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Anyone switched to Santander 123?

(10 Posts)
Savagebeauty Thu 28-Jul-16 18:17:33

Just read they're cutting their interest from 3% to 2% but it's still a decent account.
I'm currently with First Direct for my current account.....can I still keep that but have dd's paid from Santander?
Or do they require salary paid in?

Chasingsquirrels Thu 28-Jul-16 18:23:43

Oh I didn't know that! I've had one for a few years. I was a bit annoyed about the increase in monthly fee to £5, but my cahback just about covers that most months and I keep the max in it for interest. 2% is probably still better than I'll get elsewhere though.

Savagebeauty Thu 28-Jul-16 18:30:01

Yes I reckon I'll get about £700 a year back

Jojoanna Thu 28-Jul-16 18:32:44

I have one . That's really annoying. May have to change my account

autumnboys Thu 28-Jul-16 18:34:42

They don't require a salary, DH transfers money across to ours. I hadn't heard that about the interest, although I did wonder how long they could keep the current rates up. Still worth it for us.

MsRinky Thu 28-Jul-16 18:47:59

You just have to fund it by £500 a month. I have two, a single and a joint (plus Mr R has a single one) and the same £500 funds all of them. It has to go out and come back in via a different bank though, an internal transfer doesn't count. Still, it only takes a few mouse clicks to set up and then all happens automatically.

Shame about the interest, but inevitable I suppose.

specialsubject Thu 28-Jul-16 18:52:49

Yes, savers are dirt and Carney and his pals continue to perpetuate this .inflation is actually over 2% unless you eat brick phones, so savers lose money.

Savagebeauty Thu 28-Jul-16 18:58:27

Oh that's great autumn boys.
I want to keep salary in my FD account..so can just do a monthly DD.

Beaniebeemer Thu 28-Jul-16 19:56:50

I've switched from a 123 standard account to a 123 lite account. The lite account doesn't pay interest but you still get the cash back. I never have cash to save unfortunately so this is a better deal for me. The best bit is that it's only £1 a month. I don't think they have advertised this much so if you are in the same boat as me it may be worth making the call to switch!

Savagebeauty Thu 28-Jul-16 20:07:42

I plan to use it as a savings account as I have house sale money.

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