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Santander 123 still best savings account ?

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
126 replies 15.4K views
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  • I just don't like accounts that charge

    then they'll remove incentives and they will be our only option
  • eskbankereskbanker Forumite
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    geebomeow wrote: »
    I just don't like accounts that charge

    then they'll remove incentives and they will be our only option
    Despite what the CMA say when they're desperately trying to promote CASS as if that was a valid measure of market competition, there is a massive range of options for UK current account customers, some of which do indeed charge (but typically offer something in return), while others pay credit interest, switching incentives and/or cashback.

    Even those that don't reward customers one way or the other typically don't actually charge (when not overdrawn, etc), so unlike some other countries, it really isn't difficult to bank for no cost here - perhaps it will eventually change (back to how it used to be) but personally I don't see that happening in the foreseeable future....
  • SevenOfNineSevenOfNine Forumite
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    EachPenny wrote: »
    But opening a Marcus account and transferring the bulk of £20k from a 123 account over to it and leaving it sitting there until needed is not "shunting money all over the place every 5 minutes".

    All the 'shunting' you are talking about is needed to earn cashback and interest in order to cover the £5 fee on the 123 account.

    Ditching the 123 account entirely and moving the savings to Marcus (or some other instant access accounts) would earn you more interest and require less 'shunting'. That would be a better solution for someone who really values the pounds, shillings and pence and their time. (That's the point Karlie88 was making)

    A burning £10 note doesn't relate to time saving, only 'money to burn'!

    I manage all mine & husbands A/C's, with 13 bank A/Cs (chopped down from about 18 recently), 4 monthly savers, 5 instant access savers, 5 fixed rate bonds & 2 ISA's, though absolutely no doubt a fraction of what others have & manage, it's still enough for me to keep an eye on!

    For some, it's an interesting hobby, for others watching each penny & chasing the best rates. For me neither, not any more.
    Seen it all, done it all, can't remember most of it.
  • No_6No_6 Forumite
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    @ zero.sumiy
    I have ALL of the best paying accounts...available

    so will you go find a nice place to sit and forget this POST
  • Zero_SumZero_Sum Forumite
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    That is one of the reasons I won't move my £20k from Santander 123. Always having enough in there to cover all eventualities gives great peace of mind. Also Marcus includes a 0.15% bonus which will disappear after 12 months. Also I wish people would not keep saying 1.26%. Santander pays 1.5%. It comes with a fee of £5 per month but the cashback for many of us more than covers that. Moving to Santander lite and going back to juggling money around is not something I want to do.

    1.5% of £20k is £300 interest each year in Santander 123
    Cashback for us averages £8.50 each month so £102 each year.

    Monthly fee is £5 each month so £60 over the year

    Total return is 1.71% on the £20k with no money juggling or need to open another account and move it in 12 months time.

    Santander pays 1.5% in the same vain as we pay the EU £350m a week.
    If you want to use gross crack on, but i'll carry on using the nett figures as they give a more acurate version of reality.
  • No_6No_6 Forumite
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    Will you now sit in the chair !

    I have all 3% and 5% accounts paying me !
    so if Santy pays only 1.26 on a 1,5 account
    I'm happy !

    looks like you are NOT as your posts are mainly negative !
  • edited 13 October 2018 at 9:42PM
    Zero_SumZero_Sum Forumite
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    edited 13 October 2018 at 9:42PM
    No_6 wrote: »
    Will you now sit in the chair !

    I have all 3% and 5% accounts paying me !
    so if Santy pays only 1.26 on a 1,5 account
    I'm happy !

    looks like you are NOT as your posts are mainly negative !

    I assume you're talking to me, even though you're actually talking to yourself (learn to quote man)

    My post arent negative in the slightest, in fact quite the opposite as im suggesting ways to make better use of your money & making sure people understand Santanders misinformation. Ive already stated that 1.26% for instant access is an OK rate (not the best by any means as per thread title which was what i was originally disagreeing with). And for some having all DD's in one place with an OK rate is easier to manage rather than operating multiple account. If you're happy thats fine but as ive said previously just stop pretending you're getting something youre not. Santander 123 full fat isnt a bad option, its just not the best.

    And my last post i wasnt even talking to you, looks like youre getting a bit stalkerish.

    Not sure what your chair thing means either, calm down will you.
  • No_6No_6 Forumite
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    You have still LOST me man !!!
    luckily going on hols....so wont miss this thread.


    Just go and sit on the naughty chair !!!!

    Have fun, be back in 30 days ….

    6
  • Zero_SumZero_Sum Forumite
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    No_6 wrote: »
    You have still LOST me man !!!
    luckily going on hols....so wont miss this thread.


    Just go and sit on the naughty chair !!!!

    Have fun, be back in 30 days ….

    6

    Youve lost yourself.

    You asked me what pays better & i told you. You then went off in a radge

    Still incapable of using quotes, so again you're still just talking to yourself.
  • Well after being with Santander for years I took the plunge and did what a lot of folks appear to be doing. I switched to a Lite account and moved everything, bar a £1000, into Marcus.

    I must admit I did get a little concerned after filling in the online transfer form, yesterday, and subsequently receiving no email confirmation of the request. However, I checked my account this morning and the account is now showing as 123 Lite. And still no email confirming the switch!

    I don't understand why people are hesitant to make the switch. You are getting the same 1.5% rate as the full 123 account and not paying £5 per month for the privilege. Also as long as the cashback on bills comes to more than a £1 a month then the Lite account is, near enough, free to operate.
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