What accounts are better?

BBooker

Ive been toying with the idea of changing banks. I am currently with Santander and have the 123 current account. What accounts are on par or better than this current account? 

AmityNeon

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

You can hold multiple current accounts so you don't necessarily have to change banks.

Rob5342

It's mainly about the app these days, and Starling and Monzo are the outsranding ones in that regard. Chase is good as it gives you 1% on debit card purchases for a year. I don't think anywhere will match Santander for cashback. Nationwide is terrible, their app is awful and you have to use a card reader to o set up new payees instead of being able to use your phone like most other banks The others banks are much of a muchness, they all do the job but there's nothing that makes any of them stand out.

You can have more than one if they suit you for different things, I have 6 current accounts for various reasons.

Bridlington1

If I were you I'd keep the Santander account open for the sake of your credit report. Open others by all means though, in fact if Santander is your only bank account I would strongly advise you do. Not only are you missing out on a shedload of perks, but if Santander freezes your account for any length of time for whatever reason you will be in a very difficult position being unable to pay bills, receive wages etc. Having a spare account or two with money available will save you a lot of stress if this occurs as you can just carry on with that one whilst you wait for Santander to unblock the account.

You don't have to go opening accounts with nearly every bank in sight (though I did), but certainly having one or two spare accounts with different providers and an emergency fund somewhere would be a wise move IMHO.

Band7

Bridlington1 said:

If I were you I'd keep the Santander account open for the sake of your credit report

It depends - if the cashback pays at least the monthly fee, I agree, it's worth keeping it. If not, then I would at least downgrade it to an Everyday.

phillw

Band7 said:

Bridlington1 said:

If I were you I'd keep the Santander account open for the sake of your credit report

It depends - if the cashback pays at least the monthly fee, I agree, it's worth keeping it. If not, then I would at least downgrade it to an Everyday.

I don't think anyone with a gas/electricity direct debit will earn less than the fee.

Band7

phillw said:

Band7 said:

Bridlington1 said:

If I were you I'd keep the Santander account open for the sake of your credit report

It depends - if the cashback pays at least the monthly fee, I agree, it's worth keeping it. If not, then I would at least downgrade it to an Everyday.

I don't think anyone with a gas/electricity direct debit will earn less than the fee.

May be, may be not. I don't have insight into people's bills but I do know that some people might not even have any cashback-earning DDs on their account.

RG2015

phillw said:

Band7 said:

Bridlington1 said:

If I were you I'd keep the Santander account open for the sake of your credit report

It depends - if the cashback pays at least the monthly fee, I agree, it's worth keeping it. If not, then I would at least downgrade it to an Everyday.

I don't think anyone with a gas/electricity direct debit will earn less than the fee.

Band7 said:

phillw said:

Band7 said:

Bridlington1 said:

If I were you I'd keep the Santander account open for the sake of your credit report

It depends - if the cashback pays at least the monthly fee, I agree, it's worth keeping it. If not, then I would at least downgrade it to an Everyday.

I don't think anyone with a gas/electricity direct debit will earn less than the fee.

May be, may be not. I don't have insight into people's bills but I do know that some people might not even have any cashback-earning DDs on their account.

The cashback on energy DDs is 2% so anyone paying £100 per month on gas and electricity will earn the £2 fee and break even. The current energy price guarantee average is £208 per month rising to £250 in April. I doubt many will lose out.

Then add in council tax, water and phone and broadband and most will come out well in profit.