Santander 1|2|3 Lite Current Account

mhoc

What does everyone think about opening a Santander 1|2|3 Lite Current Account just for the purposes of getting the regular e saver with 5% interest?

I can fund it with £500 a month (to boomerang in and out again) and I can set up 2 direct debits to my Tesco savers but I don't actually need the cashback facility - its just for the e saver.

Would there be any objection to this from Santander?

[Deleted User]

mhoc wrote: »

What does everyone think about opening a Santander 1|2|3 Lite Current Account just for the purposes of getting the regular e saver with 5% interest?

I can fund it with £500 a month (to boomerang in and out again) and I can set up 2 direct debits to my Tesco savers but I don't actually need the cashback facility - its just for the e saver.

Would there be any objection to this from Santander?

No, Santander wouldn't object. But you'd need to leave enough in the 123 Lite to pay the £1 monthly fee, otherwise you'd be in Unauthorised Overdraft. By the way, you wouldn't need minimum of two active DDs, nor to boomerang £500 in and out, if you don't want cashback.

TheShape

Deleted_User wrote: »

No, Santander wouldn't object. But you'd need to leave enough in the 123 Lite to pay the £1 monthly fee, otherwise you'd be in Unauthorised Overdraft. By the way, you wouldn't need minimum of two active DDs if you don't want cashback.

Prompted by a post in the regular saver thread, I've checked the t&cs for the 123 lite account which states the £1 fee starts to be deducted as soon as you become eligible for cashback. Therefore, the fee wouldn't be payable if you do not qualify for cashback.

I'm going to double check the t&cs when back home (I'm away on holiday) but it appears I'll be opening a 123 lite and associated regular saver.

mhoc

Yes I would probably make sure there was £12 in the account to cover monthly fees ( a years worth) as a just incase.

Is the e saver £250 a month?

Neil_Jones

£200 a month for Santander.

jimjames

mhoc wrote: »

What does everyone think about opening a Santander 1|2|3 Lite Current Account just for the purposes of getting the regular e saver with 5% interest?

Have you already got the various other 5% regular saver accounts? They might be easier with less restrictions.

mhoc

jimjames wrote: »

Have you already got the various other 5% regular saver accounts? They might be easier with less restrictions.

Yes - I have been steadily increasing my portfolio of regular savers but then Yorkshire Building society decided to pull the plug on my YBS regular 2, my longest serving account so it will be earning a pittance shortly.
So I've been looking to see what obvious things I've missed

Eco_Miser

mhoc wrote: »

Yes - I have been steadily increasing my portfolio of regular savers but then Yorkshire Bank decided to pull the plug on my YBS regular 2, my longest serving account so it will be earning a pittance shortly.

I think you mean Yorkshire Building Society.
I've not seen a worthwhile RS from the bank in a long time.