Santander Regular Saver 5% (123 customers)

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  • mary
    mary Posts: 1,584
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    polymaff wrote: »
    I think that you might find that the Halifax Rewards are better value-per-mandate than the BoS Classic with Vantage..

    Can you enlighten me please how that is?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    mary wrote: »
    Can you enlighten me please how that is?
    Using 2 DDs on BoS Vantage gets you circa £99 per annum interest.

    Using the same 2 DDs on Halifax instead gets you £36 per annum in Reward payments.
    The £5K pulled from BoS and placed in a 1.30% savings account gets you another £65 per annum interest. So the total return is £101.
  • mary
    mary Posts: 1,584
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    Close call then!
  • polymaff
    polymaff Posts: 3,903
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    edited 22 March 2018 at 8:45PM
    mary wrote: »
    Can you enlighten me please how that is?

    To evaluate the return per mandate you need to consider what each delivers. When interest rates were higher, the advantage lay with the interest-bearing bank accounts. Now, with these rates barely above that available from no-strings, easy access accounts, it is all-change. How you judge the return per mandates will depend upon your tax status and what the best easy access account pays. I'm a taxable savings tax-payer, and my reference account is a BM Savings 1.45%.

    What does the Halifax Reward account pay? £45 gross per annum. What about the BoS Classic with Vantage? Well if you didn't have the Bos account, you'd put the £5,000 in the easy savings account - so, in my case, the gross margin of Bos over BM is 0.55% which is £27.50 per annum. Two monthly-paying DDs each, so game set and match to Halifax Reward.

    There is more cash value to consider, usually Regular Savers - but, in these two cases the added return is the same so we'll forget looking up whether either require the current account or not!

    Just for comparison, The Bos account is the least profitable per mandate, Halifax Reward is next, then Barclays Blue Reward (Although Halifax Reward with a Regular Saver is just about level with Barclays), Club Lloyds (up there due to the regular saver), then the super "one-DD" Co-op.

    M&S and Santander are not worth comparing as the DDs they require are two-a-penny. :)

    E&OE
  • AndyPK
    AndyPK Posts: 4,241
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    edited 22 March 2018 at 10:04PM
    I think I worked out that Sant 123 with £20K
    and 3 BOS using £15K pays exactly the same!

    ~£300

    But then you need to deduct the fee or £60/year (which is a significant portion)
  • Westie983
    Westie983 Posts: 5,213
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    AndyPK wrote: »
    A lite account does not entitle you to the 5% saver.

    OP - Just give it a go!

    Yes it does, I downgraded my 123 when the fees went up and I qualify and due to mature next week.

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • mary
    mary Posts: 1,584
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    polymaff wrote: »
    To evaluate the return per mandate you need to consider what each delivers. When interest rates were higher, the advantage lay with the interest-bearing bank accounts. Now, with these rates barely above that available from no-strings, easy access accounts, it is all-change. How you judge the return per mandates will depend upon your tax status and what the best easy access account pays. I'm a taxable savings tax-payer, and my reference account is a BM Savings 1.45%.

    What does the Halifax Reward account pay? £45 gross per annum. What about the BoS Classic with Vantage? Well if you didn't have the Bos account, you'd put the £5,000 in the easy savings account - so, in my case, the gross margin of Bos over BM is 0.55% which is £27.50 per annum. Two monthly-paying DDs each, so game set and match to Halifax Reward.

    There is more cash value to consider, usually Regular Savers - but, in these two cases the added return is the same so we'll forget looking up whether either require the current account or not!

    Just for comparison, The Bos account is the least profitable per mandate, Halifax Reward is next, then Barclays Blue Reward (Although Halifax Reward with a Regular Saver is just about level with Barclays), Club Lloyds (up there due to the regular saver), then the super "one-DD" Co-op.

    M&S and Santander are not worth comparing as the DDs they require are two-a-penny. :)

    E&OE

    Thanks for the explanation. I've looked on the BM website and the best paying account I can see is now 0.9% so I'm guessing you have an older account, no longer available.
  • polymaff
    polymaff Posts: 3,903
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    @Mary:

    How about a Tesco Internet Saver, 1.30% - available today. With that account my order of return-per-mandate stays the same. Even with a pathetic 0.9% there's little difference. Hope the notes made sense.
  • stoozie1
    stoozie1 Posts: 656 Forumite
    Like Westie we have 2x regular savers supported by 1x Santander 123 lite joint account, maturing in 16 days.
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- £560 April £2670
  • EachPenny
    EachPenny Posts: 12,239
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    Westie983 wrote: »
    Yes it does, I downgraded my 123 when the fees went up and I qualify and due to mature next week.

    A 123 Credit Card (if you still have one ;) ) also qualifies you for the 5% RS rate.
    "In the future, everyone will be rich for 15 minutes"
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