Santander 123 still best savings account ?
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How do I change my 123 to a lite ? there is no way to do this. As Marcus state that the bank account given upon application is the only linked account allowed, that would mean changing to a lite with a different account number would deem it impossible to move money unless in my current 123 account.
Someone posted earlier today that you can also do it online.
Your account number and sort code remain the same on the Lite.
The only complication for me was that my salary was not paid into Santander 123, so going forward anything I want to save from income has to be 'hopped' via Santander Lite to Marcus. A 2-minute job once a month.0 -
How do I change my 123 to a lite ? there is no way to do this. As Marcus state that the bank account given upon application is the only linked account allowed, that would mean changing to a lite with a different account number would deem it impossible to move money unless in my current 123 account.
Tick the boxes on this linked page (below) and click Transfer Now - and then fill in the account you're transferring... (haven't actually tried it but it looks like it should work)
https://www.santander.co.uk/info/current-accounts/123-lite-current-account/transfer-terms-and-conditions0 -
trailingspouse wrote: »No, I don't think my calculations are 'deeply flawed'.
Less flawed number crunching would discard the notion that the £5 fee was a given, and consider the alternative strategy of only paying a £1 fee to get the same value of cashback.trailingspouse wrote: »Marcus only pays 1.5% for a year, so if I went down that route I'd have to rethink it all in a year's time anyway.trailingspouse wrote: »And I'd have to pay £500 a month into the Santander Lite account (where it wouldn't be earning any interest)trailingspouse wrote: »...and keep a balance in that account sufficient to cover my direct debits.trailingspouse wrote: »Seems a lot of bother when I'm already getting 1.5% and cashback.trailingspouse wrote: »I just don't think the marginal gains are high enough.
Personally, I love the sound of an extra £48 per year."In the future, everyone will be rich for 15 minutes"0 -
Has Marcus infiltrated this forum !
for free advertising ?0 -
I have been with Santander 123 savings account for 3 years and earned some decent interest. I have monthly outgoings and earn cashback from those payments on top of my normal interest. Their rate is 1.5% interest.
I see in the top here shows Marcus as the best option, also with 1.5% BUT they don't seem to offer cashback on payments made. Am I missing something of is the Santander 123 still the best offer at the moment ?
WRONG
Their 'real' rate is 1.26% (assuming you have full £20k) & has never been the best savings account. If you only have £5k in, you're only getting about 0.5%
How many people have fallen for this con?0 -
My linked account to Marcus is the Santander Lite. Moving money between the two accounts is very easy.
The £500 minimum payment for Santander can easily be transferred from the savings in a Marcus account each month and then back again. I make about £4 cashback and occasionally money from My Offers.
I use my Santander account for most of my standing orders, most of which are regular savers so the money I transfer in there is only there for a short time - most payments are on the 1st of the month. I will probably be using my Marcus account to hold the money for these regular savers, and when each one matures I will feed the money back to Marcus via Santander.
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But it isn't an extra £48 a year, is it? It's £48 less whatever interest you would have got on the money you need to have sitting in Santander Lite to cover your direct debits. And whatever you end up paying out in overdraft fees if you get it even a tiny bit wrong.
For less than £1 a week, I don't think it's worth the hassle.No longer a spouse, or trailing, but MSE won't allow me to change my username...0 -
trailingspouse wrote: »But it isn't an extra £48 a year, is it? It's £48 less whatever interest you would have got on the money you need to have sitting in Santander Lite to cover your direct debits. And whatever you end up paying out in overdraft fees if you get it even a tiny bit wrong.
Zero risk of overdraft/unpaid charges, unless the bank sending the SO mucks up - in which case compensation would be due.
The average balance over the year will be something around £15. @1.5% = 22.5p
I stand corrected:-
"Personally, I love the sound of an extra £47.77 per year.""In the future, everyone will be rich for 15 minutes"0 -
I have just opened a Marcus account but looking at what I have eared in interest at Santander I really don't think it worth moving. The Marcus 1.5% interest includes the bonus indtroductary of 0.15% for first 12 months, which will drop back down again. Santander stays at 1.5%. Having around 19k I earned £26 interest in the last month, even with the £5 fee (which I earn £3 of that back in cashback) it still beats Marcus.0
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