Santander 123 Switch Advice

apwood

I'm toying with the idea of opening a Santander 123 account for the interest (plus cashback to cover the fee).

Is it possible to open a 123 account for all the benefits without closing my old account at First Direct? I'd prefer the First Direct account to remain as my main account at least to begin with, and want to continue to use their 8% interest regular saver.

Is it also possible to get cashback, say through Quidco?

Is it best to avoid though, given poor customer service (I've already decided not to use their ISA accounts, due to bad reviews regarding getting the right interest and transfers, but sounds like the 123 account is less of a problem)?

It seems you have to use the "Account Transfer Service" but does that mean transferring all direct debits and closing the First Direct account?

How good is the 123 account for managaing online and by telephone?

Wyndham

I'm doing exactly that. I'm viewing the 123 account more as a saving account than a current account, and it happens to have a cash card

I've moved 5 direct debits, all for utilities etc so I get the cashback on them, and left the rest with first direct. I didn't use the account transfer service, but rang each of the companies individually with the new details. Most did it over the phone, and ironically the only one that wouldn't was Santander for the mortgage!

On line banking is fine, but I don't use telephone banking so can't comment.

bengal-stripe

You must make sure that the account is funded by at least £500 per month, coming from a non-Santander source.

'Month' is not a calendar month, but begins the day the account was opened.

Cass85

I use their online banking and mobile app and it has been great. Really easy to use.

My understanding is, you dont have to close down your First Direct Account. You can still keep it open, they will just move your direct debits across for you.

Switching doesnt have a very good rep anywhere but from what I have read theyre rated 5 Star by Defaqto so cant be that bad.

ses6jwg

I'm toying with the idea of opening a Santander 123 account for the interest (plus cashback to cover the fee).

Is it possible to open a 123 account for all the benefits without closing my old account at First Direct? I'd prefer the First Direct account to remain as my main account at least to begin with, and want to continue to use their 8% interest regular saver.

Yes that's fine.

Is it also possible to get cashback, say through Quidco?

Yes.

Is it best to avoid though, given poor customer service (I've already decided not to use their ISA accounts, due to bad reviews regarding getting the right interest and transfers, but sounds like the 123 account is less of a problem)?

Everyones experience of customer service is different. Some people think they've had poor customer service because they haven't had their !!!! wiped for them. Other people think they've had excellent customer service just because nothing has ever cocked up (I'm in that camp). It sounds like you cut your nose off to spite your face with the ISAs because you missed on a few top buys this tax year. Put it this way I have done over 200 123 accounts (upgrades and new accounts) since March and nobody has come back to close or downgrade them.

It seems you have to use the "Account Transfer Service" but does that mean transferring all direct debits and closing the First Direct account?

Yes they will transfer all mandates including bill payments and standing orders.

How good is the 123 account for managaing online and by telephone?

I've never used telephone banking but use online banking daily and never had a problem but you will need a mobile phone to use it effectively.

robotrobo

apwood wrote: »

I'm toying with the idea of opening a Santander 123 account for the interest (plus cashback to cover the fee).

Is it possible to open a 123 account for all the benefits without closing my old account at First Direct? I'd prefer the First Direct account to remain as my main account at least to begin with, and want to continue to use their 8% interest regular saver.

Is it also possible to get cashback, say through Quidco?

Is it best to avoid though, given poor customer service (I've already decided not to use their ISA accounts, due to bad reviews regarding getting the right interest and transfers, but sounds like the 123 account is less of a problem)?



MY REPLY


In the last two months or so i have opened a 123 account & a credit card & santander did all the legwork & arranged the direct debit move without any hitch at all , i recieved £30 interest as well !! which was unheard of with nat west (40 years) as a customer.
if you are thinking of doing a switch the best idea is to do the move !, but keep the old current account open , in fact i still have the nat west open & use it for a holding bank & transfer any surplus or spare money to other interest paying accounts.
also santander requested my isas from previous years (skipton b/s) & we also opened this years isas without a hitch.


NOW MY QUESTION.
What do i need to open a first direct account as well ! obviously my direct debits are now with santander & are staying put!,
so what do i need to do to recieve the 8 % interest a month ?.
can the account be opened with a lump sum & then a monthly d/d in to the account paying 8% ?. i have a 2 year fix maturing from natwest this month & could i use this money to open the first direct account.
thankyou in advance;).
MR BEAN

apwood

robotrobo,

I think most advice regarding First Direct is here:

Best Bank Accounts http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

---

All,

Thanks for your help. I'm still undertain about one thing. The "Best Bank Accounts page" says:

"To get these perks, use its 'Account Transfer Service' ..."

Is it possible to use the Account Transfer Service, but only transfer a few direct debits and keep the account open? Or, do I need to do the transfer manually? If manually, then is the advice about having to use the Account Transfer Service wrong?

Regarding ISAs - I've not made a final decision yet. I was made redundant (early retirement) on 1st November, so will soon have some money to put to ISAs this year and in April (once my mortgage and all other debts have been cleared). So I could still take a Santander ISA - I've been scared by reports of people having problems with incorrect interest being calculated, difficulty withdrawing money, having funds frozen, and ISA transfers taking months.

CleanShirt

..................

bullinn1

Hi - sorry to come in here but I have 30K in an ISA with Santander and they are trying to persuade me to open a 123 account, I have pension income of about £500/mth which I guess will qualify me for that bit but my wife pays all the utilities so no gain there.

I have a meeting with them next week to discuss ... I'm with the co-op at the moment and am pretty happy (no shareholders appeals) ... anyone any opinions/advice please ?

Roger

fiesta04

rogertb wrote: »

Hi - sorry to come in here but I have 30K in an ISA with Santander and they are trying to persuade me to open a 123 account, I have pension income of about £500/mth which I guess will qualify me for that bit but my wife pays all the utilities so no gain there.

I have a meeting with them next week to discuss ... I'm with the co-op at the moment and am pretty happy (no shareholders appeals) ... anyone any opinions/advice please ?

Roger

On this information it does not appear a good idea.

F4

bullinn1

Thank you for that ... good of you ... Roger