Top Bank Accounts Discussion Area

LXdaddy

maz_vttl wrote: »

Hi all,
This TSB 5% account, is it the first £2k that only gets interest or do you get 0 interest if the account goes over that?
And if the latter, does it not pay interest if you go over the amount for even a minute?

Many thanks.

Like all the similar accounts that pay interest up to a certain figure, there is no penalty for exceeding limit for earning interest. It is simply no interest on the funds in excess of the limit, The funds up to the limit continue to earn interest.

[Deleted User]

Thank you both for the swift replies.
I figured that was the case, but just wanted to be sure.
And it sounds like most people on here haven't had issues with it. I think I'm tempted

diamonds

maz_vttl wrote: »

Thank you both for the swift replies.
I figured that was the case, but just wanted to be sure.
And it sounds like most people on here haven't had issues with it. I think I'm tempted

Been great for me, free money

SLZ

Am I right in thinking that the best bank account and credit card for cashback is Santander 123? But combined eligible spend across current account and credit card would only net me roughly £65 per year, is that a good or bad return?

I'm only asking as I focus on airline miles and hotel points which I know the value of and how to maximise returns but cashback is new to me.

Steve_xx

SLZ wrote: »

Am I right in thinking that the best bank account and credit card for cashback is Santander 123? But combined eligible spend across current account and credit card would only net me roughly £65 per year, is that a good or bad return?

I'm only asking as I focus on airline miles and hotel points which I know the value of and how to maximise returns but cashback is new to me.

Well actually, the best current account is TSB at the moment - if you use your debit card for contactless payments, then you receive 5% cashback, as well as getting 5% interest on balances upto 2k. And of course with TSB, there's no monthly fee.

SLZ

Steve_xx wrote: »

Well actually, the best current account is TSB at the moment - if you use your debit card for contactless payments, then you receive 5% cashback, as well as getting 5% interest on balances upto 2k. And of course with TSB, there's no monthly fee.

I looked at that but it's up to £100 and only until December, I'd be looking for something more long term unless it is and the T&Cs aren't clearer on that part.

The 5% AER on savings don't matter to me, I've got my savings locked up in various funds, ISAs etc to maximise my future return but I'm interested in cashback on my day to day spending as well as things like direct debits etc.

grumbler

SLZ wrote: »

Am I right in thinking that the best bank account and credit card for cashback is Santander 123? But combined eligible spend across current account and credit card would only net me roughly £65 per year, is that a good or bad return?

Is it before or after the monthly/yearly fees for both the current account and the credit card?

Also £65 is meaningless without knowing the 'eligible spend' and its categories.
And, IMO, it makes no sense to mix credit card with current account as you can have them with different banks.

SLZ

grumbler wrote: »

Is it before or after the monthly/yearly fees for both the current account and the credit card?

Also £65 is meaningless without knowing the 'eligible spend' and its categories.
And, IMO, it makes no sense to mix credit card with current account as you can have them with different banks.

I've worked out a better rate of return through Santander 123 + CC at £93 per year return based on;
1%
Council Tax - £150 (at the moment, soon to go up to £250 when we move).
Water - £40
£19.80 return.

2%
Gas & Electric - £120
£28.80 return.

3%
Telecoms - £95
£32.40 return.

Yearly Total - £21 (after the £60 fee), that doesn't appear too good on it's own however once you add in the credit card with the following;
1%
Supermarkets - £300 max (I actually spend more towards £400)
£36 return.

2%
Department Stores - £150 max (I actually spend £300-400 a month)
£36 return.

3%
National Rail + TFL - £100 max (I spend £450 a month)
£36 return.

Yearly Total - £72 (after £36 fee).

Combined Yearly Total - £93 (sans fees).

My gut is telling me that it isn't that good overall but better than before after rechecking my spending, perhaps I should be looking at the AMEX Platinum Cashback for the 1.25% to use alongside?

grumbler

SLZ wrote: »

I've worked out a better rate of return through Santander 123 + CC at £93 per year return based on;
1%
Council Tax - £150 (at the moment, soon to go up to £250 when we move).
Water - £40
£19.80 return.

2%
Gas & Electric - £120
£28.80 return.

3%
Telecoms - £95
£32.40 return.

Yearly Total - £21 (after the £60 fee),

The only other account to compare with that pays cashback on DDs is Natwest.

that doesn't appear too good on it's own however once you add in the credit card with the following;

As I said, I don't understand this 'adding'. You can have a current account with Santander without a CC and a CC without a current account.
Consider them independently.

1%
Supermarkets - £300 max (I actually spend more towards £400)
£36 return.

2%
Department Stores - £150 max (I actually spend £300-400 a month)
£36 return.

3%
National Rail + TFL - £100 max (I spend £450 a month)
£36 return.

Yearly Total - £72 (after £36 fee).

My gut is telling me that it isn't that good overall but better than before after rechecking my spending, perhaps I should be looking at the AMEX Platinum Cashback for the 1.25% to use alongside?

So, it's £72 cashback on £13800 spent, i.e. just ~0.5% cashback. I think you can get more with some Amex cards, although the acceptance of Amex is a little patchy.
A combination of Amex and some Visa/Mastercard paying 0.5% seems to be better for you than Santander 123 CC.

SLZ

grumbler wrote: »

The only other account to compare with that pays cashback on DDs is Natwest.

I just checked it out, I'd get £145ish which is £109 after fees which is a lot better. My bills aren't that much overall :T

grumbler wrote: »

As I said, I don't understand this 'adding'. You can have a current account with Santander without a CC and a CC without a current account.
Consider them independently.

I was only doing it that way as it appeared that if you combined them both, it would work out better overall but alas it doesn't. The Natwest option appears best on the banking side.

grumbler wrote: »

So, it's £72 cashback on £13800 spent, i.e. just ~0.5% cashback. I think you can get more with some Amex cards, although the acceptance of Amex is a little patchy.
A combination of Amex and some Visa/Mastercard paying 0.5% seems to be better for you than Santander 123 CC.

AMEX is patchy but most places I shop in accept it so that shouldn't be an issue but I would agree after looking at it in more detail, Santander 123 isn't the product for me to maximise my return (compared to using airline miles and hotel points cards).

I presume that I'd earn roughly £172 of £13,800 spend at 1.25% cashback on AMEX or did I estimate that incorrectly?

Thanks