Santander 123 Current Account or Regular eSaver?

J2010

Hi folks, just wondering if anyone else got an email lately from Santander about their new savings account?

I'm currently using the 123 Current Account which was always recommended by Martin as having the best interest rate (depending on how much savings you have in it to offset the £5 monthly account fee)... I'm not sure of the current interest rate but it's nowhere near what it used to be all those years ago.

However I've recently received an email from Santander about their new Regular eSaver account which states a as a 123 account holder I can get "a preferential interest rate of 5.00% AER/Gross (fixed)"?

I was wondering if anyone else got the email or if anyone has any opinions on this? It sounds like the interest rate it better but I'm guessing I'd also need to keep my 123 Current account open for all my bills etc...

Thanks

xylophone

This regular saver presumably.

https://www.santander.co.uk/info/savings/regular-esaver

To get the higher rate you need to be a 123 /Select customer.

badger09

J2010 wrote: »

Hi folks, just wondering if anyone else got an email lately from Santander about their new savings account?

I'm currently using the 123 Current Account which was always recommended by Martin as having the best interest rate (depending on how much savings you have in it to offset the £5 monthly account fee)... I'm not sure of the current interest rate but it's nowhere near what it used to be all those years ago.

However I've recently received an email from Santander about their new Regular eSaver account which states a as a 123 account holder I can get "a preferential interest rate of 5.00% AER/Gross (fixed)"?

I was wondering if anyone else got the email or if anyone has any opinions on this? It sounds like the interest rate it better but I'm guessing I'd also need to keep my 123 Current account open for all my bills etc...

Thanks

The Regular e Saver is hardly a new account though. I had one, or rather its predecessor, in March 2016.

You should keep up to date with interest rates on your accounts. The 123 pays only 1.5%.

You do need to keep your 123 current account open to take advantage of the regular saver, but could downgrade to a 123 Lite. This costs only £1 pm but still attracts cashback. You could then save your cash elsewhere at higher rates;)

veryintrigued

xylophone wrote: »

This regular saver presumably.

https://www.santander.co.uk/info/savings/regular-esaver

To get the higher rate you need to be a 123 /Select customer.

At the time of application.....

xylophone

At the time of application.....

Yes - I saw that on the link - it also seems that it is more or less a requirement to fund it from a Santander current account.

I had an e-mail from Santander this afternoon headed

".....manage your money at your convenience":eek:

I dread to think...:)

veryintrigued

xylophone wrote: »

it also seems that it is more or less a requirement to fund it from a Santander current account.

Indeed - not necessarily a 123 variety though

das1969

I've got £20000 in the 123 current account at the moment. I'm on the look out for an easy access account that pays significantly more than the effective 1.19% on this account, that is 1.49% less the £5 a month fee. I don't think a bump to 1.32% is particularly worthwhile, so I'll probably wait until December and then switch to a 123-lite, and move the 20k to the best paying savings account I can get. Probably move some money into Nationwide current accounts at 5% for a year, plus get the N'wide regular saver at 5% also.

I've been paying into the regular saver at 5% since I moved to Santander last summer. Next summer when the 5% regular saver is up I'll be looking for a switch bonus from the 123-lite account.

Bobblehat

das1969 .... sounds like a pretty good plan ... done/doing (post Dec 1st) something similar myself!

The NW accounts work well for your money for a year (I had the advantage of the higher previous pay in of £500pm) .... but after the year is up ....hmmmmm!

das1969

Bobblehat wrote: »

das1969 .... sounds like a pretty good plan ... done/doing (post Dec 1st) something similar myself!

The NW accounts work well for your money for a year (I had the advantage of the higher previous pay in of £500pm) .... but after the year is up ....hmmmmm!

Try to get the 2x£100 quid recommend a friend bonuses if you can.

eskbanker

xylophone wrote: »

I had an e-mail from Santander this afternoon headed

".....manage your money at your convenience":eek:

I dread to think...:)

Rates have been going down the pan for a while now but whatever you do, don't opt for paperless....

DREKLY

eskbanker wrote: »

Rates have been going down the pan for a while now but whatever you do, don't opt for paperless....

Hello esk...... and may I ask "why not" ?