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Lloyds TSB

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Just read the Santander 123 Account FAQ and it looks like the 3% is payable on the entire balance:

"3.00% AER/2.96% gross (variable) interest paid on your entire balance, once your balance is £3,000 or over (up to a maximum of £20,000). Interest rates will apply on the first £20,000 of your entire balance once you have at least £1,000 in your account.

The FAQ is here

koru

scgf wrote: »

Just read the Santander 123 Account FAQ and it looks like the 3% is payable on the entire balance[/URL]

My mistake. So, for balances of £5k-£20k, 123 and Coventry Family are equally good. For balances of £3k to £5k, LTSB Vantage joins them as joint best. Cov Family is better for balances of less than £3k or £20k to £250k.

murphydavid

Thanks scgf. Just looking at the headline advert I made the same mistake as koru. Its quite a bit of work to set up a 123 account. I wish I could trust Santander. Ive been caught by them (suck and slap as Martin puts it) before and the gain isn't worth my work if it isn't going to last a year at least. All rates are so low now the actual amount of money rather than the interest rate difference prevails (ie how much work is £50 in a year worth - 2 hours a year at most - not much). Anyway if Santander were to put some sort of G'teed time on their interest rate I might just be tempted again. There just wasted another 15min on this stuff.

System

koru wrote: »

The rate on this is already due to fall to 1.8% with effect from 9 February 2013.

Have already successfully opened a Santander 123 Account, but am interested in where you found out about the IF rate being lowered in Feb 2013. I have been looking on their website and saw nothing about it.

Cheers.

koru

scgf wrote: »

Have already successfully opened a Santander 123 Account, but am interested in where you found out about the IF rate being lowered in Feb 2013. I have been looking on their website and saw nothing about it.

It was an insert with the welcome pack that they sent me. So I phoned and cancelled my application.

Connie

I've just tried to open a Santander 123 current account online, and been refused. A message said they could not continue with the application as my outgoings were higher than my income.
According to the figures I entered on the application, they were not.
I had, however, ticked the box saying that I had a current a/c with another provider.

I tried again (just as an experiment), saying that I didn't already have a current a/c with another provider, and the application would have been happy to continue - but I didn't pursue it, as the info I had entered was false.

Has anyone else met this hurdle and found a way round it?
I'm a pensioner on a low income, so there's not much scope to massage the income/outgoing figures.

System

I had this problem too. I did a few things like trying .00 after the numbers, adding a pound sign etc. and eventually managed to clear the hurdle. Not sure which thing I did sorted it, lol. It would appear that how you enter the information makes a difference.

Had I not gone so far through the application process I would have tried a different browser. Sometimes web sites only work correctly in one particular browser, usually a slightly older version of Internet Explorer. Lazy web developers at fault!

System

koru wrote: »

It was an insert with the welcome pack that they sent me. So I phoned and cancelled my application.

I didn't get this with my pack, but have cancelled my application too.

chattendenmarge

scgf wrote: »

That's no good at all then. Currently I save with the Market Harborough Building Society where I get 2.2%. I have 2 LTSB Vantage accounts, each containing the maximum £5000, on which I get 3% and an ISA with the Cheshire BS.

I was looking for an account where I could park around £300 a month savings, from which I will occasionally withdraw to overpay my mortage in £1000 chunks, or for Christmas.

Where is best now? It's a nightmare with rates falling around our ears!

I am looking for home for £6200 that will take additional deposits at best rate so have been looking at Santander 123 v Vantage. I had not thought of having 2 or more accounts with the same bank!!..Is it possible to just exchange £1000 each month between the accounts to meet the deposit condition? Is there a maximum number of Vantage accounts allowed by Lloyds? - have now found a leaflet that says the maximum is 3 per customer - did not contain any information re sources of funding