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dryrot

Santander 123?

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Hi

Well I have just set one up. Need 2 Direct Debits (get cashback) and £500 paid in each month, also £2 per month fee but they will pay 3% on up to £20k (=~£300 after tax). We'll see.

Anyone else tried it?

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Hi

Well I have just set one up. Need 2 Direct Debits (get cashback) and £500 paid in each month, also £2 per month fee but they will pay 3% on up to £20k (=~£300 after tax). We'll see.

Anyone else tried it?

Not so far. I decided that the Lloyds-TSB and Bank of Scotland Classic Vantage accounts might be the thing.

Pros and cons. The IR is the same. Possibly a bit more fiddly to set up the Vantage accounts, but there's no need for any DDs with them, so it feels as if one has to commit to a lesser degree. There's no monthly fee either. The downside is the £5k limit on the Vantage accounts (although it's possible to set up six such accounts--three in each of Lloyds-TSB and BOS... that's the fiddly bit) for a total of up to £30k.

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Hi

Well I have just set one up. Need 2 Direct Debits (get cashback) and £500 paid in each month, also £2 per month fee but they will pay 3% on up to £20k (=~£300 after tax). We'll see.

Anyone else tried it?

Yes, I have had one since it first came on to the market. Not bad and better interest than any easy access saving account I can find! If you set up all your bill to come out of the same account and cash back easily pays for the fee.

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I was with alliance and Leicester a few years ago. there savings rates where great compared to hsbc but you had to pay 500 in per month.

I use to go in to town draw money from there cashpoint and then go in to branch and pay it back in. all my direct debts where at another bank.

I have been thinking about doing this again.

when Santander took over I found I could not believe what they said in branch about savings rates. and since they paid interest yearly I just gave up to them and moved to NatWest as they had the best rate at the time.

seems strange that savings account now are pointless but you can get better rates on current accounts if you play there games.

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Hi

Well I have just set one up. Need 2 Direct Debits (get cashback) and £500 paid in each month, also £2 per month fee but they will pay 3% on up to £20k (=~£300 after tax). We'll see.

Anyone else tried it?

Yes. I put 20K into it, that gets rid of that part of the low rates problem... Still lower than RPI though but it reduces the problem. I just told my utility company to take £100 a month (even though I won't use it) £100 a month pays the £2 fee to have the 123 account. The rest is profit. If I go way into surplus I will change my DD to another bank account, get that in place then ask for an overpayment refund.

Edited by Spoony

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I just told my utility company to take £100 a month (even though I won't use it) £100 a month pays the £2 fee to have the 123 account. The rest is profit. If I go way into surplus I will change my DD to another bank account, get that in place then ask for an overpayment refund.

Very nice strategy! Although I am so dead against paying a fee for a current account, I wouldn't have one myself. It just encourages the banks to have fewer and fewer non-fee accounts.

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How are Santander to deal with for you - I constantly read bad reviews in the past - how about now?

the reason i left alliance and liecester was that i could not belive a word the staff told me in bank.

and since they paid interest yearly i did not want to take the risk of missing out on interest. this was around 2008 though so they may have got better

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I'm taking my business away from Santander because they spammed me with email. After 7 years of being fully opted out of all marketing communications. When I complained their first reply said "we've opted you out from now on", at which I went ballistic, since that implied they had randomly lost my opted-out settings and added me back in against my will without telling me. But then they changed their story and said it wasn't a marketing email but was a service-related email which I had to receive and couldn't un-subscribe from.

Unfortunately for them, (a) it was clearly an advert, and ( b ) the bottom of the email gives instructions on how to un-subscribe!

I'm complaining to the ombudsman on this one. Santander can't be trusted.

Edited by mrtickle

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  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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