Santander to double 123 Lite fee and shake up current account cashback - MSE News

crumpet_man

It probably costs about £10 per month to keep the full 123 compared with changing to 123 lite and Marcus for savings.  For some that is definitely worthwhile to cut down on the banking admin.

stylus360

I recall having three Santander 123 accounts 'back in the day' when rates were good, all maxed to £20k.

ZeroSum

crumpet_man said:

It probably costs about £10 per month to keep the full 123 compared with changing to 123 lite and Marcus for savings.  For some that is definitely worthwhile to cut down on the banking admin.

Yeah, but then this is a money saving forum after all, so you're going to get a lot of disagreement that effectively giving the bank £10 is worth it. 

Doc_N

crumpet_man said:

It probably costs about £10 per month to keep the full 123 compared with changing to 123 lite and Marcus for savings.  For some that is definitely worthwhile to cut down on the banking admin.

After the reduction of Marcus to 0.7% I’d be genuinely interested in the calculation of that £10 per month. 

colsten

Well, Marcus isn't exactly the only account at your disposition.

Doc_N

colsten said:

Well, Marcus isn't exactly the only account at your disposition.

It’s the only option I know of which will guarantee me the genuinely immediate access that I’m looking for though.  Are there others?

RG2015

Doc_N said:

crumpet_man said:

It probably costs about £10 per month to keep the full 123 compared with changing to 123 lite and Marcus for savings.  For some that is definitely worthwhile to cut down on the banking admin.

After the reduction of Marcus to 0.7% I’d be genuinely interested in the calculation of that £10 per month. 

Is this Marcus reduction to 0.70% just speculation?

Doc_N

RG2015 said:

Doc_N said:

crumpet_man said:

It probably costs about £10 per month to keep the full 123 compared with changing to 123 lite and Marcus for savings.  For some that is definitely worthwhile to cut down on the banking admin.

After the reduction of Marcus to 0.7% I’d be genuinely interested in the calculation of that £10 per month. 

Is this Marcus reduction to 0.70% just speculation?

Not entirely. It’s the rate currently on offer and past form suggests all existing accounts will drop accordingly.

RG2015

Doc_N said:

RG2015 said:

Doc_N said:

crumpet_man said:

It probably costs about £10 per month to keep the full 123 compared with changing to 123 lite and Marcus for savings.  For some that is definitely worthwhile to cut down on the banking admin.

After the reduction of Marcus to 0.7% I’d be genuinely interested in the calculation of that £10 per month. 

Is this Marcus reduction to 0.70% just speculation?

Not entirely. It’s the rate currently on offer and past form suggests all existing accounts will drop accordingly.

The 0.70% is for the 1 year fixed rate savings account not the instant access savings account which is currently unavailable.

https://www.marcus.co.uk/uk/en/savings

ZeroSum

Doc_N said:

RG2015 said:

Doc_N said:

crumpet_man said:

It probably costs about £10 per month to keep the full 123 compared with changing to 123 lite and Marcus for savings.  For some that is definitely worthwhile to cut down on the banking admin.

After the reduction of Marcus to 0.7% I’d be genuinely interested in the calculation of that £10 per month. 

Is this Marcus reduction to 0.70% just speculation?

Not entirely. It’s the rate currently on offer and past form suggests all existing accounts will drop accordingly.

Using your 0.7%  I get being £6.75 a month better off not using full fat 123.

Using the actual 1.05%, it's just over £11