Three Santander 123?

YorkshireBoy

Hasbeen wrote: »

Yes 3 accounts, if one joint

If Op has managed two account in his own name/address etc?

Then he could possibly open joint with other if agreeable as well?

Others have tried, and failed, to capitalise on previous incarnations of the T&Cs.

TartanSaver

bundly wrote: »

Thanks folks for that list. I will go and investigate which one(s) I can have (i.e. that I can satisfy the rules to qualify)

I already have a Nationwide current account so that must be the first one to investigate!

Nationwide 5% regular saver is easy to set up online. You might or might not be able to get a 5% Flexdirect (it's a 1yr promotional rate, so whether you can get it depends on what account you have with them at the moment.) The regular savers I mention above all pay 6%.

As far as "eligibility" all you REALLY need for most of them is to be able to shuffle the requisite cash through them once a month. Given the amount you must be trying to save, this should be very easy to do. You need DDs for a couple of the options, but that's easily done. Obviously they all have their own Byzantine credit checking processes, but if you don't ask...

YorkshireBoy

bundly wrote: »

Ah the TSB and the Nationwide ones are capped at £2k/ £2,5k. I need somewhere to stick (at least) £17k.

You're not going to get it in one account, so you're now tasked with multi-account managing like the rest of us!

TartanSaver

YorkshireBoy wrote: »

I didn't forget them. I chose not to mention them.

Fair play, but why? Given they are the highest rate on the market, it seems a bit of a no brainer to at least try for them, no? Granted HSBC is (in all three incarnations) does seem to be one of the "choosiest" banks, and as we've both been lamenting on the HSBC thread, not exactly a seamless process.

YorkshireBoy

TartanSaver wrote: »

Fair play, but why?

See my edit above. Until, and unless, OP has maxed out the 5% regular savers the 'benefit' is 1% AER. In other words, cost/benefit would mean I wouldn't go there...just yet.


EDIT: Having said that, since all 3 have switching incentives I just might!...as that's a £490 payday, which is way more than the OP could get after tax in a 123 account.

Hasbeen

YorkshireBoy wrote: »

Others have tried, and failed, to capitalise on previous incarnations of the T&Cs.

Can you explain?

Op has two existing, he cannot open joint as he is "sole investor"

But if he was not, are you saying he would be ineligible to open joint?

bundly

YorkshireBoy wrote: »

You're not going to get it in one account, so you're now tasked with multi-account managing like the rest of us!

But it doesn't have to be a current account. Could be a savings account. I just want to put it all in one place, at the highest rate of interest possible.

By the way, I am amused that you all seem to think I am a man :-)

I'm not.

Someone has just suggested I open a SIP. I have never heard of that before, so am off to ask on the appropriate forum.

Bundly.

YorkshireBoy

Hasbeen wrote: »

Can you explain?

Op has two existing, he cannot open joint as he is "sole investor"

But if he was not, are you saying he would be ineligible to open joint?

I'm not sure I understand where you're going? To me the rules, backed up by anecdotal evidence on here, are very simple...

1. If he has a sole account, he can open a joint account.

2. If he has a joint account, he can open a sole account.

Those are the only permutations aren't they?

YorkshireBoy

bundly wrote: »

But it doesn't have to be a current account. Could be a savings account. I just want to put it all in one place, at the highest rate of interest possible.

Those two are mutually exclusive!

Someone has just suggested I open a SIP. I have never heard of that before, so am off to ask on the appropriate forum.

It's a SIPP, but you're now comparing apples with pears! One is investing, and one is saving. With one you could get your money out tomorrow, but with the other you'd have to be 55 (from memory, I don't have one).

bundly

YorkshireBoy wrote: »

Those two are mutually exclusive!It's a SIPP, but you're now comparing apples with pears! One is investing, and one is saving. With one you could get your money out tomorrow, but with the other you'd have to be 55 (from memory, I don't have one).

I am 58 this year, Yorkshire, so would a SIP be good for me?

This is the message I received from a pal:

"Another thing you could consider is to open a SIP pension. The amount
that you are allowed to invest is quite limited because it's
linked to earnings, but if you put in c£4000 before April 1st, you'd
get a tax credit of £1000 added by HMRC, and could do the same again
after April to get another £1000. Since the 'pension freedoms' were introduced, you're allowed to withdraw from your pension fund any time after age 55, taking 25% tax free and the rest as taxable income. If your income is below your
tax-free allowance, this is very tax efficient and 'trivial' pension funds (which is below c£25k) have few restrictions on cashing in."


Ohh just found a MSE page about it

http://www.moneysavingexpert.com/savings/cheap-sipps