Santander? Time to ditch

FunLovinCriminal

Hi all
We used to have £16k in a 123 account and the maximum £2000 in a tsb account.
We previously had £2500 in a nationwide account until promo rate dropped.
Anyway..currently oh is on maternity leave and savings are down to £7000 in the 123 account. With the reductions in our savings and the interest rate dropping, the interest accruingnis £7 and my charges for the.account are £5.
Is there a better home for our money? We still have the £2000 in TSB.

FLC

keiran

Well for a start you can reduce your balance in TSB to £1500 (they dropped paying interest at 5% on £2000 to 3% on £1500 at the start of the year)

FunLovinCriminal

Thanks Keiran
I missed the communication on 5% cashback on contactless too.
So.....where next?

keiran

As for Santander 123, I'm more or less in a similar position and so waiting for the views of others. I have between £7-£10k at any time, but a low direct debit cashback of about £2.50/month

xylophone

Was the NW account joint?

Are you each able to open a sole Flexdirect and Flexclusive savers?

Or an additional TSB account?

FunLovinCriminal

Nationwide was not a joint account. It was just in my name.
Will look into doing a joint account.
Should I be looking anywhere else?

badger09

Nationwide FlexDirect & Flexclusive RS for your wife?

TSB for your wife?

Tesco for each of you if/when they reopen applications?

Katiehound

I know its not exactly an answer to your question but the TSB credit card is paying 1% cashback up to £500 spend per month - £5 cashback .
Deal just extended until June? next year. I think you need the Classic Plus a/c to qualify.
Also think you could have 3 x TSB Classic between you- one each and one joint.

if you still have the Nationwide you could be getting the 5 % regular saver

mgdavid

FLC the simple answer is to read the information already collated and provided on MSE.
Here's the link, although that's also clearly in BOLD at the top of this page!
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

System

If you don't have a reasonable balance, why wouldn't you convert the account to a 123 lite?