Santander now rubbish - but who to switch too??

GideonBeddows

Martin warned us all that the Santander 1-2-3 account is now basically junk, and he is probably in the right of it. I have been using the account to keep my life savings in, as it had the best interest rate I could find anywhere. Now that is garbage. I need a new current account, sure but with life savings of £30K I am at a loss of what to do? It used to be said that 1st Direct was the best, but that seems to have dropped off the recommendations? All the others offer deals , for one year, on up to about £1,500 - so again, not ideal.
Anyone have any hints or tips with how to proceed?

[Deleted User]

Hi,

plenty of threads on this, if you search, though why not switch to the Santander 123 Lite, you keep same account number, only £1 a month fee, and you still get cashback on DDs.

Interest rates dropping all over the place just now, but have a look here.

blue.peter

I think you'll find that First Direct is not accepting new customers at present (because of the Covid-19 problem - they're prioritising existing customers). If they were offering new accounts, I think that they'd be getting a recommendation for customer service, and for their regular savings account. AFAIK, they are, and always have been, lousy for ordinary easy-access savings accounts. (I was a customer from 1990 to 2015.)

You have two separate issues here:

1. a current account; and

2. a home for your savings.

I'd look at the twoo separately, and start with the relevant pages on the main MSE site. Take a look at what's available there, and what suits your needs best. You might, for example, get your 1-2-3 account downgraded to a 1-2-3 Lite and get an easy-access savings account from NS&I. Or you might be willing and able to tie some of your money up for a fixed term and get a higher interest rate on ot. Or maybe use an easy-access account to feed a regular savings account.

There are all sorts of possibilities. Without knowing better what you want to achieve, it's pretty much impossible to give any useful advice.

digalumps

The request is extremely reasonable but the phraseology is not you live in a first world country with facilities and services that 90% of the world can only dream of and in that context Santander are not garbage they are not rubbish and you just need to moderate what you are saying

GideonBeddows

blue.peter said:

I think you'll find that First Direct is not accepting new customers at present (because of the Covid-19 problem - they're prioritising existing customers). If they were offering new accounts, I think that they'd be getting a recommendation for customer service, and for their regular savings account. 

I have just checked, BP, and you are right - they are not accepting new customers - thanks though 

lhsecons

digalumps said:

The request is extremely reasonable but the phraseology is not you live in a first world country with facilities and services that 90% of the world can only dream of and in that context Santander are not garbage they are not rubbish and you just need to moderate what you are saying

Maybe you could start your own thread for Best Bank Accounts in Less Economically Developed Countries and leave everyone else to discuss UK ones on here.

chamelion

to me, makes sense to use BOS or Lloyds which give you 1% on amounts up to 3999, and then 2% for above this up to 5000. Combined with the santander lite for bills and cashback, you're sorted. 

ZeroSum

GideonBeddows said:

Martin warned us all that the Santander 1-2-3 account is now basically junk, and he is probably in the right of it. I have been using the account to keep my life savings in, as it had the best interest rate I could find anywhere. Now that is garbage. I need a new current account, sure but with life savings of £30K I am at a loss of what to do? It used to be said that 1st Direct was the best, but that seems to have dropped off the recommendations? All the others offer deals , for one year, on up to about £1,500 - so again, not ideal.
Anyone have any hints or tips with how to proceed?

Mustn't have looked very hard then

fenwick458

123 lite works for me, £1 fee and about £5-6 in cashback every month
I wouldn't say its junk, is it not the best one still? somebody tell me how I can get more from a current account?

born_again

GideonBeddows said:

Martin warned us all that the Santander 1-2-3 account is now basically junk, and he is probably in the right of it. I have been using the account to keep my life savings in, as it had the best interest rate I could find anywhere. Now that is garbage. I need a new current account, sure but with life savings of £30K I am at a loss of what to do? It used to be said that 1st Direct was the best, but that seems to have dropped off the recommendations? All the others offer deals , for one year, on up to about £1,500 - so again, not ideal.
Anyone have any hints or tips with how to proceed?

Hope you are not keeping your life savings in a current account...

TBH. No current account is going to give any interest soon. Unless it's a loss leader.
FD no interest on current account. Their interest rates were/are pants at best unless it's a reg saver.
ML only recommended then due to customer service & the good kickback on referrals. Why do you think you could get a extra £25 bribe via MSE than direct from FD?

inspectorperez

I have always found Santander to be one of the very best banks over the years going right back to when it was originally National Girobank in the UK. Never had any reason to fault them whatsoever and like many others have recently downgraded from 123 Select to 123 Lite for which I pay £1 fee per month and receive circa £6 cashback per month. I certainly would not use a bank current account for my life savings.