Santander 123 to TSB Classic Plus

stuarta99

Ok thanks guys.

With regards the current account I think I'll be better off because I'll get the 5% on contact less debit card (even though I don't use it much at the moment because of the 123 CCTM but I can change my habits. My fuel can go on it then shopping can go on our Halifax Clarity with the £5/month bonus. 5% on my current account will be good as well but even though the month starts about 2k in there it does drop to about 300 but think interest will still be worth it. Did read that the 5% on the 2k would be about £98 but don't expect that every month.

I'll then utilise the 5% regular saver account to deposit savings I need to pay off car in 2 years and will be a better rate than my existing Santander esaver. I'll then ditch 123 CC (not sure if I've paid the fee yet) and then find somewhere for my 3k is a fund.

£100 switch bonus will help me take other half away for valentines

stuarta99

Just noticed I paid the 123 CC charge Jan 19th last year so I better get in quick and cancel.

Quickly called Santander and the CC charge is changing from £24/month to £3/month so no immediate hurry to swap that one. Also told that if I lose the 123 current account I still get the cashback on the CC although I think the TSB / Halifax option is still better if I'm only making about £4-5/montj but paying £3. However the statement does say I've earned £214 since opening the CC but obviously had some heavy months

Nick_C

20aday wrote: »

I'm not entirely clued up on the Clarity card but I believe (in addition to the £5 reward) it offers preferential rates on foreign transaction fees or something like that?

The 123 credit card is also offering no foreign transaction fees for the rest of this year.

If you're planning to be abroad we have good news for you, as we won’t charge foreign transaction fees on the 1|2|3 Credit Card from 11 January 2016 to 31 December 2016. This means that when you use your card abroad for purchases in the local currency you won’t pay any transaction fees. After this period you’ll pay foreign transaction fees of 2.95% again.

http://www.santander.co.uk/uk/123changes/123-credit-card

http://www.santander.co.uk/uk/credit-cards/123-credit-card

Nick_C

stuarta99 wrote: »

... I'm thinking however that if I get rid of the Santander 123 current account, I'll lose the cashback options on the 123 credit card

You could ditch the current account but keep the credit card

JWalker1995

stuarta99 wrote: »

Did read that the 5% on the 2k would be about £98 but don't expect that every month.

I believe the TSB is 5% per annum, although it is paid monthly, I would be expecting £98 per year. Please correct me if I'm wrong

stuarta99

That's ok. Still £8 month although I guess it's not calculated on just the opening balance. Either way even if I get £1 month, it's better than the 123 charge of £5

stuarta99

I have looked at the Nationwide Flex accounts but they don't have a switch bonus and the Halifax reward for £5/month but no decent regular saver account

JWalker1995

stuarta99 wrote: »

That's ok. Still £8 month although I guess it's not calculated on just the opening balance. Either way even if I get £1 month, it's better than the 123 charge of £5

Correct, its probably calculated on your average closing balance each day, although i again could be wrong. True, interest is always better than the fee

enthusiasticsaver

It does not pay to be loyal these days. I have just switched from Santander 123 to First Direct (I have other current accounts which pay interest) but FD were offering £150 to switch.


Certainly if the cashback is not going to cover the new £5 monthly fee and you don't have enough in there to get the 3% interest there is absolutely no point in keeping the Santander 123 account. From the sound of it I think getting the TSB classic plus and the 5% regular saver would be your best bet.

YorkshireBoy

stuarta99 wrote: »

I have looked at the Nationwide Flex accounts but they don't have a switch bonus

Yes they do. There's their recommend a friend* offer, which gets both you and the person referring you £100 each. There does need to be a couple of DDs on the account being switched, but you must already have these anyway with Santander so no issues there.

In addition, if you go through a cashback site such as Quidco there's £75 to be had. However, I've been waiting around 7 months for mine now so don't hold your breath on that one!


* http://www.nationwide.co.uk/products/current-accounts/landing-page/recommend-a-friend