Santander now rubbish - but who to switch too??

stephenadarglas

................ with Lloyds that is.  Apologies.

ZeroSum

stephenadarglas said:

................ with Lloyds that is.  Apologies.

Which has since dropped to 2%

hubb

I have come late to this party but I also have a 123 savings account and paying £5 a month with about 17K saved so far. Do I switch it to a lite now or wait till the rates drop in August ?

fenwick458

hubb said:

I have come late to this party but I also have a 123 savings account and paying £5 a month with about 17K saved so far. Do I switch it to a lite now or wait till the rates drop in August ?

switch to lite. and move your money into an account that pays interest

ZeroSum

hubb said:

I have come late to this party but I also have a 123 savings account and paying £5 a month with about 17K saved so far. Do I switch it to a lite now or wait till the rates drop in August ?

Should have done it years ago tbh

savethepandas

hubb said:

I have come late to this party but I also have a 123 savings account and paying £5 a month with about 17K saved so far. Do I switch it to a lite now or wait till the rates drop in August ?

With 17K saved and an annual fee of £60, you are effectively get an interest rate of about 0.65%. If you are not get more than £1 cashback a month, then the Lite won't give you any interest, but an annual charge of £12.

Swapped both of my 1-2-3s to Everyday Current Accounts this morning:
https://www.santander.co.uk/personal/current-accounts/everyday-current-account
Action 'Apply'
Then select 'Transfer a Santander Account'.
When you have completed form, states takes two days to change type, bear in mind the date monthly fee taken from your account.

The 17K can then go elsewhere at a higher rate.

born_again

jonesMUFCforever said:

People post that Premium Bonds are like the Lottery - you are of course correct but with one BIG difference - you get your money back win or lose.

Quite correct.
But the interest part is a lottery

hubb

ZeroSum said:

hubb said:

I have come late to this party but I also have a 123 savings account and paying £5 a month with about 17K saved so far. Do I switch it to a lite now or wait till the rates drop in August ?

Should have done it years ago tbh

But they ares till paying some interest till August, and I am getting cashback on Mortgage, Utility and other bills..

ZeroSum

hubb said:

ZeroSum said:

hubb said:

I have come late to this party but I also have a 123 savings account and paying £5 a month with about 17K saved so far. Do I switch it to a lite now or wait till the rates drop in August ?

Should have done it years ago tbh

But they ares till paying some interest till August, and I am getting cashback on Mortgage, Utility and other bills..

They're paying rubbish rates & have for years once you factor in the additional £48 a year over & above the lite version which offers same cashback.

It's generally always been better to keep minimum in lite & savings elsewhere

colsten

ZeroSum said:

They're paying rubbish rates & have for years once you factor in the additional £48 a year over & above the lite version which offers same cashback.

It's generally always been better to keep minimum in lite & savings elsewhere

I agree that the rate on the full fat 123 is now pants but until quite recently the account has been superb, for many years, for instant access savings. 123 Lite is the name of the game now for those who still get cashback. Anyone not getting any, or very little, cashback for some reason might as well completely switch to somewhere like Club Lloyds or Virgin.