The current account merry-go-round

[Deleted User]

Finally going to get on the multi-current account bandwagon but just wanted to clear something up first. I'm going to continue having my salary paid into my FD account even though it doesn't actually have a minimum monthly deposit (I have other accounts with them).

Just applied for a Santander 123 account (Min £500 monthly)
Also want to open Halifax Rewards (Min £1000 monthly)

So, how long does the money have to be in these account for? Can I conceivably get paid into FD, transfer £1000 to halifax then the next day transfer it to Santander and then back to FD? Although I'll probably end up leaving most of it in Santander for the 3% interest - just wondering how long funds actually have to be in there.

Also, on the Santander account - it says that I have to have at least 2 direct debits to qualify for cash back. Do these have to be transferred from my FD account or can I just set-up manually?

exel1966

The funds only need to be in the accounts momentarily, literally seconds before you can move it out again. I have 3 x Halifax, 123, Multiple vantage, 1st FD using all the same money which stay in each account no longer than a couple of seconds.

I set all my 123 DD's up manually and I get paid each month. I personally wouldn't trust them to do it anyway.

innovate

Lazyloki wrote: »

Also, on the Santander account - it says that I have to have at least 2 direct debits to qualify for cash back. Do these have to be transferred from my FD account or can I just set-up manually?

I set mine up manually (calling the respective companies / updating details online / sending forms, as applicable). That's probably a lot faster and reliable than asking a bank to do it. Also, some outfits (e.g. Councils) refuse to accept requests by banks.

Of course, you'd want to move all the DDs for which you get cashback - just moving 2 most likely doesn't give you the max you can get.

InsideInsurance

innovate wrote: »

Also, some outfits (e.g. Councils) refuse to accept requests by banks.

They cannot refuse the instructions from bank, it is a condition of being able to accept direct debits in the first place.

Personally still manually move them rather than using a switching service

innovate

InsideInsurance wrote: »

They cannot refuse the instructions from bank, it is a condition of being able to accept direct debits in the first place.

Well, some councils do. They will just not move the DD unless they have the signed form from the account holder. So did AMEX.

I doubt anybody could force any organisation or company to not have a policy to accept DD requests only if they have the account holder's signature.

I am quite happy that some outfits don't just "do as they are told" by banks.

InsideInsurance

Its not banks it is BACS that make the rules including the one that all DD originators must act on the instructions within 28 days and failure to do so means they can have their ability to accept DDs withdrawn.

Certainly when I switched banks Amex accepted my banks instructions to update the DD so dont know why they didnt for you

[Deleted User]

Cool, thanks for the info guys.

richardmk

For the santander 123 account you will be paying a £2 a month fee. If you do not either have sufficient value of direct debits to get the 1-3% rebate, or maintain a credit balance to earn 3% credit interest in excess of the charge you will be out of pocket. (or combination of both!)