The Top Easy Access Savings Discussion Area

badger09

cancunia wrote: »

Hi Everyone,

My first post here.

I have a savings account with the derbyshire which has a good rate of interest until Feb, after which it's way below the current market. I seriously considering putting some money into interest bearing current accounts, and read on here about the Santander 123 account. I'm single so can only open 2 accounts but am none the less confused a bit about how to keep the money going around, especially as Santander have this on their website:

" Interest and transfers from any other Santander accounts do not count towards the monthly funding amount"

So does this mean that I need 1 or maybe even 2 external accounts to keep things circulating? Maybe I'm making it too complex, if so some guidance would be much appreciated.

1, Open a Natiowide current account, send £500 monthly to each of the 123 accounts.

2, Open 2 Santander 123 accounts, send £1000 to my Nationwide account (£500 from each)

I have 4 direct debits (electric, TV, Broadband & Council Tax) so can have 2 in each of the Santander accounts.


Thanks

Hi & welcome

To do what you're suggesting is fine and you only need one external account from which to fund 2 Santander 123 accounts.

Can you say approx how much you're looking for a home for?

cancunia

badger09 wrote: »

Hi & welcome

To do what you're suggesting is fine and you only need one external account from which to fund 2 Santander 123 accounts.

Can you say approx how much you're looking for a home for?

Many thanks for the confirmation of the process. I'd intended to keep both Santander accounts at the maximum and possibly drip feed a 3rd YBS regular saver account which also allows up to £20k but only at a rate of £250 per month.

Grouchy

If I might run this by the experts. I think I am right but just want to double check before going ahead.

Regarding the Santander 123 account. Can I use direct debits on TV Licence and National Insurance Contributions to qualify to get the upto 3% interest on the max 20k? I realise it would not gain anything from the additional cashback for 'household' DDs.

Thanks.

Stompa

Grouchy wrote: »

Regarding the Santander 123 account. Can I use direct debits on TV Licence and National Insurance Contributions to qualify to get the upto 3% interest on the max 20k?

Yes, you can use any DDs you like.

Grouchy

Stompa wrote: »

Yes, you can use any DDs you like.

Thanks for clarifying.

badger09

cancunia wrote: »

Many thanks for the confirmation of the process. I'd intended to keep both Santander accounts at the maximum and possibly drip feed a 3rd YBS regular saver account which also allows up to £20k but only at a rate of £250 per month.

OK - quite a large pot of cash which presumably you need to keep on instant access?

Re the Nationwide account -assume you're talking about the Flexdirect which gives 5% on balance up to £2500 (but only for 12 months).

You might also want to think about
Lloyds Vantage - up to 3 accounts, 3% on balance £3k - £5k, £1000 monthly funding can be shuffled internally, no DDs needed
BoS Vantage - as above
TSB Enhance - as above

Happy shuffling :rotfl:

Grouchy

Ah, the joys of shuffling

I am maxed out on 2 x Santander123 accounts and have some other lumpsums elsewhere (that don't need shuffling). But I have 30k that I'm looking to get into a decent instant access account within the next couple of weeks. I don't think I really want to get into any more shuffling/splitting into smaller amounts and setting up yet more accounts. It is currently in a 1.25, shuffle free, and I'm figuring this is probably the best I can do?

Archi_Bald

1.5% to 1.6% AER is perfectly doable in normal savings accounts (instant access) right now. Check one or more of the savings comparison websites.

Grouchy

Grouchy wrote: »

It is currently in a 1.25, shuffle free, and I'm figuring this is probably the best I can do?

Sorry typo on my part, meant 1.55, so I have my answer thank you Archi.

badger09

I really don't mind spending about 30 minutes once a month to shuffle and achieve between 3 and 5% (5% soon to end ) rather than 1.55% or 1.65%.


But then I have plenty of time and I do like watching my spreadsheet update.

Perhaps I should get out more :rotfl: