Multi Santander 123 accounts??

mt99

Clearly you are right in that 1.2% is better than NS&I 1%, but...

1. it's not really 1.2% from Santander it's less IF you have over £1000 of savings interest already (because you pay tax on the interest but can't claim tax relief on the monthly fee). Not saying the OP does, but it's worth bearing in mind.

2. probably more importantly, is it worth the hassle of setting up and managing multiple accounts, standing orders and direct debits for a 0.2% (or less) interest rate. Bung the 60k in NS&I I say!

ColdIron

mt99 wrote: »

is it worth the hassle of setting up and managing multiple accounts, standing orders and direct debits for a 0.2% (or less) interest rate. Bung the 60k in NS&I I say!

I suppose that depends on what value you place on £120 (plus the cash back). For the half an hour it takes you to set it up initially (maintenance by standing order and direct debit is automatic) it's worth it in my book

bigfreddiel

ColdIron wrote: »

I suppose that depends on what value you place on £120 (plus the cash back). For the half an hour it takes you to set it up initially (maintenance by standing order and direct debit is automatic) it's worth it in my book

If you have £12k or less then NS&I is a better bet.

Over £12k and you get a bit more of a return, but only 0.2% better st the most, and you need to manage the funding and direct debits. Easy enough, but not worth my time or hassle for a max of 0.2% return.

Cheers fj

bigfreddiel

Speculator wrote: »

Yes. When I opened my second sole a/c, I wasn't aware that they reduced the number of sole a/cs allowed to 1 per person.

Here we go, let's blame the provider for not being clear on this! I thought ignorance was no excuse.

soulsaver

mt99 wrote: »

Clearly you are right in that 1.2% is better than NS&I 1%, but...

1. it's not really 1.2% from Santander it's less IF you have over £1000 of savings interest already (because you pay tax on the interest but can't claim tax relief on the monthly fee). Not saying the OP does, but it's worth bearing in mind.

mt99 wrote: »

2. probably more importantly, is it worth the hassle of setting up and managing multiple accounts, standing orders and direct debits for a 0.2% (or less) interest rate. Bung the 60k in NS&I I say!

Thanks for that. I did understand (already) point 1, albeit still 0.9% 123 is still better than 0.8% NSI after tax & charges and (tiny bit) better still including cashback, depending how you value 100% security.

I already have 123 acs & set up legacy, too - so no hassle there.

Just was worried I was missing a better option/ misunderstanding something.

Clarification appreciated.

PS I still would need a current a/c too...which is already set up.