 current account* - which pays 3pc on balances between £3,000 and £20,000 - than the M&S current account deal.

Cheers fj

mel48rose

Al. wrote: »

I caught a quick mention of M&S launching a slightly better banking account.

http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/12080511/January-current-account-war-MandS-fires-first-shot-with-316-bribe.html

Thanks but unfortunately I already have an account with them!

Al.

Just caught a quick mention, someone else may benefit. Good luck. ��

eskbanker

mel48rose wrote: »

I have 20K in Santander 123. I have 2 tsb, 1 Lloyds, and a few others. With the increase to £5 a month is it worth me moving it by splitting it up. My cashback via utility bills only comes to about £2.50 a month. Any ideas please?

mel48rose wrote: »

Thanks but unfortunately I already have an account with them!

Perhaps it might be worth expanding on what 'a few others' actually means so as to get useful advice?

Or reading https://forums.moneysavingexpert.com/discussion/5374614

mel48rose

Ive got a HBOS with Vantage, Nwide Flexdirect, LLoyds Monthly Saver.

colsten

Al. wrote: »

I caught a quick mention of M&S launching a slightly better banking account.

Slightly better than what, Al? For whom? Why?

Boy oh boy, it's a really bad day for the financial advisor community when one of them think they should offer their totally unqualified opinion on what might be a "slightly better" something or other

Dan83

Have a look in the budget and banking sub-forum, there is a thread about natwest, some one has posted a link to an article which is worth a read

mel48rose

Dan83 wrote: »

Have a look in the budget and banking sub-forum, there is a thread about natwest, some one has posted a link to an article which is worth a read

Thanks Dan will have a look

N1AK

mel48rose wrote: »

I have 20K in Santander 123. I have 2 tsb, 1 Lloyds, and a few others. With the increase to £5 a month is it worth me moving it by splitting it up. My cashback via utility bills only comes to about £2.50 a month. Any ideas please?

The two things Santander's 123 has going for it that most competition don't, even with the higher fee, are:
1/ Interest on a comparatively large amount (£20k max)
2/ Cashback on direct debits

The first one can be worked round for most people (though I'm not sure it's worth the effort) but the 2nd can be a major benefit. Each month we get the following cashback:

• £1.32 on Council Tax
• £1.53 from mobile and phone/broadband
• £1.50 Gas/Electric
• £7.99 on Santander Mortgage payment
• £0.25 for Water

Even ignoring the mortgage the cashback covers the fees.