Banking & Child savings a/c Questions

[Platypus]

I think the Barclays on-line banking app is very good, but I've nothing to compare it with. I'm sure you could find a video demo on their website.

[SimonMac]

All my accounts (2 x personal current, ISA, Saving, Business and 3 x Child accounts) are with NatWest, their mobile/online banking is IMO second to none.

[TheFaQQer]

Thanks Faqqer.


The santander 123 does look good.

However I am wondering how it is possible to maintain such an account as a savings when it requires Direct debit payments out.

You only need two direct debits out each month, and to pay in £500 a month.

I pay my monthly salary in automatically, which takes care of the £500. I then have a regular transfer to take £500 of that out and pay it into the second 123 account, which covers that one. Two direct debits from each account, which are the ones that get cash back - TV, electricity / gas, water, council tax. Then all the instant access cash is moved into those accounts to get the 3% interest.

As the year goes by, the level of cash will decrease, since I've got all our spending money for the year in there having taken a dividend at the start of the tax year to cover that. As long as you have more than £3k in there, you get 3%.

The best instant access account elsewhere is with Virgin Money who are paying 1.51% at the moment - so as long as you are getting more than £4 in interest from Santander, you are making more than you would with Virgin once you take into account the £2 a month fee.

I got more cashback from our electricity bill in the first month than the £2 a month fee, so it pays for itself.

[css_jay99]

Thanks Faqqer.


The santander 123 does look good.

However I am wondering how it is possible to maintain such an account as a savings when it requires Direct debit payments out.

[d000hg]

they obviously don't realise your business is an entity in itself and shouldn't be linked.

wait till you go overdrawn and they help themselves to the business account or vice versa?

You mean I'd get to move the company money to my personal account tax-free? Score!

[vetran]

they obviously don't realise your business is an entity in itself and shouldn't be linked.

wait till you go overdrawn and they help themselves to the business account or vice versa?

[TheFaQQer]

I get that weird account linking thing too. From my business account I can see my ISA and credit card.

I'm not sure how they even know they're the same person since I set up the accounts at totally different times - my business account was set up when it was still Abbey and my personal accounts as much more recent Santander accounts.

I think you can ask them to fix it but I never bothered.

I find it strange - my business account is 7 years old, my 123 account is a couple of months old, but they linked the two together. If I go into the personal internet banking, I can't see the business accounts, though.

I'd probably have to ring them and speak to a real person to get it fixed, though, so I'll not bother.

[d000hg]

I get that weird account linking thing too. From my business account I can see my ISA and credit card.

I'm not sure how they even know they're the same person since I set up the accounts at totally different times - my business account was set up when it was still Abbey and my personal accounts as much more recent Santander accounts.

I think you can ask them to fix it but I never bothered.

[MarillionFan]

I'd guess that they are pretty much of a muchness - I have First Direct and Santander and there really isn't much difference between the two. Santander I like the added security that when you set up or change a payment (the details, not the amount), you need a verification code sent to your mobile phone. Both do faster payments - if I transfer between the two, the transaction normally shows up by the time I have logged off one and into the other.

I prefer Santander's phone banking app, though, as it has some nicer features. Neither FD nor Santander's app works on my tablet, though.

If you have any savings over £3k, then the Santander 123 account is almost a no-brainer while they have the decent offers on the accounts. We have two because we can whack in up to £40k in cash and get 3% on it if necessary.


Technically, you aren't allowed to use the funds regardless of where you put the money. Also, you probably don't want interest free savings for children

Regular saver - Halifax 6% - you have to drip feed the money into that every month, though, for a year.
Instant access - Halifax Young Saver - 3% gross

If you are looking at an investment plan, then you are pretty much limited to the junior ISA, though. Count your luck - some of us are stuck with CTF until next year when I can transfer from there into a JISA. When they get to 16, the children can double-dip if they have the funds, as they are eligible for both a JISA and a normal ISA.


You won't find free anywhere else - maybe Cater Allen but why would you switch there?
Actually, if memory serves, if you are a member of the FSB I think you get free banking with the Co-op, but you need to be a member of the FSB which costs.

To link with what I said above - one thing I don't like about Santander personal banking is that for some reason, when I log into the Business online banking, it allows me access to the personal accounts as well. Doesn't go the other way, but they seem to have linked my business and personal online accounts which I don't like.

WTFS says.

Santander accounts for bulk cash. Halifax account drip fed every month. Young saver account move each year. I have exactly the same setup.

[TheFaQQer]

Online Personal Banking
Which bank has the best online banking? and which is better between Halifax and barclays?

I'd guess that they are pretty much of a muchness - I have First Direct and Santander and there really isn't much difference between the two. Santander I like the added security that when you set up or change a payment (the details, not the amount), you need a verification code sent to your mobile phone. Both do faster payments - if I transfer between the two, the transaction normally shows up by the time I have logged off one and into the other.

I prefer Santander's phone banking app, though, as it has some nicer features. Neither FD nor Santander's app works on my tablet, though.

If you have any savings over £3k, then the Santander 123 account is almost a no-brainer while they have the decent offers on the accounts. We have two because we can whack in up to £40k in cash and get 3% on it if necessary.

Child savings Account
I had a look at junior ISA's but don't think it is ideal since It does not give me control of the account when kids come of age nor am I able to to use the funds (in an emergency ). So what are the other choices for interest free savings for kids?

Technically, you aren't allowed to use the funds regardless of where you put the money. Also, you probably don't want interest free savings for children

Regular saver - Halifax 6% - you have to drip feed the money into that every month, though, for a year.
Instant access - Halifax Young Saver - 3% gross

If you are looking at an investment plan, then you are pretty much limited to the junior ISA, though. Count your luck - some of us are stuck with CTF until next year when I can transfer from there into a JISA. When they get to 16, the children can double-dip if they have the funds, as they are eligible for both a JISA and a normal ISA.

Business Banking
I am currently with Santender, no fees & OKish online banking . Any other Banks better?

You won't find free anywhere else - maybe Cater Allen but why would you switch there?
Actually, if memory serves, if you are a member of the FSB I think you get free banking with the Co-op, but you need to be a member of the FSB which costs.

To link with what I said above - one thing I don't like about Santander personal banking is that for some reason, when I log into the Business online banking, it allows me access to the personal accounts as well. Doesn't go the other way, but they seem to have linked my business and personal online accounts which I don't like.

[doodab]

So what are the other choices for interest free savings for kids?

Under the mattress? Stuffed in a jam jar? Both are interest free....

[css_jay99]

Hi people,

I have some queries so just thought I'll ask them together in one post.


Online Personal Banking
Which bank has the best online banking? and which is better between Halifax and barclays?

Child savings Account
I had a look at junior ISA's but don't think it is ideal since It does not give me control of the account when kids come of age nor am I able to to use the funds (in an emergency ). So what are the other choices for interest free savings for kids?

Business Banking
I am currently with Santender, no fees & OKish online banking . Any other Banks better?


cheers