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bowlhead99 · 21 October 2014 at 7:16PM

wow that was quite difficult to read if you are not going to colour the quotes of the other post differently to your own reply comments

But to answer your question hidden in there somewhere, yes paying a credit card off by direct debit counts as having a direct debit. Santander doesn't care what the purpose of the direct debit is, in terms of meeting the minimum requirement of 'having 2 direct debits set up on the account'.

They do distinguish between the different types of direct debits for the purposes of giving you cashback. A direct payment to Borough of XXXX Council for council tax gets you 1% cashback, while a payment to Utility Warehouse for gas and electric gets you 3% cashback. http://www.santander-products.co.uk/banking/calculator/cashbacksearch.html

If you don't need any more direct debits because you've already met the conditions to get paid interest on all your accounts, it probably doesn't matter that you miss out on the 1% cashback for council tax, because by keeping the money in your account longer (and maybe earning points on your credit card anyway when paying the council tax) you'll earn a nice bit of interest instead as you say.

jcl_2 · 21 October 2014 at 7:47PM

Thanks bowlhead

sorry about the difficulty reading quotes and answers but I didn't know how to colour them.

Going to give opening these accounts a try online
I do not have access to the money until 5/11 so will try and get everything set up for then, shouldn't be a problem now I can use credit card dd's.

will let you know how I get on

Many thanks
Regards
jcl

jcl_2 · 22 October 2014 at 6:30PM

So far so good
Managed to open 2 santander accounts for my wife and myself and 2 tsb for my wife and myself. just need to do 2 joint accounts now.

so this hopefully will be the scenario :
will this work?

from our bank £500 to tsb/ tsb to santander/back to tsb/ back to santander/back to tsb/ back to santander and finally back to our bank.

Each santander acc will have £20,000 and each tsb acc will have £2,000

Are any problems created at the banks if these accounts go over 20 or 2 thousand pounds

all set up with standing orders
Thanks
jcl

LXdaddy · 22 October 2014 at 6:47PM

certainly no problem in Santander with going over £20,000 - you will get the same amount of interest with £20,500 as with £20,000 ie 3% on £20,000 / 12 (approx)

The divide by 12 is approx because the months are not all the same length (less interest in February than in January).

JimmyTheWig · 23 October 2014 at 10:29AM

jcl wrote: »

So far so good
Managed to open 2 santander accounts for my wife and myself and 2 tsb for my wife and myself. just need to do 2 joint accounts now.

Nice one.
I ignored these accounts in my first reply because in _your_ first reply it sounded like you thought it would be too complicated and not worth the hassle.
I was wrong!

Are any problems created at the banks if these accounts go over 20 or 2 thousand pounds

As LXdaddy says, the only problem with going over £20,000 with Santander is that you won't get paid any interest on money above this limit. So that's a waste of interest on money that could be earning you something in a different account.
But as we're only talking £500 in your case for only at most a day that hardly matters.

jcl_2 · 23 October 2014 at 9:59PM

JimmyTheWig wrote: »

Nice one.
I ignored these accounts in my first reply because in _your_ first reply it sounded like you thought it would be too complicated and not worth the hassle.
I was wrong!

As LXdaddy says, the only problem with going over £20,000 with Santander is that you won't get paid any interest on money above this limit. So that's a waste of interest on money that could be earning you something in a different account.
But as we're only talking £500 in your case for only at most a day that hardly matters.

Managed to open the joint one now at santander.
should get all paperwork next week for internet setup.
Need to go in the branch to open a joint account at tsb.

The reason I asked about going over £20,000 was because I thought I might get penalized and not get any interest on the £20,000 if I did go over, but yes as you say the £500 won't loose much it will just travel around all accounts on standing orders and back where it came ready for the following month.

jcl_2 · 27 October 2014 at 8:52PM

All account openings for my wife and I have been excepted by both banks and I have received the majority of the paper work so hopefully everything should soon be up and running. I will setup standing orders and DD's once money has been transferred. Tsb will have £2000 in each account and santander £20000 in each.

With regard to standing orders will I still need to send £500 from our
hsbc account every month to go in and out of Tsb & santander, or will this work.

Standing orders using money already in the accounts : Tsb to santander, back to tsb, back to santander, back to tsb, back to santander, and back to Tsb account where the £500 started from.

Should I set up standings orders all same day transfer.

Will I still need to setup two DD's to each santander account with the standing orders going in and out or just one DD in each.

Hope this isn't to confusing Tried to explain it the best i could.

Thanks Regards jcl

JimmyTheWig · 27 October 2014 at 11:34PM

jcl wrote: »

With regard to standing orders will I still need to send £500 from our
hsbc account every month to go in and out of Tsb & santander, or will this work.

Standing orders using money already in the accounts : Tsb to santander, back to tsb, back to santander, back to tsb, back to santander, and back to Tsb account where the £500 started from.

Sounds good to me.

Should I set up standings orders all same day transfer.

Only reason not to would be if you couldn't guarantee the money being in any one account to cover it.
E.g. if you had a small amount in one of the accounts and wanted to transfer money into it then the same money out of it you couldn't do that with standing orders on the same day as you wouldn't know which would be processed first.
But in your case it sounds like it will always be covered, so no reason not to do it on the same day.

Will I still need to setup two DD's to each santander account with the standing orders going in and out or just one DD in each.

You'll still need 2 each, I believe. Don't believe SOs count.

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