Santander 123 Account

AFK_Matrix

Hi,

At the moment I have a preferred account with Santander but want to switch this to a 123 account. But I will be opening a new 123 account to get the £55 cashback. Now if I apply for the account today and I get it and it's setup say by Wednesday do I have to have the £500 in the account for the end of this month or could I do this from next month?

I only ask as it's going to be much easier if I transfer my DD's and salary over after all the bills are paid at the end of the month.

ses6jwg

wont matter if you dont fund it for this month as you wont have any direct debits to earn cashback on.

its easier if you can chuck say 3 grand in to start it off then go from there.

psychic_teabag

I think the charging period might be based on the monthly anniversary of the opening date, rather than calendar months. But I might have got that wrong.

ses6jwg

psychic_teabag wrote: »

I think the charging period might be based on the monthly anniversary of the opening date, rather than calendar months. But I might have got that wrong.

that is correct

innovate

AFK_Matrix wrote: »

I will be opening a new 123 account to get the £55 cashback.

Reduced to £45 now. http://www.quidco.com/santander-123-current-account/?ac

innovate

ses6jwg wrote: »

wont matter if you dont fund it for this month as you wont have any direct debits to earn cashback on.

But:

A3.3 If there are insufficient funds in your account to cover the monthly account fee then the fee is still debited. If you move to an Arranged or Unarranged Overdraft position then daily overdraft fees may be charged on your 123 Current Account.

If the debit of the monthly account fee does take you into an Unarranged Overdraft you will not incur a Paid Item Fee.

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223425967607&cachecontrol=immediate&ssbinary=true&maxage=3600

So put at least a couple of quid in pronto after opening - - though they seem to be charging the fee only about a month after opening, and monthly thereafter on the same date.

AFK_Matrix

innovate wrote: »

Reduced to £45 now. http://www.quidco.com/santander-123-current-account/?ac

Ahhh true, unless you go through topcashback :-)

And thanks for the info guys, ill definitely put a few quid in it.

innovate

AFK_Matrix wrote: »

Ahhh true, unless you go through topcashback :-)

Excellent spot - that must have come back in the last few days because I did check last week, when the Quidco £55 was on "x days left only". There was nothing at all on TCB then - - - just shows that you always need to check them both!

AFK_Matrix

Yeah I checked Quidco first and was disapointed to see it had dropped by £10 but then checked topcashback and they've put theirs up £10 as I checked both as well. Thanks again guys, application is in so we shall see if I get accepted.