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

funkycredit

Mine is done on anniversary of opening so around 25th of month - the fee goes out and interest etc comes in. 

wiseonesomeofthetime

I was expecting less than a quid, and received £4.26 (so £2.26 net)

As a popular supermarket says, Every Little Helps  

molerat

Just noticed on my statement, changes to cashback will be on statements from 27th November

schiff

wiseonesomeofthetime said:

I was expecting less than a quid, and received £4.26 (so £2.26 net)

As a popular supermarket says, Every Little Helps  

I regard the net cash-back as the monthly interest on the few hundred pounds I leave in the account. Highest interest rate by far of all my money and it's not taxable!

wiseonesomeofthetime

Even when it reverts to a few pence, it will still net me more than any of my current accounts combined each month.

Hence why I've kept it.

Good move to Barclays and get £3pm through their Blue Rewards, but cannot be bothered with opening a new account and cycling £800 through that one.

The £500pm for this account is more than I need to cover my DDs, so playing hokey cokey with my cash lol

Nebulous2

I’ve just had my first payment under the new rates. £6.08 less the £2 fee, £4.08 net. I was getting between £8 and £9 net before. In my two months without council tax I’ll be just about breaking even. 

schiff

It depends how much you keep in it earning no interest, but £4.08 on say £500 is equivalent to 9.8% per annum. You can't get that anywhere else safely.

wiseonesomeofthetime

Nebulous2 said:

I’ve just had my first payment under the new rates. £6.08 less the £2 fee, £4.08 net. I was getting between £8 and £9 net before. In my two months without council tax I’ll be just about breaking even. 

This is why I opted to pay my Council Tax over 12 months.

schiff said:

It depends how much you keep in it earning no interest, but £4.08 on say £500 is equivalent to 9.8% per annum. You can't get that anywhere else safely.

I will make 56p per month, with a float balance of £200.

So, £6.72pa on £200 = 3.36% return 

My cashback will increase slightly next year when council tax and energy DDs rise.

colsten

wiseonesomeofthetime said:

Nebulous2 said:

I’ve just had my first payment under the new rates. £6.08 less the £2 fee, £4.08 net. I was getting between £8 and £9 net before. In my two months without council tax I’ll be just about breaking even. 

This is why I opted to pay my Council Tax over 12 months.

If you pay the CT in 10 instalments, you get your cashback earlier.

NottinghamKnight

Viz top tip, many might try to look down the back of the sofa where there might be more than 56p lurking....