Santander 123

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djpailo
djpailo Posts: 550 Forumite
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in Savings & investments
Forgive me for not knowing the correct terminology here, but to open the Santander 123 account, it says you need to "Set up at least 2 Direct Debits"

http://www.santander.co.uk/uk/current-accounts/123-current-account

As I understand it, I need two direct debits to start earning interest on the account. Does the the automatic payment from where I work into the bank account count as one direct debit? Like I am aware outbound direct debits to pay phone/ utility bills count but do "inbound" ones count or internal ones from another bank account?

Sorry if that didn't make sense :o

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  • NoMore
    NoMore Posts: 1,083 Forumite
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    edited 4 March 2015 at 9:57PM
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    No a Direct Debit is a Debit from the account not a credit to the account.

    Also note there are other ways of debiting an account (SO, CPA, etc.) and they don't count either, it has to be a Direct Debit

    If you don't/can't setup any DD, usual advice is to open a couple of tesco internet savings accounts and they all you to set a DD to pull money from the 123 account.
  • ToriP
    ToriP Posts: 168 Forumite
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    That's also how I read it. Two debits from your account
  • alexanderalexander
    alexanderalexander Posts: 325 Forumite
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    Lots of charities now take regular donations as direct debits, so setting up two small (or large if you're feeling generous) charitable donations a month is probably the easiest way of meeting the 123 account's criteria.
  • colsten
    colsten Posts: 17,597 Forumite
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    There literally gazillions of posts now on this forum regarding DDs needed for some current accounts. A short while of browsing / searching existing thread will reveal it can all easily be done with Tesco savings accounts..................
  • colsten
    colsten Posts: 17,597 Forumite
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    djpailo wrote: »
    Does the the automatic payment from where I work into the bank account count as one direct debit?
    Are your employers debiting your account? No. So an incoming payment cannot be a debit, never mind a direct debit.
    djpailo wrote: »
    Like I am aware outbound direct debits to pay phone/ utility bills count but do "inbound" ones count or internal ones from another bank account?

    Money coming into your account: credit.
    Money going out of your account: debit.

    If you are unfamiliar with what Direct Debits are, you should read through this: http://www.directdebit.co.uk/Pages/Home.aspx
  • djpailo
    djpailo Posts: 550 Forumite
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    colsten wrote: »
    Are your employers debiting your account? No. So an incoming payment cannot be a debit, never mind a direct debit.



    Money coming into your account: credit.
    Money going out of your account: debit.

    If you are unfamiliar with what Direct Debits are, you should read through this: http://www.directdebit.co.uk/Pages/Home.aspx

    Thanks for the link.
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