Santander 123 still best savings account ?

eskbanker

Kendall80 wrote: »

With the current UK inflation figure at 2.7% isnt any balance held in these 1.5% accounts diminishing in real terms anyway?

Well, yes, but that's not really the point - for those wanting or needing to stay in cash, the fact that there aren't any accounts beating inflation (once beyond a few grand in some capped current accounts and/or regular savers) shouldn't prevent people from trying to maximise the return they can get....

clivep

roadblock15 wrote: »

In recent years the 123 product line has got rave reviews for rewards and rates for interest, and how all the products tie together. I’m aware these rates and perks have somewhat diminished in recent times but is Santander and the 123 range still competitive against the other offerings?

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No.


The cashack on DD's is noticibly higher for us with the NatWest Reward a/c even after the £2/month fee. Plus we got £125 for switching.


That leaves the Santander costing the full £5 month for earning interest meaning only a net 1.2% approx.


2 x Tesco, 1 x TSB and 3 x Bank of Scoland can hold £22.5k between them all giving better returns.


Santander credit card was ditched in favour of the Nat West reward one (1% cashback on supermarkets, 0.5% elsewhere). It has a £24/year cost but this is refunded as a Nat West current a/c holder.

Neil_Jones

roadblock15 wrote: »

In recent years the 123 product line has got rave reviews for rewards and rates for interest, and how all the products tie together. I’m aware these rates and perks have somewhat diminished in recent times but is Santander and the 123 range still competitive against the other offerings?

The main account dropped off the radar ages ago when the 5% current accounts came along, and further dropped down when easy access rates rose above 1.2% to the point where its only saving grace in all honesty is for people who are happy to have a one-stop shop for interest and cashback all in one place even if this means they can get better elsewhere.

The general consensus now that Lite and the next closest Easy Access account (Marcus 1.5% @ time of writing) is the way forward for those who want to put the effort in to maximise the returns, or the mixture of regular savers, high interest current accounts and cashback credit cards.

eschaton

I downgraded to Lite last night and got a confirmation email today to say that it had been changed.

pafpcg

clivep wrote: »

Santander credit card was ditched in favour of the Nat West reward one (1% cashback on supermarkets, 0.5% elsewhere). It has a £24/year cost but this is refunded as a Nat West current a/c holder.

Just to clarify, the refund is only made for holders of the NatWest Reward current account (which itself has a £2 monthly charge).

RG2015

pafpcg wrote: »

Just to clarify, the refund is only made for holders of the NatWest Reward current account (which itself has a £2 monthly charge).

2% cash back on council tax and water bills is twice the Santander 123 cashback and should easily cover the £2 monthly fee. The rest is all profit on the credit card rewards.

Santander 123 is still better for telephone, broadband, mobile and tv cashback at 3% compared with 2% at NatWest.

katsu

Thanks everyone for explaining the 123 lite and Marcus combo instead of regular 123. That's my £48 a year saved :money:

hubb

I just transferred money from my natwest to Marcus but it isn't showing in Marcus. All details are correct.

RG2015

hubb wrote: »

I just transferred money from my natwest to Marcus but it isn't showing in Marcus. All details are correct.

Marcus does appear to be a bit slow at the weekend. For that matter, NatWest is not the best for weekend transactions.

hubb

RG2015 wrote: »

Marcus does appear to be a bit slow at the weekend. For that matter, NatWest is not the best for weekend transactions.

Still, a bit worrying as between other banks I get pretty much instant transfers on any day of the week.