123 Account to which easy access?

superleeds27

I briefly mentioned this in another thread.

Currently have 28k in a 123 account. Fully aware that 8k is being wasted with no interest, and what with the monthly fee rising to £5 it's time to get it sorted.

I've looked into various options and have decided that Chase is probably the best way to go (Initially for the first year anyway) at 4.5%

Would anyone else do anything differently here?

flaneurs_lobster

Think this is a good idea. Gets your £28k all earning interest at a rate that's >twice the 123 rate.

The Chase account is good in that it allows instant access to your funds, and has all the usual facilities of a current account too (bar a chequebook or paying in cash).

Good place to park your cash while you consider if you want/need other savings products.

Assume you are happy with app-only access (only works on one device at a time) and the ID document/face recognition application process?

Try it out, open with a fiver. If you don't like it, don't use it.

surreysaver

Open a Santander Edge (or, if you have no direct debits, convert your 123 to an Edge), then you can open an Edge Saver and put £4k in it which will earn 5.84% for a year. Put the rest of your money somewhere else (£3k in Cahoot for 5%, for example).

ToastLady

Yes Chase is a good idea, and the app is very straightforward and easy to use.

superleeds27

https://forums.moneysavingexpert.com/discussion/comment/81967954#Comment_81967954

I had thought of this but the money is basically a pot and then I transfer stuff to a basic current account (card in the wallet) as and when I need to.

superleeds27

https://forums.moneysavingexpert.com/discussion/comment/81967933#Comment_81967933

Might give this a go then. Not that fussed about the ID/Face thing tbh, my face is out there anyway now I guess!

GeoffTF

You can switch to an Edge or an Everyday current account and use an online savings account with another bank or BS. I use the Skipton, which has local branch. Alternatively, you could switch your account to another bank and earn a switching bonus.

superleeds27

Gone for chase. Says it'll take up to 7 days to process the application due to high demand!

roose0

While you are waiting, why not open a Santander Easy Access Saver or Limited Access Saver to earn some interest on your 8k? They should open instantly for existing customers during business hours.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81968833#Comment_81968833

£3.85 a week? Well you could…..

35har1old

https://forums.moneysavingexpert.com/discussion/comment/81968704#Comment_81968704

Good for a year but remember it's a tracker so no notice period when interest rates change

Recent post regarding bank transfer from Chase not being accepted by Barclaycard might be worthwhile to check if you have any credit card payments just in case it's the same with any credit card company