two 123 Lites? 15 January 2020 at 10:16PM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts 7 replies 339 views

J_B

We downgraded our two 123 accounts to 123 Lites -

Is there any benefit in having two accounts or should we just ditch one and keep t'other for the benefits.

Neil_Jones

Not really in all honesty, unless your cashback amounts go over £5, in which case it may be beneficial after May. Otherwise, the only other real incentive is probably a second regular saver.

Zero_Sum

There wasnt any point to 2 full fat 123's tbf.
Now that theyve put a limit on the cashback which most wont reach anyway it'll only really impact if you have a mortgage with them.

J_B

Zero_Sum wrote: »

There wasnt any point to 2 full fat 123's tbf.

Unless you had over 20K in them!

J_B

Zero_Sum wrote: »

Now that theyve put a limit on the cashback which most wont reach anyway it'll only really impact if you have a mortgage with them.

We get 4.38 on one a/c and 2.56 on the other - is the limit a fiver now?

Zero_Sum

J_B wrote: »

Unless you had over 20K in them!

Nope. Youd have been £5 a month better off putting 2nd £20k in marcus.
You'd have been even more better off putting the whole £40k in marcus & running a single 123 lite account

Zero_Sum

J_B wrote: »

We get 4.38 on one a/c and 2.56 on the other - is the limit a fiver now?

Its £5 per category band. So max of £15 (£5 on the 1%, £5 on 2% etc)

J_B

Zero_Sum wrote: »

Nope. Youd have been £5 a month better off putting 2nd £20k in marcus.
You'd have been even more better off putting the whole £40k in marcus & running a single 123 lite account

Thanks, but we've had the 123 for ages and now have Marcus instead :T

Zero_Sum wrote: »

Its £5 per category band. So max of £15 (£5 on the 1%, £5 on 2% etc)

Hmm
We get (calculator out ...) 5.61 on one and 1.33 on t'other
Hmm