Santander 123 Account

JimmyTheWig

adewalton wrote: »

Its not with Ovo?
They have set the direct debit but you can raise it on their web site?
They do call it "managing your direct debit" too on the site?

Sounds like a direct debit to me!

KTF wrote: »

If the energy account currently isnt in arrears then I see little incentive to increase it just to get the cashback as the account will gain no interest when it is in credit and the additional money would be best kept in the santander account where it will earn interest.

I guess once the credit has built up you could ask for a refund by cheque. Then start again.
Sounds slightly fraudulent, however...

Vortigern

adewalton wrote: »

Well on the Ovo (thats their gas & elec supplier) website they call it a direct debit?

If Ovo call it a direct debit that's good.
If Santander call it a direct debit that's even better. You can check it via online banking.

I was a little surprised when you said they pay an outstanding amount each month by credit card. Is this compulsory, or voluntary? Either way, asking Ovo to increase the DD will get you more cashback.

adewalton

Ovo allow you to manage your direct debit online.
My mum and dad pay £250 per month via a direct debit.
They then pay the outstanding balance via a M & S credit card to get vouchers. Ovo have never asked them to increase their D/D as they pay the outstanding balance the day they receive their email statement so Ovo are happy!!
They can therefore up their D/D to get cash back, yes I know they will lose the vouchers from M and S but you can't have it all ways!!!!
Also Ovo pay 3% on any monies held on account too!!!!!!
Does that explain it better?

badger09

badger09 wrote: »

Just taken the plunge and applied for the 123 account through Quidco, though having read some recent comments, I'm not holding out much hope of the cashback.

I already have a joint current account and several savings accounts with Santander, so should be ok :cool:

On the other hand, this will be the 5th 'current' account I've opened in the last 3 months :eek:

Got email this morning to say account opened, so its funded for this month. Just the DDs to transfer now. Quidco cashback would be the icing on the cake.

badger09 wrote: »

It is possible, that due to the very short time frame - specifically the 6 over the same weekend - none of the 6 appeared on your CRA while they were all being processed. Whereas if you had applied for 1 a month over a 9 month period, you might have had some of them rejected.
Just speculation on my part

innovate wrote: »

Yes, you might be right. I'll probably never find out, unless one or the other comes up with a great new offer soon.

I think you were lucky to get 9 new ones opened. I'm not planning on any more, unless someone else comes up with a nice juicy cherry to go on top of the icing :rotfl:

Mickygg

Do you get the 3% interest rate from when opened and funded the 1,2,3 or does it only start paying interest when you set up 2 direct debits?This isn't on their website as far as I can tell.
I'm in the process of setting up the dds but I'm impatient and hoping for Interest to start now.

KTF

3% from day 1 (above 2k). Additional 'rewards' are gained from setting up the DD.

innovate

KTF wrote: »

3% from day 1 (above 2k). Additional 'rewards' are gained from setting up the DD.

This is not what the T&Cs say about the pre-reqs for interest and cashback. Clause 4 refers.


http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158785&cachecontrol=immediate&ssbinary=true&maxage=3600

KTF

innovate wrote: »

This is not what the T&Cs say about the pre-reqs for interest and cashback. Clause 4 refers.


http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158785&cachecontrol=immediate&ssbinary=true&maxage=3600

Like the man with the orthopaedic shoe, I stand corrected

Mickygg

Thanks innovate I couldn't see it, obviously not looking properly!Hmmm I wonder if setting up dds within a month means you earn interest for the whole of that month. I should have waited to move some money. That'll teach me!

innovate

Interest gets calculated daily, so I reckon (but don't know for certain) that, every day, they first check whether you are eligible for interest, and if so, calculate how much.