Is it worth keeping TSB Gold AND getting Santander 123

steveyt_2

Hi....got over £20,000 to invest....was thinking of keeping our joint TSB Gold Current Account open and paying the £13 fee to get the car breakdown,phone and holiday insurances for both me and the wife as they pay good interest on the 1st £2000 but then was going to also open the Santander 123 Account to invest the £20,000.

I know this also charges but if i move my Direct Debits over the cash back should pay the fee and more besides with their interest rates on the £20,000.

My wages will go into TSB but then i will make a standing order over to Santander.

Do people think this is advisable to do or have i got a better option?

Your thoughts and advise is much appreciated.

xylophone

You could have sole and joint TSB Plus accounts which would give 5% on a total of £6000.

You could have sole and joint Lloyds Club which would give 4% on a total of £15,000.

You could have sole and joint Nationwide Flex direct which for a year would give you 5% on a total of £7,500.

This would give you each access to the Flex monthly saver.

Nationwide also have a fee paying account with insurance etc benefits.

Research the options.

You have DDs which you could apply to accounts as required and you have cash to cycle round the required monthly inputs.

xylophone

See also https://forums.moneysavingexpert.com/discussion/5374614

steveyt_2

Thanks...... its just that i saw Martins show say if youve got £20,000 then Santander is the one to go for but your saying i will get a better return on the other accounts you mentioned.


Or are you suggesting have one of these AS WELL as the Santander as dont really want to open multiple accounts. I like simplicity lol

Eco_Miser

If you only want one account, then Santander; if you'd prefer over 4% to under 3%, then xylophone's suggestions (TSB, Nationwide, Lloyds)are better.

enthusiasticsaver

If you have got around £20k then I would follow xylophones suggestions and look at TSB and Nationwide for 5% no fees on £13.5k between you and your wife and 4% on lloyds club up to £15k. Santander has its place, I have one myself but then I am sheltering £50k in just my name. It pays less than 3% and comes with £60 fee although as you say this can be offset by cashback on direct debits. Depends on whether you willing to open multiple accounts

I would also switch your TSB account, you can get the breakdown insurance etc for way cheaper than £13 per month.

steveyt_2

sorry for the late reply....just looking at these accounts and very tempted to have a sole and joint Flex account with Nationwide due to the cover you get.

VERY confused though.... yes you maximize your interest on your money (3% on 2 lots of £2500) but arnt you paying the monthly fees 'twice' (£10 per month is now £20)

If all these accounts come with a fee, and you have to have meet certain criteria with direct debits or standing orders or monthly payments in etc, would it be best to open one joint Nationwide Flex account for the insurances (as it's better than my current TSB Gold ) and put the £20000 into Santander at 3%

jimjames

I'd only have a joint FlexPlus. No point with one each unless you really want to pay the fees multiple times.

Better to use the Flexdirect if you have savings you want to earn 5% and get 3 of those for £7500. Or just open the Flexplus for insurances and Santander123 for the £20k if you don't want the hassle involved with the best rates

steveyt_2

Thanks JimJames....thats what i am thinking rather than keep paying all the fees twice for sole and joint accounts cus surely thats eating into your saving % returns.