Santander 123 account

Band7

35har1old said:

You soon run out of switch incentives after a few years don't no how these may affect your credit rating. Also the terms that you have to meet namely having 2 active direct debits finding these are getting harder to find in savings account. AA savings account no longer setups direct debits, Birmingham Midshires closed all theirs, Post office savings no longer setups direct debits the list goes on

I have been switching accounts for years, and whilst it is no longer as easy as it used to be, it is still possible. Finding DDs, if they are required, for switching bonus purposes is not hard as long as you are happy to donate a couple of quid to a deserving charity etc

35har1old

MikeJXE said:

35har1old said:

At one stage i switched to a basic current with Santander due to the fact that i don't have many qualifying direct debits and these are annual direct debits with the monthly cap i would receive £10. The reason i stay with Santander is having excess to a branch
and i have a lot of standing orders setup on this account so i have returned to 123 account. True the edge account would change this to £20 plus additional cash back on shopping etc But the £4000 is not in the current account but in a savings account with a bonus payment of 0.50%.for i year. Having a joint account may allow you to both have a savings accounts but not sure if this would happen

Plus the edge some of the Cashback is via debit card and I am against using debit as opposed to credit card 

What rate of cash back are your receiving on your credit card

Blackavar

MikeJXE said:

35har1old said:

Hope your getting 3.25 % with your Coventry Building Society account

Yes I do have that 

MX5huggy said:

Why haven’t you switched to the 123 lite? Same cash back only £1 a month fee. No interest paid but you need a pile of cash to cover the £3 extra for the full 123 account which is paying a worse rate than the e-saver anyway so don’t use it. 

Then they seem to have switch focus to the new Edge account paying 4% on £4k for £3 a month fee, with different cash back rules. 

Probably haven't got my head round it yet as too busy with the switching game. 

I'm not rich by any means and I don't watch every penny like the rich do (thats why they are rich I guess) but I am happy and thats the main thing at 82 years old. 

I really could't be bother checking bank accounts and which bank account I should be in to get the very best out of my savings.

Life to me is never stressful, I have everything I need and nothing I don't 

When I moved from my own home to rented 4 years ago I did the maths and chose rented because If nothing much changed I could live as I wanted to for the next 25 years, well we all know thats unlikely 

After a couple of years my calculations changed from 25 years to 40 years so Christmas 2021 I gave my 2 kids and 4 grandkids £10,000 each purely because I didn't need it. 

Now although inflation is raging we have better interests for our savings. Since my wife died 10 years ago  I live alone with no debts and thats how I like it 

Life is good 

Absolutely love your ethos and your plan. As an older guy I fully appreciate this. I'm sure your life will continue to be good. 

MikeJXE

35har1old said:

MikeJXE said:

35har1old said:

At one stage i switched to a basic current with Santander due to the fact that i don't have many qualifying direct debits and these are annual direct debits with the monthly cap i would receive £10. The reason i stay with Santander is having excess to a branch
and i have a lot of standing orders setup on this account so i have returned to 123 account. True the edge account would change this to £20 plus additional cash back on shopping etc But the £4000 is not in the current account but in a savings account with a bonus payment of 0.50%.for i year. Having a joint account may allow you to both have a savings accounts but not sure if this would happen

Plus the edge some of the Cashback is via debit card and I am against using debit as opposed to credit card 

What rate of cash back are your receiving on your credit card

I don't get Cashback on my credit card and I am dead against using a debit card

 I did look at Santander credit card and I would struggle to cover the fee