Santander 123 Lite or Club Lloyds

20
Posted 12th Jan
I am looking to open a bank that I can use for my direct debits and other house bills. I am currently hovering around Santander 123 Lite and Club Lloyds . With Santander, I can get roughly £4-5 each month for bills and with lloyds the gourmet society card seems quite attractive, I probably go out twice every 3 months, sometimes less. I want to open a bank account that will give me the greatest return (cash back or through other rewards) and since I don't have Santander mortgage, the max I can earn is £5 from bills.

I have some colleagues who have taste card but sometimes restaurants don't accept them, so I am wondering if gourmet might be the seem.

Anyone who has either of these, what has your experience been? Also, I am looking to open joint account, will we get 2 gourmet society cards?
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£5 a months is only £60 a year. By swapping accounts Evey year you can usually make £100-£150.
As for discounted meals. See if the places you visit take Meerkat Meals. Then just take out a cheap single trip holiday insurance (there is a thread somewhere on here) to qualify.
Best of both worlds.
GAVINLEWISHUKD12/01/2020 17:32

£5 a months is only £60 a year. By swapping accounts Evey year you can u …£5 a months is only £60 a year. By swapping accounts Evey year you can usually make £100-£150. As for discounted meals. See if the places you visit take Meerkat Meals. Then just take out a cheap single trip holiday insurance (there is a thread somewhere on here) to qualify.Best of both worlds.


I already switched to all the banks, I probably won't qualify until 2022 for next switch and I want to settle for 1 account for all my household bills. I can always open another account and switch that for cash incentives Also, as this will be a joint account, it will be a pain switching this.
Where do you sell the cinma tickets?, do you get £5 monthly and how much do you keep in your bank. if you don't mind me asking?
Edited by: "adamey19" 12th Jan
I'm with Club Lloyds. I get the cinema tickets which I use throughout the year and that combined with all the free screenings from here means I never pay to go to the cimema. I didn't want the gourmet card because a lot of restaurants have conditions (e.g. no weekends or booking in advance) and I can often find similar discounts elsewhere. I did the same comparison with Santander and found that the £5 per month really wasn't worth it for me. I have another account that I switch every year to take advantage of the incentives.
adamey1912/01/2020 17:42

Where do you sell the cinma tickets?, do you get £5 monthly and how much …Where do you sell the cinma tickets?, do you get £5 monthly and how much do you keep in your bank. if you don't mind me asking?


He has to keep above £5000 in there to get the £5 monthly
cliosport6514/01/2020 15:37

He has to keep above £5000 in there to get the £5 monthly


Thanks, would it work if I put the money in but pay direct debits towards end of each month (25-30) but top up again start of month. Would I get any interest?
adamey1914/01/2020 15:42

Thanks, would it work if I put the money in but pay direct debits towards …Thanks, would it work if I put the money in but pay direct debits towards end of each month (25-30) but top up again start of month. Would I get any interest?


Yes you would you get about 16p a day interest for the full £5000 been in there, so if you had that in there for 25 days you would get £4 odd a month providing you had the full £5000 on the 1st again
Great, thanks
Here are full details of the changes to Santander 123 from 5 May:


  • Interest will drop from 1.5% AER to 1% AER on balances up to £20,000, meaning the maximum amount savers can earn from the account will drop by around £100 per year.
  • Cashback on household bills will be capped, meaning you can now only earn a maximum of £5 per month for each bills category.
cliosport6514/01/2020 15:58

Yes you would you get about 16p a day interest for the full £5000 been in …Yes you would you get about 16p a day interest for the full £5000 been in there, so if you had that in there for 25 days you would get £4 odd a month providing you had the full £5000 on the 1st again


Do you know if club lloyds allow internal transfers to meet the £1500 monthly requirement?
Edited by: "adamey19" 19th Jan
chocci15/01/2020 06:02

Here are full details of the changes to Santander 123 from 5 May:Interest …Here are full details of the changes to Santander 123 from 5 May:Interest will drop from 1.5% AER to 1% AER on balances up to £20,000, meaning the maximum amount savers can earn from the account will drop by around £100 per year.Cashback on household bills will be capped, meaning you can now only earn a maximum of £5 per month for each bills category.


That info about the interest rate drop is not relevant to the OP's question about the 123 Lite account which has never paid interest but it is to many like me who have a standard 123 account. My wife and I will probably take the 'dead duck current account' cue from the moneysavingexpert.com/new…t-/ website advice and close our standard Santander123 accounts in May for that reason. We never really used it as a current account anyway, more as an easy access savings account that could also pay a little interest on direct debits as well. As long as our Ford Money easy access savings account doesn't drop in the interim from it's current 1.34% AER monthly interest rate, our money will be better off in that after May 5th. As direct debits are not an option, I will just switch the 123 account's direct debits back to our HSBC current account which we keep open because we get the perk of free continuous worldwide travel insurance cover with it.
Edited by: "Robbo11" 19th Jan
Which bank are you switching to? I switch to Tesco's when it was 3% but they dropped they rates as well mid last year.
adamey1919/01/2020 17:43

Which bank are you switching to? I switch to Tesco's when it was 3% but …Which bank are you switching to? I switch to Tesco's when it was 3% but they dropped they rates as well mid last year.


Just thought I would mention that although it doesn't pay any interest or cashback on direct debits, HSBC are currently giving a nice £175 switching bonus to new customers who switch to one of their HSBC Jade, Premier or Advance current accounts. To be eligible, you must not have held any HSBC current account since Jan 1st 2017, so if you haven't it could be worth considering as it would take almost 3 years of the maximum £5 cashbacks from a Santander 123 Lite account to equal that switching bonus amount.
Edited by: "Robbo11" 19th Jan
Robbo1119/01/2020 20:19

Just thought I would mention that although it doesn't pay any interest or …Just thought I would mention that although it doesn't pay any interest or cashback on direct debits, HSBC are currently giving a nice £175 switching bonus to new customers who switch to one of their HSBC Jade, Premier or Advance current accounts. To be eligible, you must not have held any HSBC current account since Jan 1st 2017, so if you haven't it could be worth considering as it would take almost 3 years of the maximum £5 cashbacks from a Santander 123 Lite account to equal that switching bonus amount.


I switched to Hsbc last year, but yea definitely worth it for those who haven't.
adamey1919/01/2020 17:00

Do you know if club lloyds allow internal transfers to meet the £1500 …Do you know if club lloyds allow internal transfers to meet the £1500 monthly requirement?


Not too sure to be honest as mine is from a different bank
Robbo1119/01/2020 20:19

Just thought I would mention that although it doesn't pay any interest or …Just thought I would mention that although it doesn't pay any interest or cashback on direct debits, HSBC are currently giving a nice £175 switching bonus to new customers who switch to one of their HSBC Jade, Premier or Advance current accounts. To be eligible, you must not have held any HSBC current account since Jan 1st 2017, so if you haven't it could be worth considering as it would take almost 3 years of the maximum £5 cashbacks from a Santander 123 Lite account to equal that switching bonus amount.


Just checked and that offer is now open to former m&s customers so will be switching. Also 2.75% interest on their linked regular savings account too

Thanks for that
chocci20/01/2020 03:18

Just checked and that offer is now open to former m&s customers so will …Just checked and that offer is now open to former m&s customers so will be switching. Also 2.75% interest on their linked regular savings account tooThanks for that


Glad to have helped. As a current HSBC customer myself, I recently opened a regular savings account @ 2.75% with them as although limited to £250 per month, it is the best linked regular saver rate on the market currently.
Robbo1120/01/2020 05:53

Glad to have helped. As a current HSBC customer myself, I recently opened …Glad to have helped. As a current HSBC customer myself, I recently opened a regular savings account @ 2.75% with them as although limited to £250 per month, it is the best linked regular saver rate on the market currently.


Yes it is a fantastic rate thanks
adamey1919/01/2020 20:39

I switched to Hsbc last year, but yea definitely worth it for those …I switched to Hsbc last year, but yea definitely worth it for those who haven't.


Sorry, I didn't notice your earlier post that you had already switched to all banks but at least Chocci is glad I didn't. Wow, you are one serial current account switcher, lol.
Robbo1120/01/2020 06:42

Sorry, I didn't notice your earlier post that you had already switched to …Sorry, I didn't notice your earlier post that you had already switched to all banks but at least Chocci is glad I didn't. Wow, you are one serial current account switcher, lol.


No worries, was worth mentioning as others may not know.
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