Bank switching

YorkshireBoy

ValiantSon wrote: »

A requirement of the regular saver is that you must have a 123 World account (or be a Select customer) to earn the 5% interest. If you don't then the interest rate is 3%.

You need a Santander current account to get 3%. Moreover, if you don't fund the regular saver account from a Santander current account they reserve the right to change the account to a much lower paying one.

OP may find that the 5% already accrued is 'in the bag', so may put up with only 3% on the last couple of months or so depending on where they are in the year, especially if they wanted to sever their ties with Santander altogether soon.

ValiantSon

YorkshireBoy wrote: »

You need a Santander current account to get 3%. Moreover, if you don't fund the regular saver account from a Santander current account they reserve the right to change the account to a much lower paying one.

Yes, I said that. The OP has another Santander account so they may get 3% from hereon, or they may still get 5% as the terms are possibly a little ambiguous.

YorkshireBoy wrote: »

OP may find that the 5% already accrued is 'in the bag', so may put up with only 3% on the last couple of months or so depending on where they are in the year, especially if they wanted to sever their ties with Santander altogether soon.

I can't see any benefit in completely ending the relationship with Santander. Even if they do want to close the 123 account it makes sense to keep an Everyday account for access to a 3% regular saver, not to mention providing an account for future switching incentives, but more pertinently for the benefit to their credit file.

YorkshireBoy

ValiantSon wrote: »

Yes, I said that.

I'd misread (or ignored as it didn't make sense!), the OP's "Do you 2 other bank accounts with Santander - just need to check reg saver details first" statement as meaning "Do you need 2 (to) have other bank accounts...".

Then again they've said "We had 3", so I could be forgiven for thinking the joint was the last remaining 123 account?

vixen1500

ValiantSon wrote: »

The cashback negates the fees in many cases. If you earn at least £5 cashback a month then the interest rate is 1.5%. You would have to be earning virtually no cashback to get an effective interest rate of 1.24%.

We had 2 single getting no cashback - now closed due to not enough DDs

You did have three accounts, but now you only have one, so we're talking about a £20,000 figure rather than a £60,000 figure. It is much easier to find direct debits for the one account to make the cashback, rather than three.

Only getting around £6 from all DDs

I think you have made a typo as the rate is 1.5%. It also isn't a current account and I was talking about current accounts as that is what you were talking about.

Yes it was a typo error

1.5% with NatWest is the same as 1.5% with Santander, but on a much lower amount and with obtuse conditions that require you to mess around to get the interest, unlike Santander who just require you to have two active direct debits and pay in £500 per month.

But no DDs

1.4% is less than 1.5%.

On a separate note, if you are holding that much cash then you might want to consider investing in an S&S ISA (or even two) as the interest you are earning is well below inflation, so the value of your money is eroding. A diversified S&S investment could reasonably be expected to beat inflation (assuming it is held for a suitable period, e.g. 10 years or more) as historically the markets always have.

Do you really need access to £60,000 cash? It's your money, so do as you wish, but there are better options than holding unnecessarily large cash deposits.

Yes, its less but thought I could put more in - getting (like most people) tired of chasing around trying to find best interest rates.

Never had a S&S ISA - longest I have had was a 2yr fixed rate. If its an investment is your money secure?

YorkshireBoy

YorkshireBoy wrote: »

I'd misread (or ignored as it didn't make sense!), the OP's "Do you 2 other bank accounts with Santander - just need to check reg saver details first" statement as meaning "Do you need 2 (to) have other bank accounts...".

Then again they've said "We had 3", so I could be forgiven for thinking the joint was the last remaining 123 account?

It seems I did read/assume correctly then.

vixen1500

YorkshireBoy wrote: »

I'd misread (or ignored as it didn't make sense!), the OP's "Do you 2 other bank accounts with Santander - just need to check reg saver details first" statement as meaning "Do you need 2 (to) have other bank accounts...".

Then again they've said "We had 3", so I could be forgiven for thinking the joint was the last remaining 123 account?

Yes you're right had 2 single - now closed and joint with all the DDs and standing orders to service reg savers and monthly mins required for the other current accounts.

And we still have 2 joint basic santander bank accounts - which are the ones I wondered would still give access the the reg saverrs

ceredigion

vixen1500 wrote: »

And we still have 2 joint basic santander bank accounts - which are the ones I wondered would still give access the the reg saverrs

Yes, and at 5%, if you read the T&C's and think about it :cool:

YorkshireBoy

vixen1500 wrote: »

And we still have 2 joint basic santander bank accounts - which are the ones I wondered would still give access the the reg saverrs

As has already been said then, be sure to fund the regular saver(s) from one or both of these going forward. The worst you'll get is 5% to now and 3% going forward. Who knows?...you may even slip through the net and maintain the 5%. If you do maintain the 5% please do come back and update the thread. As ceredigion and ValiantSon have said, you should do.

bspm1

We had 3, but at 1.5% less the £60 in fees it brings it down to roughly 1.24% - I have both Tesco and Post office accounts paying more - without having to have 6 direct debits.

Our fees are £5 per month £15 for three accounts so how are your fees £60, unles I have misunderstood?

Nationwide currently giving £100 for refer a friend by the way, plus 5% on balances of £2500 fixed for a year.

ceredigion

YorkshireBoy wrote: »

As has already been said then, be sure to fund the regular saver(s) from one or both of these going forward. The best you'll get is 5% to now and 3% going forward. Who knows?...you may even slip through the net and maintain the 5%. If you do maintain the 5% please do come back and update the thread.

I wouldn't do it like that.
Up grade to the Lite. look at T&C's.
3. third paragraph