Santander 123 still best savings account ?
Comments
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trailingspouse wrote: »I've crunched a few numbers trying to answer this question for myself. We currently have a full-fat Santander 123 account, and more than cover the £5 fee with our cashback. We also regularly have a balance north of £15,000 a lot of the time, which many other accounts can't cope with. So for a decent interest rate and a general lack of faffing on, I still think my money is in the right place.
You are in exactly the same place as me so I will stick. My other account is the Halifax where I pay a couple of DD so I could move those over to Santander as I too don't want the complication of having yet another bank account to deal with.0 -
trailingspouse wrote: »I've crunched a few numbers trying to answer this question for myself. We currently have a full-fat Santander 123 account, and more than cover the £5 fee with our cashback. We also regularly have a balance north of £15,000 a lot of the time, which many other accounts can't cope with. So for a decent interest rate and a general lack of faffing on, I still think my money is in the right place.You are in exactly the same place as me so I will stick. My other account is the Halifax where I pay a couple of DD so I could move those over to Santander as I too don't want the complication of having yet another bank account to deal with.
:grouphug:
Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
That sounds like you're also giving up another £24 a year if it was a Reward account. For £24 a year I wouldn't set an account up, but if it was already running (as my 4 Reward accounts are), then I'd leave be.You are in exactly the same place as me so I will stick. My other account is the Halifax where I pay a couple of DD so I could move those over to Santander as I too don't want the complication of having yet another bank account to deal with.
Look after the pennies...0 -
Which is why you move most of your savings to the Marcus account where it will earn 1.5% interest.Yes but with a 123 lite you don't get the 1.5% interest on your savings.
trailingspouse's number crunching is deeply flawed and is not the right basis on which to make a decision. (but of course they are entitled to make that decision if they so wish).
Trying to avoid 'faff' is a valid reason to make a particular decision, in which case you need to look at which combination of accounts generates the most money for the least 'faff', and close (or make dormant) the other ones. In your case one factor not previously mentioned is whether the DD's you have with Halifax would earn cashback with the 123 account, and whether that cashback would be more than £2 per month."In the future, everyone will be rich for 15 minutes"0 -
Which is why you move most of your savings to the Marcus account where it will earn 1.5% interest.
trailingspouse's number crunching is deeply flawed and is not the right basis on which to make a decision. (but of course they are entitled to make that decision if they so wish).
Trying to avoid 'faff' is a valid reason to make a particular decision, in which case you need to look at which combination of accounts generates the most money for the least 'faff', and close (or make dormant) the other ones. In your case one factor not previously mentioned is whether the DD's you have with Halifax would earn cashback with the 123 account, and whether that cashback would be more than £2 per month.
They probably won't make up the fiver a month in all honesty but if I move my lump over to Marcus it is a variable rate but it won't do me any harm to open one for the option of moving amounts over.0 -
Just like Santander then? They've previous form for varying the interest rate and the monthly fee.if I move my lump over to Marcus it is a variable rate
It seems you're being won over. Doing that would be a smart move.but it won't do me any harm to open one for the option of moving amounts over.0 -
YorkshireBoy wrote: »Just like Santander then? They've previous form for varying the interest rate and the monthly fee.It seems you're being won over. Doing that would be a smart move.
And I can't see any criteria for depositing a minimum amount per month to qualify.0 -
No, I don't think my calculations are 'deeply flawed'.
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. And I'd have to pay £500 a month into the Santander Lite account (where it wouldn't be earning any interest) and keep a balance in that account sufficient to cover my direct debits. Seems a lot of bother when I'm already getting 1.5% and cashback. I just don't think the marginal gains are high enough.No longer a spouse, or trailing, but MSE won't allow me to change my username...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.0
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