Santander 1-2-3 still worth it?

metrobus

A couple of months back I downgraded to the light and transferred £20k to a NS&I bond at 2.2%.
£48 a year better off from the fee and £140 from interest.
So £188 .

Mchambers

I have got a 1-2-3. Mind you I have loads of accounts.

polymaff

SeeMe wrote: »

Even the 123 lite has a monthly charge but can be done online, i was going to downgrade to a basic account but this has to be done in branch it seems and for me i cant be mitherd being interagated again.

You get £4 per month - after tax - back - which is what makes the account worth retaining. Surely you get £1 cashback per month? You also retain access to the enhanced regular saver rate.

wolvoman

polymaff wrote: »

You get £4 per month - after tax - back - which is what makes the account worth retaining. Surely you get £1 cashback per month? You also retain access to the enhanced regular saver rate.

Do you know if you can get a regular saver from a 123 joint account?

Vortigern

wolvoman wrote: »

Do you know if you can get a regular saver from a 123 joint account?

Yes. One for each account holder.

wolvoman

Vortigern wrote: »

Yes. One for each account holder.

We already have a regular saver each.

We have 3 123 accounts, one each plus a joint.
It is the joint account that is the subject of my OP.

My question is whether we can also have a joint regular saver. This would help inform whether it's worth keeping the joint 123.


(and because we have other 123 accounts, it's why there's no cashback from it as all the utility bills go through the other accounts).

surreysaver

ValiantSon wrote: »

Please read my post again. I said that if the cashback covered the fee then it was paying 1.5%. This statement is absolutely correct. It is only 1.2% if you get no cashback to off-set the fee.

Yes, but you can get the same cashback by paying £1 a month, rather than £5. You you're better off Liteing the account, and moving the money elsewhere - as long as you have enough money in the 123 Lite to prevent you going overdrawn.

xylophone

it seems and for me i cant be mitherd being interagated again.

Crumbs! Interrogation at the counter? Has Banco Santander changed fro SA to SS?:eek:

ValiantSon

surreysaver wrote: »

Yes, but you can get the same cashback by paying £1 a month, rather than £5. You you're better off Liteing the account, and moving the money elsewhere - as long as you have enough money in the 123 Lite to prevent you going overdrawn.

But you wouldn't get the interest!

No, you may be better off doing that, but not everyone is. If you want to keep £20,000 in an instant access account then the 123 account remains a good option. You can't get 1.5% on £20,000 elsewhere.

polymaff

ValiantSon wrote: »

But you wouldn't get the interest!

You'd get enough to match the £4 a month fee savings

And more.