OakNorth - I was mislead ?!

badger09

Bucki wrote: »

Agree, nothing to lose I guess.
One thing I could have done is:


- open another Santander 123 current account (already have one in joint name)
- and have access to the money at any point at time if needed without being penalised.
- surely had to cover the 1500 monthly income and 2 DD's (down site) but yeh ...

Anyway, only 3 more months to go :P i shall be fine.

If you are considering opening another Santander 123 account, I think you should take another look at the T&Cs.

Also, think about the impact the £5 per month fee will have on the 1.5% (AER) interest rate;)

Bucki

badger09 wrote: »

If you are considering opening another Santander 123 account, I think you should take another look at the T&Cs.

Also, think about the impact the £5 per month fee will have on the 1.5% (AER) interest rate;)

I am with Santander123 at minute and yes the 1500 monthly income and 2 direct debits plus -£5 fee on top which litterally is less then £300 for a year compared to OakNorth (with the condition not being able to access it at any time).


As per T&C's - I know I am wrong but i do not read nor understand it much.
I do no think that there is any other 'better' interest rates out there to Sant 123



I could be wrong (as usual) but yeh.


Cheers guys much appreciated.

soulsaver

Bucki wrote: »

Agree, nothing to lose I guess.
One thing I could have done is:


- open another Santander 123 current account (already have one in joint name)
- and have access to the money at any point at time if needed without being penalised.
- surely had to cover the 1500 monthly income and 2 DD's (down site) but yeh ...

Anyway, only 3 more months to go :P i shall be fine.

If you've go no significant funds in your joint ac and you use it for household bills & the DD cashback offsets the £5 pm fee, that's where you'll get 1.5% on your c £19k.

But before that, if you not had a Nationwide flex direct before, consider 5% pa on £2.5k, for 1 year max.

Bucki

soulsaver wrote: »

But before that, if you not had a Nationwide flex direct before, consider 5% pa on £2.5k, for 1 year max.

I have had Nationwide Flex before and closed it down. Will see what it’s requirement is to open the account.

My Santander is for saving 20K

ColdIron

Which 'flex' account did you have? The FlexDirect offers 5%, the FlexAccount does not

• If you’ve had a FlexDirect account before, it’s not possible to use this offer again. However, you will get the offer on a new joint account, as long as you have not shared a FlexDirect account with that person before.

https://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits

colsten

Bucki wrote: »

As per T&C's - I know I am wrong but i do not read nor understand it much.

That's a bit like saying I don't take any driving lessons but I drive anyway. You really must understand the T&Cs, else you shouldn't have any account.

Bucki wrote: »

I do no think that there is any other 'better' interest rates out there to Sant 123

Wrong. By the time you take off the monthly fee, a 1.35% Marcus beats the 123.

arwain

Bucki wrote: »

I am with Santander123 at minute and yes the 1500 monthly income

I think you have to pay in £500 per month not £1500.