Santander 123 Account

Jo_Blogs

Just wondering why the Santander 123 account is featured in first place on the best bank account page?
1.5% interest is an appalling rate of interest........:eek:
Has anyone [STRIKE]dumped[/STRIKE] switched their 123 account since the rate cut?

DavidT67

Because 1.5% of £20K is still more than the alternatives.
Covered in depth on this site last year.
http://blog.moneysavingexpert.com/2016/08/14/santander-123-slash-interest-1-5-ditch/

Wyrley49

Because if you have the capital you can invest £20,000, unlike the other current accounts e.g. Lloyds which only pays interest up to £5000.

No_6

@ Joe Blogs

Really ?

;(

Jo_Blogs

No_6 wrote: »

@ Joe Blogs

Really ?

;(

:A:rotfl::A

bigadaj

Jo_Blogs wrote: »

Just wondering why the Santander 123 account is featured in first place on the best bank account page?
1.5% interest is an appalling rate of interest........:eek:
Has anyone [STRIKE]dumped[/STRIKE] switched their 123 account since the rate cut?

I switched one of my accounts but have retained another.

Cashback pretty much cancels out the fee and it's an easy option for larger cash sums, better than most savings options.

No_6

A spare 20K at 1.5% is not worth loosing, with
cash back cancelling the fee.

Joe_Bloggs

No_6 Said :- A spare 20K at 1.5% is not worth loosing, with
cash back cancelling the fee.
Surely if it is not worth loosing then it is worth keeping in the short term. There may be some wiggle room with the terminology.

The cost of doing something different should be considered as it is not a straight 1.5 % back as it does not reflect £5.00 fees or direct debit rebates.

I also went for the Santender regular saver @ 3% (£200pm) to partially mitigate some of the fees .
J_B.

will-he-payitoff

On a recent visit to Spain I noticed that Santander are still paying 3% there, the limit is still 15,000 Euro.