Santander 123 options

jawjawsdad

With the upcoming reduction in interest to 1%, where would be the best place to move the £20k I have in this account?  It does not have to be a current account, as I have one with a different bank which I can transfer my 123 direct debits to.
I would consider a short term fix if required.

eskbanker

https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Stubod

..I am going over to Marcus, (currently 1.3%)....instant access and no monthly faffing about. (Only problem is they will probably be reducing their rates before May!)

soulsaver

You could go 123 lite and still get the qualifying DD cashback. £1 pm fee, no interest - so still move 20k to Nationwide flexdirect if you've not had it before £2500@5%; TSB £1500@ 3% x2 (solo & joint); Marcus etc for the balance. 

panny300

im also looking for alternative to 123 account,i'm a real !!!!!! with savings and investments,soulsaver you advised jawjaw to put his 20k into nationwide flexdirect,.but dose'nt that account only pay 5% on the first £2500 then nothing on remaining amount?
or am i missing something.

soulsaver

panny300 said:

im also looking for alternative to 123 account,i'm a real !!!!!! with savings and investments,soulsaver you advised jawjaw to put his 20k into nationwide flexdirect,.but dose'nt that account only pay 5% on the first £2500 then nothing on remaining amount?
or am i missing something.

Yep you're missing the rest of the sentence that says put the balance in Marcus etc..:)

SallySunshine

I'm also closing one of my Santander accounts now and the other (joint) in early May.
I've opened a BLME 90day account, can't believe it was so easy and quick. Only drawback, it does require 10K to open and can't be operated online, quite like the idea of being quarterly profits/interest which have to be paid into your chosen bank account, no accumulating interest though. 

ZeroSum

Exactly the same as prior to rate reduction. 

Downgrade to 123 lite, keep enough to cover bills, then rest in Marcus. 

jawjawsdad

Thanks everyone for your suggestions, kind of thinking along the lines of 123 lite and possibly Marcus.  

jawjawsdad

BTW I’m assuming Marcus are covered by the £85,000 compensation scheme.

ZeroSum

jawjawsdad said:

BTW I’m assuming Marcus are covered by the £85,000 compensation scheme.

Yup