I’m similar, I have two traditional banks and 1 fintech (monzo).
I have a santander account where I get cashback but not the 123 account. My friends said they had this account the other day and they save around £350 a year on bills. Do you think this account is a lot better than a standard current account with santander? Is there a monthly fee?
Also I should have realised how difficult this would be for you to all answer!!
There is a £1 monthly fee for the 123 Lite account so its just a case of working out if the amount of cash back you receive on eligible bills would exceed this fee and whether it is worth bothering. This will simply depend on how much your bills are.
There is a cashback calculator you can use to estimate how much cashback you could get: https://www.santander.co.uk/personal/current-accounts/123-lite-current-account (see Interest and cashback section)
I think my eligible bills come to around £400/month and I get about £60/year cashback after subtracting the £12/year account fee. People who have higher bills, and have a Santander mortgage and insurance products will get more (you get cashback on these too).
There is also another 123 account (non-lite version) which costs £5/month instead of £1/month but you don’t get extra cashback on this account. I think the only added benefit of the non-lite version is 1.5% interest on your current account balance, which isn’t worth it for anyone.
Interesting, I just did the calculator and it said I could get £4.49 a month which isn’t bad but then I have to take off the monthly fee.
I have a standard current account and credit card with Santander and I have to say it has been a good account to have. 0% interest for 30 months.
I think I’d probably go with Starling for the ability to use it anywhere, although I do need USD details too which leaves me out luck.
Guess I’ll forfeit like @BendikHa
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I thought everyone would have a stand out favourite haha
Monzo. The in-app budgeting capabilities help me keep on track.
Welcome to the community!
Thanks for sharing your favourite bank with us
have 4 bank accounts and 1 credit card… all 4 have different uses.
Can I ask what you use your different accounts for?
How have you been liking the recent updates?
It’s okay, I just open Emma.
different savings account have capped rates on balances etc.
shift money from a > b > a to qualify for freebies etc
In the last month I have moved my main bill paying account from RBS to Starling. I moved my day to day spending account to Monzo a few months ago.
I am a bit disappointed with the Starling app, while it is better than the RBS app I am surprised that it is so far behind Monzo in functionality. The functionality i miss the most is setting a specific payday and the budget view being based on the custom payday, supporting the ‘left to spend’ display. I also miss the total of committed/scheduled spending value.
If I could only have one bank account it would be an easy choice, Monzo.
Why don’t you have just one bank account?
2 main reasons to have more than one account:
imho, I expect my (any) bank will have an IT meltdown that will take out service for a few day. Having 2 accounts lets me manage that risk. (I work in IT, in Financial Services).
I like to keep bills away from everyday spending. Monzo have just launched a separate ‘bills pot’ which is a great start but is not fully formed yet.
their customer service is fabulous
I am a proud Barclays customer (10 years).