Santander 123 Account DD Question

re08149383

horsechestnut wrote: »

Yes, you do need to have the Direct Debits and also have £500 per month credited to your account (Either you wage or Pension. Money transferred from another account doesn't count as Income)
There is also a Cash Isa with this account that has a good rate of interest if you want one.

When you say another account, you mean, a Santander account? Presumably a transfer from another account, like Barclays is ok?

surreysaver

Just transferred to one of these accounts, just wondering when is cashback and interst credited to the account - is it at the end of the statement period?

gglaze

innovate wrote: »

Nor is is supported by my experience - I have had this account since it was launched, I always get my cashback and interest each month, and I have neither a wage/salary or pension going into the account. All that goes in is money from a Standing Order I have set up at another bank.

I agree - I am doing the same, no problems so far.

innovate

surreysaver wrote: »

Just transferred to one of these accounts, just wondering when is cashback and interst credited to the account - is it at the end of the statement period?

Yes, about (or exactly?) a month after you first opened the account, and then each month thereafter. Mine's around the 12th.

ses6jwg

The direct debits must be active but do not have to be collected.

Two direct debits for credit card minimum payments would suffice.

chocolatepennyfarthing

I currently have a Standard Santander bank account and am interested in changing to the 123 account. Does anyone know if I have to open up a new account and set up all my direct debits again or can my existing direct debits automatically be transferred across by Santander?

innovate

It's been reported that it is dead easy to migrate - just call them or pp into a bank. You keep your account numbers and SOs, DDs

You won't be able to bag a Quidco cashback if you just upgrade, though.

ses6jwg

chocolatepennyfarthing wrote: »

I currently have a Standard Santander bank account and am interested in changing to the 123 account. Does anyone know if I have to open up a new account and set up all my direct debits again or can my existing direct debits automatically be transferred across by Santander?

Upgrading retains your existing sort code and account number without needing to move any direct debits or credits. Everything stays the same.

p00

I opened a new account which was a mistake when it came to transfering the DDs so they simply closed that for me and upgraded my current account with no problems at all and this first month Ive had over £10 in cashback for interest and DDs so quite happy with that.

xxp00

cte1111

chocolatepennyfarthing wrote: »

I currently have a Standard Santander bank account and am interested in changing to the 123 account. Does anyone know if I have to open up a new account and set up all my direct debits again or can my existing direct debits automatically be transferred across by Santander?

I was able to transfer my account online, just clicked and it went through the next day.