Santander 123 options

ColdIron

Even more useless information of the day: it can exceed £250,000 under some circumstances

• The maximum amount you can pay into any Marcus account is £250,000.
•  Online Savings Accounts
  If you have an Online Savings Account, you earn interest on your savings daily and this is applied to your account monthly. If your balance is close to the pay in limit of £250,000, you may accrue interest that pushes your account balance over the maximum pay in limit. If this happens, you won't be able to add any more money to your account, but you will keep earning interest in the same way and it will continue to be paid into your account.

https://www.marcus.co.uk/uk/en/public-site/help

I think this is why the always refer to a maximum pay in and not a maximum balance

badger09

Stubod said:

badger09 said:

Did you consider using CASS to switch your redundant Santander accounts to wherever you wanted the DDs & SOs to end up?

..no?...never heard of it?...I just contacted the relevant companies by phone and gave them the new account details.

I will now google CASS!

Really? Where on earth have you been? Or did you mean you didn't recognise the abbreviation?

https://www.currentaccountswitch.co.uk/Pages/Home.aspx?gclid=EAIaIQobChMI7OK3jb2k6QIVibPtCh1TCw5eEAAYASAAEgLw1vD_BwE&gclsrc=aw.ds

Stubod

badger09 said:

Really? Where on earth have you been? Or did you mean you didn't recognise the abbreviation?

https://www.currentaccountswitch.co.uk/Pages/Home.aspx?gclid=EAIaIQobChMI7OK3jb2k6QIVibPtCh1TCw5eEAAYASAAEgLw1vD_BwE&gclsrc=aw.ds

..the abbreviation....Also I am not closing all the accounts, one will remain as a feeder account, and the account I am now going to use as my main account already exists, so I am not actually switching, but thanks for the info anyway. 

schiff

colsten said:

Useless information of the day: Marcus does actually have a £250K limit per account 

The day that I reach that figure colsten, you will be the first to know 

Lumiona

I switched to 123 lite and Marcus back in March. I'm impressed with Marcus, super simple to use. All my DDs go out of the Santander on the same day so make sure I have enough to cover those and then transfer all funds back to Marcus for a month. It's a little more work than before but I am in the process of reducing my active accounts now that Halifax and BOS have reduced their reward accounts, my NWIDE 5% runs out this year. I took advantage of the £175 switch offers with HSBC and Natwest earlier this year but don't plan to keep them long term.

colsten

Lumiona said:

....... now that Halifax and BOS have reduced their reward accounts.......

Halifax are about to increase their Reward account to £5 a month, if you want to play.............see separate thread on the Bank Accounts board.

badger09

Stubod said:

badger09 said:

Really? Where on earth have you been? Or did you mean you didn't recognise the abbreviation?

https://www.currentaccountswitch.co.uk/Pages/Home.aspx?gclid=EAIaIQobChMI7OK3jb2k6QIVibPtCh1TCw5eEAAYASAAEgLw1vD_BwE&gclsrc=aw.ds

..the abbreviation....Also I am not closing all the accounts, one will remain as a feeder account, and the account I am now going to use as my main account already exists, so I am not actually switching, but thanks for the info anyway. 

Ok, but you had previously said you'd just finished closing down 4 Santander accounts.

What I was suggesting was that, in future, instead of simply closing down a redundant account, you should think about switching it. In the past there have been incentives for doing this, but even without an incentive, its a good way to tidy things up. Any payments made into those accounts would be forwarded, rather than bounced back and possibly held in limbo while you tracked them down.

where_are_we

Lumiona said:

I switched to 123 lite and Marcus back in March. I'm impressed with Marcus, super simple to use. All my DDs go out of the Santander on the same day so make sure I have enough to cover those and then transfer all funds back to Marcus for a month. It's a little more work than before but I am in the process of reducing my active accounts now that Halifax and BOS have reduced their reward accounts, my NWIDE 5% runs out this year. I took advantage of the £175 switch offers with HSBC and Natwest earlier this year but don't plan to keep them long term.

How do you manage to have all your DD`s go out on the same day? We have about 10 to utilities and credit cards all strung out over the month.

colsten

where_are_we said:

How do you manage to have all your DD`s go out on the same day? We have about 10 to utilities and credit cards all strung out over the month.

That's a good question. 

In my experience, some providers will allow you to choose your DD date, either when you first take out the DD, or at a later stage. Many will, however, have set dates that you can't change.

If you don't want to keep a float that covers all your monthly DDs in a current account that pays no interest, you can consider switching, or just moving your DDs, to a different bank. Club Lloyds, for example. Or Virgin Money, if your total monthly bill is below £1K. You'd lose your cashback, though, so it might be an unproductive move. You might also have to change your linked/nominated account in any savings and investment accounts you have, and confirm that incoming payments are all redirected.

where_are_we

Thanks Colsten. Switching or moving DD`s is not an option - we would lose £6 cashback each month. Changing from full123 to 123 lite is difficult for us. We have always had a large balance to cover monthly regular saver SO`s (£14000 each month) plus current account SO`s (2Lloyds 4Tsb and 2Halifax) as well as the DD`s. In a123 lite we would need to keep as low a balance as possible. A lot of our RS SO`s are at the beginning of the month and we could move the non calendar month ones to the beginning of the month (with a one off loss of interest) so that a large manual transfer from Marcus at the end of the month would cover the RS SO`s. The further reduction in August to .6% means we will "risk" upgrading to 123 lite despite the "work" involved.