Which current account?

gerrard88

telemarks wrote: »

As you have 3 DD's why not have a Halifax Reward account for the £125 bonus, then £3 p/m if you pay in £750. The interesting thing is you don't need to leave the £750 in there, you could then transfer any spare out into a higher interest savings (or other Bank) account for the rest of the month

This sounds good

my wages go in each month and is over 1k a month

YorkshireBoy

gerrard88 wrote: »

Thanks for all your replies

Yeah i have 3 direct debits.
02 goes out every month
Car tax goes out each month
Admiral insurance goes out every month

So this in mind is the Halifax reward account the best option

thanks for all your replies

Halifax Reward doesnt help with your £400-450 a month savings account query the other day though does it? Where are you with that plan?

gerrard88

YorkshireBoy wrote: »

Halifax Reward doesnt help with your £400-450 a month savings account query the other day though does it? Where are you with that plan?

I currently have some savings in an Instant ISA

I do like the sound of the halfax reward but if anyone can give me advice on what saver to open alongside that

YorkshireBoy

gerrard88 wrote: »

I currently have some savings in an Instant ISA

I do like the sound of the halfax reward but if anyone can give me advice on what saver to open alongside that

Halifax regular saver pays 2.5%, so half the rate the Nationwide one pays.

Cards on table time - how much savings have you now, excluding any HTB/LISA accounts?

ValiantSon

YorkshireBoy wrote: »

Halifax Reward doesnt help with your £400-450 a month savings account query the other day though does it? Where are you with that plan?

Thanks for reminding me of that!

OP, I'd refer you back to my post in that thread too. https://forums.moneysavingexpert.com/discussion/5803171

I'd suggest First Direct (for access to regular saver) and Nationwide - either Flex Account or FlexDirect depending on current value of savings - (for access to the regular saver). You could combine this with a switch of Santander Everyday to Halifax Reward for the switching bonus and the monthly cashback. You'll need to move money around these different accounts to meet their requirements, but that isn't insurmountable.

If you open a First Direct account then do so by opening a second Santander account (before switching to Halifax) and switching it so that you get the £125 switching bonus from them too.

YorkshireBoy wrote: »

Halifax regular saver pays 2.5%, so half the rate the Nationwide one pays.

Cards on table time - how much savings have you now, excluding any HTB/LISA accounts?

Agreed. OP, you will get much better responses if you give all relevant information from the outset!

telemarks

gerrard88 wrote: »

I currently have some savings in an Instant ISA

I do like the sound of the halfax reward but if anyone can give me advice on what saver to open alongside that

So as others have said, more info needed. Whats the ISA you have, and what rate? How much have you saved already? and how much added savings monthly?

ceredigion

ValiantSon wrote: »

Yes, pretty much in your circumstances, 123 Lite would be of little to no benefit. Your mobile bill would need to be more than £33.50 to get any money back (cashback on telecoms is 3%, so £33.50 would cover the account fee only).

.

A 123 Lite gives access to the regular saver @ 5%. If there is and never has been any DD's on the account the £1 fee isn't charged.

ValiantSon

ceredigion wrote: »

A 123 Lite gives access to the regular saver @ 5%. If there is and never has been any DD's on the account the £1 fee isn't charged.

Yes, I'm aware that it would give access to the 5% regular saver, but it is of no use in the OP's circumstances as he wants to move his account to one providing benefits and has a mobile phone DD. He would, therefore, pay the fee, but not benefit from it unless, as I stated, his monthly bill was over £33.50. I took all of the circumstances into consideration!

EachPenny

ValiantSon wrote: »

Yes, I'm aware that it would give access to the 5% regular saver, but it is of no use in the OP's circumstances as he wants to move his account to one providing benefits and has a mobile phone DD. He would, therefore, pay the fee, but not benefit from it unless, as I stated, his monthly bill was over £33.50. I took all of the circumstances into consideration!

However, having a 123Lite would maintain the OP's banking relationship with Santander (presumably his longest one) and give access to an easy 5% regular saver.

They could do this by opening a donor account, switching that to (say) Halifax, moving the DD's away from the Santander Everyday and then upgrading to the 123Lite. They would need confirmation first though that ceredigion's point about DD's never having been taken applies in the upgrade situation, otherwise the OP might need to open a 'clean'123Lite instead.

ValiantSon

EachPenny wrote: »

However, having a 123Lite would maintain the OP's banking relationship with Santander (presumably his longest one) and give access to an easy 5% regular saver.

They could do this by opening a donor account, switching that to (say) Halifax, moving the DD's away from the Santander Everyday and then upgrading to the 123Lite. They would need confirmation first though that ceredigion's point about DD's never having been taken applies in the upgrade situation, otherwise the OP might need to open a 'clean'123Lite instead.

Doing as you suggest wouldn't allow them to take full advantage of the savings plan too (see other thread). They could keep their Santander Everyday account, open a new one and switch it to First Direct, and then open Nationwide account directly. They could then open a second Nationwide account and switch that to Halifax for the switch incentive (although it would probably be back to the normal £75 level by that point). This would give them access to the regular savers already mentioned while retaining their relationship with Santander.

Too much is made of the issue of long standing relationships with banks. While it does have some impact it is not that significant in most instances and, furthermore, the younger someone is the less significance it holds, as they only have a short time period in which to have a relationship anyway.

As it stands there is quite a lot of second guessing going on here because the OP has not shared all the relevant information.