Santander 123 becomes 0.5,1.0,1.5

[p1stonhead]

okgo said:

p1stonhead said:

Not really. Im getting £180 a month after tax. Not too shabby at all.

Is that with multiple accounts?

Yes three. All maxed, all with standing orders for cash back on various things.

Actually tell a lie, its about £130 I think. Still good though.

Edited by p1stonhead on Tuesday 16th August 14:26

[bmwmike]

Getting 49 to 50 per month on 20k before cash back (about 7 to 8 quid at a guess) so can see 3 accounts maxed earning 150pm.

[Jockman]

p1stonhead said:

Yes three. All maxed, all with standing orders for cash back on various things.

Actually tell a lie, its about £130 I think. Still good though.

Edited by p1stonhead on Tuesday 16th August 14:26

It is indeed. £1,800 pa then cashback should cover the fee.

This year your first £1k interest will be tax free or £500 if you're a higher rate tax payer.

Having the joint one is a useful conduit for connecting funds between spouses.

[55palfers]

If you have £20K in the account you will lose £300 pa.

Over a few accounts that's a serious loss to make up from somewhere.

It's time the prudent were rewarded. Or at least stop shafting them.

I see Santander are still charging almost 19% APR on their credit cards.

[KTF]

You can get 3.x%+ on ratesetter if you dont need instant access to the cash.

[AyBee]

okgo said:

Why is there so much fuss about this?

The max on the account means everyone is earning fk all from it anyway, 3% of fk all is fk all!

£600 down to £300 on one account, not really fk all when you look at what else is out there with no risk.

[okgo]

AyBee said:

£600 down to £300 on one account, not really fk all when you look at what else is out there with no risk.

4 beers a month

[AyBee]

okgo said:

AyBee said:

£600 down to £300 on one account, not really fk all when you look at what else is out there with no risk.

4 beers a month

Where do you drink?

[PositronicRay]

I used to keep the thing topped up, I won't be quite so zealous about this now. Maybe keep more in premium bonds, not much return but at least I get a little tingle each month when I check the winnings!

[Crafty_]

okgo said:

Why is there so much fuss about this?

The max on the account means everyone is earning fk all from it anyway, 3% of fk all is fk all!

3% of fk all is still more than 1.5% of fk all...

[Simpo Two]

p1stonhead said:

Not really. Im getting £180 a month after tax. Not too shabby at all.

Go on, spill...

[bmwmike]

AyBee said:

£600 down to £300 on one account, not really fk all when you look at what else is out there with no risk.

How were you getting 600 per month from a single 123 account ?

[Jockman]

bmwmike said:

How were you getting 600 per month from a single 123 account ?

Can't see where he said that Mike

[Pulse]

I only have about £15k to spare right now. I was just about to put it into Santander, but would it still be the best option?

Looks like I'd net £160 a year from it, after charges; whereas splitting across multiple 5% current accounts would obviously make more. Is there a downside to my approach?

[Jockman]

Pulse said:

I only have about £15k to spare right now. I was just about to put it into Santander, but would it still be the best option?

Looks like I'd net £160 a year from it, after charges; whereas splitting across multiple 5% current accounts would obviously make more. Is there a downside to my approach?

On the Santander account I find the 3-2-1 cashback generally covers the £60pa charge - remember you have to have 2 active DDs and pay in £500pm.

With multiple accounts there will be more to manage and they will have their own conditions as above so theoretically you could struggle for DDs to give to everyone?

Doing the maths could be useful if you feel the sums warrant it

[p1stonhead]

Jockman said:

Pulse said:

I only have about £15k to spare right now. I was just about to put it into Santander, but would it still be the best option?

Looks like I'd net £160 a year from it, after charges; whereas splitting across multiple 5% current accounts would obviously make more. Is there a downside to my approach?

On the Santander account I find the 3-2-1 cashback generally covers the £60pa charge - remember you have to have 2 active DDs and pay in £500pm.

With multiple accounts there will be more to manage and they will have their own conditions as above so theoretically you could struggle for DDs to give to everyone?

Doing the maths could be useful if you feel the sums warrant it

Two of mine have direct debits to charities at £20 each so £80 total. They could be £1 if you wanted them to be though. Only one of my 123 accounts has the 'usual' direct debits going out of it.

And the £500 can be put in and sent straight back out again if needs be.

[Jockman]

p1stonhead said:

Two of mine have direct debits to charities at £20 each so £80 total. They could be £1 if you wanted them to be though. Only one of my 123 accounts has the 'usual' direct debits going out of it.

And the £500 can be put in and sent straight back out again if needs be.

Seems to be quite a common approach.

[bmwmike]

Jockman said:

bmwmike said:

How were you getting 600 per month from a single 123 account ?

Can't see where he said that Mike

Care to explain it to me then? Not sure ive had enough coffee today but "600 down to 300 on one account" was what I read.

[p1stonhead]

bmwmike said:

Jockman said:

bmwmike said:

How were you getting 600 per month from a single 123 account ?

Can't see where he said that Mike

Care to explain it to me then? Not sure ive had enough coffee today but "600 down to 300 on one account" was what I read.

Per year not month. Its £600 per year per account.

[gangzoom]

bmwmike said:

Getting 49 to 50 per month on 20k before cash back (about 7 to 8 quid at a guess) so can see 3 accounts maxed earning 150pm.

We been getting about that much since the new tax rules were introduced earlier in the year. Covers our electricity/gas/water bills, 0% risk, and I can move the money in 5 minutes, so cannot really complain about them dropping rates down to 1.5%.

Every one must have realised it couldn't last forever.