Is it best to leave my savings, where they are?

carlbhoy

Hi guys, I have two Santander 123 accounts (one joint), both with just over £20k (in to cover the direct debits), they were opened purely for the 3% interest rate, but now that has halved I wondered if you guys could tell me whether this is still a good option.
I have no mortgage, I have a nice sized pension, s/s ISA with prudential, also a healthy investment plan also with prudential.
These accounts were simply if I needed cash at a moments notice, any ideas welcome, thanks in advance

YorkshireBoy

Seems there are two of you?

3 BoS Vantage and a pair of Tesco current accounts each would take the whole £40K (and more) and double your interest rate to a 'clean' 3% AER.

If you have cashback generating DDs on the 123, then downgrade it to 'Lite'.

bigadaj

Ive just closed a second Santander account with the reduction in interest rate, well actually transferred for the bonus with m&s.

An effective rate of 1.3% ish isn't great, I'm topping up premium bonds and putting more into investments.

Yorkshire boys post is a good shout for an alternative if you don't hold these accounts already, would take all of a second accounts worth too even for a single person.