Santander123 As A Savings Account?

MarketFodder

saintalan wrote: »

Thanks Rob, does the DD then show on your Santander DDs?

I can't say for certain with regard Santander at the moment; I'm with the Highly Shady Banking Crooks [*ugh*], but certainly the PayPal DD just sits there [active] on my account until I pay with my bank account via PayPal. I'm not sure if it 'times-out' through inactivity, as I tend to use it from time to time (probably once every 3-6 months) to buy bits & bobs from fleaBay. Again, I'm not certain it's the same on a Santander account, but I'd imagine so.

badger09 wrote: »

You're reasoning is fine.

Bear in mind that Santander's 123 interest rate is variable, so not guaranteed. ISA rates are poor at the moment and can be beaten by many current accounts. Have a look at TSB's new Classic Plus, Lloyds new Club, and Nationwide Flexdirect - 5%/4%/5% with a few 'hoops' but easy to get around - especially if you read around the forum:)

Thanks for that; I'll feedback to Dad, and will have a look into those hoops.

Rob.

stingy1

Does the santander 123 allow you to NOT place those 2 direct debits ?

I recall someone mentioned you can but you sacrifice one months interest ?

Or does anyone know of anyway to get a qualifying direct debit which cost nothing or very little to add to qualify santanders 2 direct debit, I would like to do this for someone else but that person does not pay any bills or direct debits.

badger09

stingy1 wrote: »

Does the santander 123 allow you to NOT place those 2 direct debits ?

I recall someone mentioned you can but you sacrifice one months interest ?

Or does anyone know of anyway to get a qualifying direct debit which cost nothing or very little to add to qualify santanders 2 direct debit, I would like to do this for someone else but that person does not pay any bills or direct debits.

You need 2 DDs but they don't have to be paid every month.

Have a look here. It was kept up to date until this week by innovate. You only need to look at the 1st (& possibly the last) page

https://forums.moneysavingexpert.com/discussion/4168667

stingy1

thanks bookmarked and reading very useful cheers

badger09

stingy1 wrote: »

thanks bookmarked and reading very useful cheers

You're very welcome.

Its always nice to have one's efforts appreciated - have your 1st thanks on me

eskbanker

stingy1 wrote: »

Does the santander 123 allow you to NOT place those 2 direct debits ?

I recall someone mentioned you can but you sacrifice one months interest ?

Partly true - you can run a 123 without any direct debits but you'd sacrifice every month's interest!

So, since the interest is the appeal of the 123 for most/many folk, having no DDs, while allowed, isn't generally seen as a good idea....

stingy1

wow was not aware of that well have signed up to tescos 2 accounts internet saver and instant access saver account which sadly takes 2 weeks to verify.

In mean time signed up to santanders 123 account but noticed could only do one account only ?

Guess will find out once things get approved in few days time

td_007

stingy1 wrote: »

In mean time signed up to santanders 123 account but noticed could only do one account only ?

From website: One single or one joint 123 Current Account (or one of each) per person only

http://www.santander.co.uk/csgs/Satellite?canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

If you have a sole account you can also open another jont account if that is an option for you

Archi_Bald

stingy1 wrote: »

have signed up to tescos 2 accounts internet saver and instant access saver account which sadly takes 2 weeks to verify.

Is that what they said? Wonder what they want to verify? Have you been asked to provide additional ID?

Bromley86

td_007 wrote: »

From website: One single or one joint 123 Current Account (or one of each) per person only

If you have a sole account you can also open another jont account if that is an option for you

I had 3 sole & 1 joint when they brought that rule out and still managed to open another sole without any trouble. They may have tightened up now, but it's worth getting one set up and then trying for another.

Also, sure it's been mentioned, but don't forget to get up 2 different direct debits to 2 different accounts. I set up 2 different DD from the same Tesco savings a/c and it only counted as 1 (as only 1 DD mandate) --> no interest.