Help with saving please.

patijack

Hi, I currently have a Santander 123 acc & e saver with them that I pay into from 123. I have max amount in 123.
I also have 2 Nationwide accounts, I feeds the other but interest was lowered & I think I am correct in saying I can’t get another at 5% because I already have one?
I have read that Santander will cut rates in May 2020.My utility bills gain about £4-4.50 a month with 123. I am looking for advice & guidance where best to save or indeed if I have the best accounts currently, I struggle as a full time career to research & understand savings rates etc, I have had good advice here though. Can anyone give any advice or point in the right direction.
TIA

ColdIron

You could check out these recent threads on the subject, a couple of hundred posts on the issue
https://forums.moneysavingexpert.com/discussion/6091249/santander-to-slash-123-account-interest-and-shake-up-overdrafts
https://forums.moneysavingexpert.com/discussion/6091289/martin-lewis-says-santander-123-is-now-a-dead-duck-current-account-as-it-cuts-interest-and-cashback
https://forums.moneysavingexpert.com/discussion/6091244/santander-to-slash-123-account-interest-and-shake-up-overdrafts

patijack

Thank you but difficult to follow with so much arguing on the threads.

Alexland

Basically you can ask them to downgrade to 123 Lite keeping the same account & sort code and then just pay £1 per month for the cash back but getting no interest. You would still be a 123 World customer to quality for their regular saver account, etc

Then rather than storing lots of money in the 123 account use a proper savings account from the MSE best buy table and keep your 123 Lite balance to just enough to cover your outgoings.

Alex

BobQ

patijack wrote: »

Hi, I currently have a Santander 123 acc & e saver with them that I pay into from 123. I have max amount in 123.
I also have 2 Nationwide accounts, I feeds the other but interest was lowered & I think I am correct in saying I can’t get another at 5% because I already have one?
I have read that Santander will cut rates in May 2020.My utility bills gain about £4-4.50 a month with 123. I am looking for advice & guidance where best to save or indeed if I have the best accounts currently, I struggle as a full time career to research & understand savings rates etc, I have had good advice here though. Can anyone give any advice or point in the right direction.
TIA

No one says it is easy. It does depend on your circumstances. Martin Lewis has an article on the site about Santander 123. It will still pay 1% which is a lot better than your esaver Just look at the best rates and make your mind up.