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Santander to double 123 Lite fee and shake up current account cashback - MSE News
Comments
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ZeroSum said:stylus360 said:I have just checked an Marcus is only 0.7%, i opened it when it was on here as top recommendation/new think it was 1.5%?
I already hold a basic account with Halifax and TSB so i doubt i would be eligable for the switch bonus etc.
I also presumed if i log in and switch via Santander Online banking i would keep same account details?
If not how would it effect my Marcus savings, would i just need to notify of account details change??
Thanks
On logging in it shows i'm receiving 1.05%.
Think i will just switch to a classic Santander ac and divert extra monies to Marcus.
Cheers0 -
colsten said:Doc_N said:colsten said:Without doing many sums: which is better:
- an account that pays 0.6% AER on up to £20k, has an unavoidable £60/yr fee, and comes with 'convenience', or
- an account that pays effectively 1.2% AER on up to £5k, has an avoidable £36/yr fee, and comes with 'inconvenience'; coupled with an account that pays 1.15% on up to £1m and costs nothing.
NB. I am ignoring cashback in the 123, as this is a reward, and you can get rewards in several other accountsIt’s more than 0.6% certainly, but since it’s only £3 pm more you’re paying if you want to keep the 123 cashback, with increased inconvenience, it’s still a balance.
The full fat 123 (which you suggested) costs £5/month, not £3.
I’ve got the Halifax accounts too, plus all the other easy options, but ultimately it’s still a personal balance between cost and convenience. People have different needs and requirements. For me, the full fat 123 account still seems worthwhile.
0 - an account that pays 0.6% AER on up to £20k, has an unavoidable £60/yr fee, and comes with 'convenience', or
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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.1
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I recall having three Santander 123 accounts 'back in the day' when rates were good, all maxed to £20k.
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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.0
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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.0
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Well, Marcus isn't exactly the only account at your disposition.0
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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.0
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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.0
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