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  • FIRST POST
    • glen jarvis
    • By glen jarvis 11th Mar 18, 6:16 AM
    • 5Posts
    • 0Thanks
    glen jarvis
    santander 123
    • #1
    • 11th Mar 18, 6:16 AM
    santander 123 11th Mar 18 at 6:16 AM
    Good morniig
    I apologise if this has been gone through a thousand times already but im new to the forums and is my first post.I ve had a 123 account for a long time now ,i have no mortgage or any insurance policies with santander i have around 20000 lifetime savings inc an isa with them,i would like to know whether i should switch to somewhere better ,there seems to be some tempting offers ive read on mse or is it worth my while sticking with the cashback this account offers,i put my 1000 a month pay cheque into the account,
    regards
    Glen Jarvis
Page 1
    • 18cc
    • By 18cc 11th Mar 18, 7:10 AM
    • 460 Posts
    • 284 Thanks
    18cc
    • #2
    • 11th Mar 18, 7:10 AM
    • #2
    • 11th Mar 18, 7:10 AM
    You could think about switching your Santander current account to for example Halifax that would give you an instant 125 plus 3 a month thereafter see terms and conditions

    you could put your savings into a one year or a three year bond and get a higher rate of interest assuming you don't want access to your savings for example atom bank or NS&I bonds

    Don't know what rate you are getting on the ISA but you could look around and consider a 1 2 or 3 year fixed rate ISA and see if the interest rate is higher than Santander
    • YorkshireBoy
    • By YorkshireBoy 11th Mar 18, 7:16 AM
    • 30,147 Posts
    • 17,998 Thanks
    YorkshireBoy
    • #3
    • 11th Mar 18, 7:16 AM
    • #3
    • 11th Mar 18, 7:16 AM
    What's the split of the 20K? ie how much in the ISA and how much in the 123?
    What's the interest rate on the ISA?
    How much cashback are you getting per month?
    How much interest per month on the 123?
    By how much are your savings increasing each month?
    Are you prepared to put more effort into managing your cash savings or are you looking for a set up and forget approach with one or two accounts going forward (like you have now)?
    • Neil Jones
    • By Neil Jones 11th Mar 18, 8:45 AM
    • 1,274 Posts
    • 754 Thanks
    Neil Jones
    • #4
    • 11th Mar 18, 8:45 AM
    • #4
    • 11th Mar 18, 8:45 AM
    Depending on bills the cashback for either flavour of 123 can be substantial but it depends whether its generating enough to cover the monthly cost on the original account. The Lite version costs 1 a month, still pays the cashback but you get no interest on money in the account.
    • glen jarvis
    • By glen jarvis 11th Mar 18, 9:19 AM
    • 5 Posts
    • 0 Thanks
    glen jarvis
    • #5
    • 11th Mar 18, 9:19 AM
    santander123
    • #5
    • 11th Mar 18, 9:19 AM
    thanks yorkshireboy for reply
    most of the money is in the 123 account of which i earn roughly 15 month interest,i calculate that i only just receive 5 cashback for my 5 monthly account fee,
    I change all my insurance and utility outgoings annually through price comparison sites but never my bank as i find this somewhat more confusing ,guess it would be easier if bank accounts were on 12 month contracts.
    regards
    Glen
    • glen jarvis
    • By glen jarvis 11th Mar 18, 9:23 AM
    • 5 Posts
    • 0 Thanks
    glen jarvis
    • #6
    • 11th Mar 18, 9:23 AM
    santander123
    • #6
    • 11th Mar 18, 9:23 AM
    thanks neil
    I just replied to yorkshireboy on this subject i only just get 5 back for my fee,but my interest covers not switching to the lite account
    • glen jarvis
    • By glen jarvis 11th Mar 18, 9:25 AM
    • 5 Posts
    • 0 Thanks
    glen jarvis
    • #7
    • 11th Mar 18, 9:25 AM
    santander123
    • #7
    • 11th Mar 18, 9:25 AM
    thanks 18cc i will look into those options
    • YorkshireBoy
    • By YorkshireBoy 11th Mar 18, 9:29 AM
    • 30,147 Posts
    • 17,998 Thanks
    YorkshireBoy
    • #8
    • 11th Mar 18, 9:29 AM
    • #8
    • 11th Mar 18, 9:29 AM
    So circa 12K in the 123 and circa 8K in the ISA then.

    How many non-cashback generating DDs on the 123?

    Downgrading to 123 'Lite' would see a 4 gain due to the 1/mth fee.

    Nationwide FlexDirect would pay around 10/mth on 2.5K for the first 12 months.

    So you've almost got your 123 interest of 15 covered there...and still have 9.5K to play with. Look at Tesco for 3% on up to 6K, TSB for 3% on up to 1.5K, and you may as well do the Nationwide 5% regular saver for 250/mth.

    The above is why I asked if you were prepared to put some effort in.

    I understand the only good cash ISA these days is a HTB or LISA. You could almost certainly improve the return on the Santander ISA, and that's without knowing the interest rate!
    • AndyPK
    • By AndyPK 11th Mar 18, 10:42 AM
    • 2,825 Posts
    • 784 Thanks
    AndyPK
    • #9
    • 11th Mar 18, 10:42 AM
    • #9
    • 11th Mar 18, 10:42 AM
    your not in a bad position, but if you want to open lots of accounts and cycle say 1000 a month round them all (automatically) you could earn a little more
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