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    • benidorm59
    • By benidorm59 6th Sep 17, 9:34 AM
    • 92Posts
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    benidorm59
    Santander 123
    • #1
    • 6th Sep 17, 9:34 AM
    Santander 123 6th Sep 17 at 9:34 AM
    Neighbour has a Santander 123 and every month travels to the town and pts £500 in, she will not get her pension put into there. Can a second Santander account be opened to transfer that money across each month. Their website says no but in the branch they said to her she can. Thanks in advance
Page 1
    • EachPenny
    • By EachPenny 6th Sep 17, 9:44 AM
    • 2,140 Posts
    • 3,183 Thanks
    EachPenny
    • #2
    • 6th Sep 17, 9:44 AM
    • #2
    • 6th Sep 17, 9:44 AM
    Can a second Santander account be opened to transfer that money across each month.
    Originally posted by benidorm59
    If you mean a second 123 account to earn interest on then no, not as a sole-name account.

    If you mean any other account then the answer is 'probably', but it depends on what kind of account. What would the purpose of the second account be?
    "In the future, everyone will be rich for 15 minutes"
    • benidorm59
    • By benidorm59 6th Sep 17, 10:17 AM
    • 92 Posts
    • 32 Thanks
    benidorm59
    • #3
    • 6th Sep 17, 10:17 AM
    • #3
    • 6th Sep 17, 10:17 AM
    transfer £500 each month standing order into a feeder account then put in back in to the 123. She has the 20k savings in there so needs to keep the interest rate the 123 offers
    • EachPenny
    • By EachPenny 6th Sep 17, 11:19 AM
    • 2,140 Posts
    • 3,183 Thanks
    EachPenny
    • #4
    • 6th Sep 17, 11:19 AM
    • #4
    • 6th Sep 17, 11:19 AM
    transfer £500 each month standing order into a feeder account then put in back in to the 123. She has the 20k savings in there so needs to keep the interest rate the 123 offers
    Originally posted by benidorm59
    The funding requirement for the 123 account means the money cannot come from another Santander account with your name on it. So a transfer of £500 from one Santander account in her name to a second Santander account in her name would not count. The website is correct, the branch staff are wrong.

    If the account she has her pension paid into is a current account then the best way of doing it is to have reciprocal standing orders between the 'pension' account and the 123 account. I.e. the 123 account sends £500 to the 'pension' account, the 'pension' account sends £500 back. This can happen on the same day, there is no minimum length of time the £500 has to sit in the account, so the end of day balance on the 123 account remains at £20k and no interest is lost

    If the amount she has in the 'pension' account is less than £500, or there is a risk of the balance being below £500 when the standing order is due to be processed then it is safer to arrange the 123->'pension' standing order the day before the 'pension'->123 one... that way the balance in the fluctuating account should always be above £500 on the day the 123 standing order is due to be taken.
    "In the future, everyone will be rich for 15 minutes"
    • Neil Jones
    • By Neil Jones 6th Sep 17, 4:44 PM
    • 735 Posts
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    Neil Jones
    • #5
    • 6th Sep 17, 4:44 PM
    • #5
    • 6th Sep 17, 4:44 PM
    Is there a reason why the pension can't be paid to the 123 account in the first place? I thought all state payments (pension, tax credits, JSA, etc) were all done now by bank transfer by default?

    Your neighbour can probably contact the DWP and update the payment details to save going to town to satisfy the minimum payments.
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