Santander 123 Bill cashback question

JDC123

Hi there,

I've just opened a Santander 123 and plan to put my ISA savings from last year into it due to the higher interest.

I'm now looking at the option of having a my household bills come out of it too to make the most of the cashback on billls.

My question is how do they work out which transactions are Bills? I live in a shared house, and one person pays full council tax, one person water, one electricity etc. And then we individually pay our share to that person to reimburse them. So whilst I am paying my bills, I am paying a co-tenant not a recognised body and wonder whether this would qualify for cashback...

Thanks

grumbler

First of all it's DDs, not just 'transactions'.
Secondly, they have a list of DD originators that DDs they pay cashback on.
http://www.santander-products.co.uk/info/current-accounts/123-current-account-cashback-search

What ISA is it? I don't know any decent except 'help to buy'.

JDC123

Great thankyou grumbler. Should have been able to find that myself!

Its a currently a TSB ISA with 1% interest, I'll be moving everything in it to a Santander 123, and opening a Halifax help to buy ISA aswell

WineDarkSea

Will the Cashback be sufficient to cover the £5 fee? I'm starting to wonder about this myself, I only make just under £4 in Cashback so a £1 shortfall, more some months. I use council tax, water, gas and electric and our broadband/TV/Phone package (latter being ridiculously cheap). Plus 3% isn't great, so really it's just the convenience of having it all in one place. You'd get a lot more spitting it with TSB, Nationwide and Lloyds, then there are fee free 3% accounts like Bank of Scotland and Tesco - one of each to the max is £17,500. That would earn £665 in interest with no fees and only two DDs needed for Lloyds. Santander would only earn £525 - £60 fees = £465. That's £200 more for setting it up and letting it run. If you have any more you can open more than one bank of Scotland account.

colsten

WineDarkSea wrote: »

Will the Cashback be sufficient to cover the £5 fee? I'm starting to wonder about this myself, I only make just under £4 in Cashback so a £1 shortfall, more some months. I use council tax, water, gas and electric and our broadband/TV/Phone package (latter being ridiculously cheap). Plus 3% isn't great, so really it's just the convenience of having it all in one place. You'd get a lot more spitting it with TSB, Nationwide and Lloyds, then there are fee free 3% accounts like Bank of Scotland and Tesco - one of each to the max is £17,500. That would earn £665 in interest with no fees and only two DDs needed for Lloyds. Santander would only earn £525 - £60 fees = £465. That's £200 more for setting it up and letting it run. If you have any more you can open more than one bank of Scotland account.

You are so right

And there are also the various Regular/Monthly Savings accounts, which can boost your savings further.

Use the MSE Regular Savings Drip Feed Calc to work out the extra interest you could earn.

fudge7000

Best option, if possible, is to pay all the DD's from your account and get the money back off everyone else... Depends if you trust them to pay/don't mind profiting off their bill payments?