Ditch Santander ??

colsten

N1AK wrote: »

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)

Someone who has £20K in savings and can get a Santander 123 most probably has got a good credit record. They therefore should also be able to get other current accounts, and with them access to superb regular savings accounts.

It's therefore almost child's play to get a lot better interest than in a Santander 123. In savings terms, the 123 is a good option for those having / needing more than £30K in cash savings (which is why I have one), or for those who are lazy or uninformed.

mel48rose

colsten wrote: »

Someone who has £20K in savings and can get a Santander 123 most probably has got a good credit record. They therefore should also be able to get other current accounts, and with them access to superb regular savings accounts.

It's therefore almost child's play to get a lot better interest than in a Santander 123. In savings terms, the 123 is a good option for those having / needing more than £30K in cash savings (which is why I have one), or for those who are lazy or uninformed.

Thanks Colsten I understand what you are saying. Trouble is I have already got most of the high interest paying accouts. Just wondered if it was worth me keeping the 20K together as it is or split it up really.

Eco_Miser

If you've already got everything paying 4%,5% or 6%, AND you can't split the the whole £20k into other 3% accounts, then you might as well leave it all in Santander.
If OTOH you could get the whole of your cash into other accounts paying 3% or better, there seems no point in retaining the 123 account.

N1AK

colsten wrote: »

Someone who has £20K in savings and can get a Santander 123 most probably has got a good credit record. They therefore should also be able to get other current accounts...

I said the account pays interest on £20k, I never suggested that it was difficult to get a better rate if someone was saving £20k but thanks for saying in 2 paragraphs what I had already put in 8 words.