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  • FIRST POST
    • pinklady21
    • By pinklady21 22nd Mar 18, 12:45 PM
    • 739Posts
    • 550Thanks
    pinklady21
    Santander Regular Saver 5% (123 customers)
    • #1
    • 22nd Mar 18, 12:45 PM
    Santander Regular Saver 5% (123 customers) 22nd Mar 18 at 12:45 PM
    Hello all
    Anyone know the answer to this?
    I have an ordinary current account with Santander. no charges and no interest.

    I also have a 123 "full fat" Santander charging £5 per month, and paying 1.5% interest. It is not my main current account.
    The balance is £20,000 which I want to transfer to an ISA before 5th April.

    I have a linked regular saver paying 5% with a monthly standing order for £200 taken from the 123 account. I have made 5 payments so far, so another 7 payments to go.

    I understand that without a 123 account the interest would reduce to 3%.
    However.... from the info here:
    https://www.santander.co.uk/info/savings/regular-esaver

    it says that to be eligible for the 5%, you only have to be a 123 customer when you open the regular savings account.

    So - my question is: can I close my 123 account, and change the SO to come from my ordinary account, and still achieve the 5% on the regular saver until the end of the 12 months?
    Anyone already done it?

    Thank you!
Page 2
    • polymaff
    • By polymaff 22nd Mar 18, 7:33 PM
    • 2,237 Posts
    • 972 Thanks
    polymaff
    Thanks. Am in the fortunate position, that I already have 14 RS Lloyds Club, HSBC, Santander, Saffron Walden, Nationwide, TSB, First Direct, Penrith 3 yr, Principality Members, Halifax, Lloyds Monthly, BOS Monthly, Bucks RS, Coventry RS.

    In addition, I have higher interest current accounts with Nationwide, 2 x BOS Vantage, Lloyds Club, Santander 123, 2 Tesco,2 TSB - all the high earning accounts

    I have 14 Tesco DDs to do somethiing with. I have 3 credit cards I can rearrange who pays them, a sports DD, BR Gas DD and think I will have to open the Post Office account to make up the 6th DD.

    I think I will have to sacrifice the 3 Halifax reward accounts and one of the BOS Vantage accounts.

    I tend to stick with the big name institutions rather than some of the lesser names Martin also mentions.

    It's really a case of a choice between 2 x BOS Vantage with £5k in each @ 2% v Santander 123 £20k (no cashback) @ 1.5% with the RS @ 5%. Which is the best to keep?
    Originally posted by mary
    I think that you might find that the Halifax Rewards are better value-per-mandate than the BoS Classic with Vantage. The M+S switch offering is pretty good, too. Even without a switch, the co-op scores well per mandate.
    Last edited by polymaff; 22-03-2018 at 7:37 PM.
    • mary
    • By mary 22nd Mar 18, 7:55 PM
    • 1,568 Posts
    • 447 Thanks
    mary
    I think that you might find that the Halifax Rewards are better value-per-mandate than the BoS Classic with Vantage..
    Originally posted by polymaff
    Can you enlighten me please how that is?
    • YorkshireBoy
    • By YorkshireBoy 22nd Mar 18, 8:04 PM
    • 30,218 Posts
    • 18,110 Thanks
    YorkshireBoy
    Can you enlighten me please how that is?
    Originally posted by mary
    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
    • By mary 22nd Mar 18, 8:15 PM
    • 1,568 Posts
    • 447 Thanks
    mary
    Close call then!
    • polymaff
    • By polymaff 22nd Mar 18, 8:41 PM
    • 2,237 Posts
    • 972 Thanks
    polymaff
    Can you enlighten me please how that is?
    Originally posted by mary
    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
    Last edited by polymaff; 22-03-2018 at 8:45 PM.
    • AndyPK
    • By AndyPK 22nd Mar 18, 9:55 PM
    • 3,207 Posts
    • 922 Thanks
    AndyPK
    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)
    Last edited by AndyPK; 22-03-2018 at 10:04 PM.
    • Westie983
    • By Westie983 22nd Mar 18, 10:37 PM
    • 4,551 Posts
    • 15,077 Thanks
    Westie983
    A lite account does not entitle you to the 5% saver.

    OP - Just give it a go!
    Originally posted by AndyPK
    Yes it does, I downgraded my 123 when the fees went up and I qualify and due to mature next week.

    Westie983
    Save 12k in 2018 #10 Total (£25000)+£14800/£12000 = 123.33%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £40/£500 = 8.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £62.59/£365 = 17.14%
    Virtual Sealed Pot #1 Total £1200/£1000 = 120.00%
    £2 Savers Club 2018 #16 Total (£1500)+-470/£2000 = 51.50%

    Total £18132.59/£15865 = 114.29%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • mary
    • By mary 22nd Mar 18, 10:57 PM
    • 1,568 Posts
    • 447 Thanks
    mary
    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
    Originally posted by polymaff
    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
    • By polymaff 23rd Mar 18, 8:44 AM
    • 2,237 Posts
    • 972 Thanks
    polymaff
    @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
    • By stoozie1 23rd Mar 18, 9:01 AM
    • 608 Posts
    • 565 Thanks
    stoozie1
    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
    • By EachPenny 23rd Mar 18, 9:30 AM
    • 6,579 Posts
    • 17,666 Thanks
    EachPenny
    Yes it does, I downgraded my 123 when the fees went up and I qualify and due to mature next week.
    Originally posted by Westie983
    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"
    • Westie983
    • By Westie983 23rd Mar 18, 9:54 AM
    • 4,551 Posts
    • 15,077 Thanks
    Westie983
    A 123 Credit Card (if you still have one ) also qualifies you for the 5% RS rate.
    Originally posted by EachPenny
    I did have one when I had a offer to refund the annual fee, closed it when 0% ended and account annual fee was £24.00

    Now itís just £12 but I get little cash back with some of my direct debits. Just keeping it open for the RS.

    Had a phone call yesterday from Santander inviting me in to discuss my RS I said I know it matures next week cant I open a new one online when it matures, he said yes so no need to come in and waste an appointment!! He swiftly put the phone down...

    Westie983
    Save 12k in 2018 #10 Total (£25000)+£14800/£12000 = 123.33%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £40/£500 = 8.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £62.59/£365 = 17.14%
    Virtual Sealed Pot #1 Total £1200/£1000 = 120.00%
    £2 Savers Club 2018 #16 Total (£1500)+-470/£2000 = 51.50%

    Total £18132.59/£15865 = 114.29%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • mary
    • By mary 23rd Mar 18, 10:01 AM
    • 1,568 Posts
    • 447 Thanks
    mary
    @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.
    Originally posted by polymaff
    Thanks for that. I do have 2 Tesco Internet Saver accounts and have had for quite some time. Just checked the rate is currently 0.55%. Will have to investigate if I am eligible to have the one advertised as well for 1.3%
    • polymaff
    • By polymaff 23rd Mar 18, 11:29 AM
    • 2,237 Posts
    • 972 Thanks
    polymaff
    Thanks for that. I do have 2 Tesco Internet Saver accounts and have had for quite some time. Just checked the rate is currently 0.55%. Will have to investigate if I am eligible to have the one advertised as well for 1.3%
    Originally posted by mary
    I don't think that you'll have a problem - I've got 5 Tesco Internet Savers open at present.

    In fact, with the mass exodus thay will occur from these acounts come 22/04/18, they'll probably lay out the red carpet for you
    • RG2015
    • By RG2015 28th Mar 18, 8:21 PM
    • 1,301 Posts
    • 767 Thanks
    RG2015
    Thanks for that. I do have 2 Tesco Internet Saver accounts and have had for quite some time. Just checked the rate is currently 0.55%. Will have to investigate if I am eligible to have the one advertised as well for 1.3%
    Originally posted by mary
    The 1.30% is made up of standard rate 0.55% and a 12 month bonus of 0.75%. If the Bank of England raise the base rate Tesco may well increase their basic rate as they did after the last rate hike in Nov 2017. The Bank raised the base rate by 0.25% and Tesco raised their standard rate by 0.15%

    It is possible that the overall Tesco rate may rise to 1.45% in a month or two.

    PS each customer can have six Tesco internet savers and I opened my third online in about 5 minutes.
    • Westie983
    • By Westie983 29th Mar 18, 1:35 AM
    • 4,551 Posts
    • 15,077 Thanks
    Westie983
    Im on 5 as well, and instant access accounts, I will have a clear out next month.

    1.35% and 1.30% and im closing the 0.55% ones.

    Westie983
    Save 12k in 2018 #10 Total (£25000)+£14800/£12000 = 123.33%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £40/£500 = 8.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £62.59/£365 = 17.14%
    Virtual Sealed Pot #1 Total £1200/£1000 = 120.00%
    £2 Savers Club 2018 #16 Total (£1500)+-470/£2000 = 51.50%

    Total £18132.59/£15865 = 114.29%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • surreysaver
    • By surreysaver 31st Mar 18, 4:50 PM
    • 2,561 Posts
    • 1,481 Thanks
    surreysaver
    I've got one paying 1.35%, which I keep spare money in that I want instant access to, as well as a 1.3% and a 1.21%. I also have three of the Instant Access ones. Do they count as part of the 6 in total?
    I'm letting Tesco do the hard work of killing off the direct debits, then once they've done that I'll be closing the lower interest accounts
    I consider myself to be a male feminist. Is that allowed?
    • polymaff
    • By polymaff 31st Mar 18, 6:50 PM
    • 2,237 Posts
    • 972 Thanks
    polymaff
    ... I'm letting Tesco do the hard work of killing off the direct debits, then once they've done that I'll be closing the lower interest accounts
    Originally posted by surreysaver
    Me too. I guess that when we all do that then the question of how many you're allowed will become of academic interest only.
    • YorkshireBoy
    • By YorkshireBoy 31st Mar 18, 8:53 PM
    • 30,218 Posts
    • 18,110 Thanks
    YorkshireBoy
    I've got one paying 1.35%, which I keep spare money in that I want instant access to, as well as a 1.3% and a 1.21%. I also have three of the Instant Access ones. Do they count as part of the 6 in total?
    Originally posted by surreysaver
    According to their help pages, yes they do.
    • polymaff
    • By polymaff 14th Apr 18, 4:52 PM
    • 2,237 Posts
    • 972 Thanks
    polymaff
    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
    Originally posted by polymaff
    Update: BoS Classic Vantage and Club Lloyds rates fall to 1.5% on 1st July 2018.

    So, above, 0.55% falls to 0.05%, £27.50 falls to £2.50 p.a. (Club Lloyds, too) and the Club Lloyds offering falls below all but BoS - and that is only by dint of the better Regular Saver.

    Certainly is all-change !
    Last edited by polymaff; 14-04-2018 at 5:02 PM.
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