Santander 123 Account

adewalton

To let earlier poster know re timeframe in opening 123 Acc.
I opened one for (and with) my parents at 8:30pm on Weds night, they received email confirming all open etc at 8:30pm on Thurs night.
Therefore 24 hours from application to account open, this I though was applaudable.
My parents informed me its up a live on their PC banking screen too!!!
So their D/D are now going to get transfer and they have printed the standard letters off Santander site to move pensions etc.
We shall see if the Quidco comes good and it's job done i feel.
They will leave old current Acc open just to make sure D/D all get moved etc.
Not sure if they will close old current Acc as its never a bad idea to have another account in case there is a problem with Santander - that's their call on that but it would give them a high street bank IF ever needed!!!!!

Onawingandaprayer

adewalton wrote: »

To let earlier poster know re timeframe in opening 123 Acc.
I opened one for (and with) my parents at 8:30pm on Weds night, they received email confirming all open etc at 8:30pm on Thurs night.
Therefore 24 hours from application to account open, this I though was applaudable.

As I posted on another 1,2,3 thread, I switched about 4/5 weeks ago and it's gone faultlessly. Used their switching service too. Everything seems to be in place and looking at my account on-line today noticed some weird very small amounts. 'Oh-oh' thought I, the first cockup. Then I realised they were actually credits re my utility and comms dds.

Also went for a 1,2,3 credit card as it seems a no-brainer with the first year being free. Using it for petrol, supermarket, dept store purchases etc, all with cash-back.

So far, Santander really seem to have got their act together

aspiration_2

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

It appears to me that - as per section A4-d on page 7 - to earn just the credit interest, only the balance matters. Will this be 3% or am I missing something.

dtaylor84

aspiration wrote: »

It appears to me that - as per section A4-d on page 7 - to earn just the credit interest, only the balance matters. Will this be 3% or am I missing something.

Er, A4-d says almost the opposite of that: in addition to the other requirements, to earn credit interest you also need a minimum current account balance.

A4 as a whole starts:

To earn cashback and credit interest on your 123 Current Account, you must: a)...b)...c)...d)...

The "only" in A4-d means the requirement to have a minimum balance does not apply to cashback.

Jan_V

Vortigern wrote: »

.... The 7th and 6th dates are just an example. Mine runs from the 10th of one month to the 9th of the next. It's not an issue unless your pay date falls on or close to your statement date such that you might have 2 paydays on one statement and none on the next.

This just caught my eye. Never really took this in when I first read it. Does this mean the day is one less each month. i.e. Example: First month runs from 7th - 6th. Second month runs from 6th - 5th. Third month runs from 5th - 4th and so on? Or have I misunderstood the inferance on this?

Vortigern

Jan_V wrote: »

This just caught my eye. Never really took this in when I first read it. Does this mean the day is one less each month. i.e. Example: First month runs from 7th - 6th. Second month runs from 6th - 5th. Third month runs from 5th - 4th and so on? Or have I misunderstood the inferance on this?

You've misunderstood. If the first month runs from the 7th to the 6th, then every month runs from the 7th to the 6th.

Jan_V

Vortigern wrote: »

You've misunderstood. If the first month runs from the 7th to the 6th, then every month runs from the 7th to the 6th.

Ahh, I see. Thank you. So more or less standard procedure then. I thought with the issue being made of it that there may have been something more to it. Thanks again

innovate

aspiration wrote: »

It appears to me that - as per section A4-d on page 7 - to earn just the credit interest, only the balance matters. Will this be 3% or am I missing something.

No, it is not just the balance that matters. 4a, 4b, 4c and 4d all do.

The interest rate depends on the balance. You can see the current rates in http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158824&cachecontrol=immediate&ssbinary=true&maxage=3600

JimmyTheWig

Jan_V wrote: »

Ahh, I see. Thank you. So more or less standard procedure then. I thought with the issue being made of it that there may have been something more to it. Thanks again

The issue is that it is statement months not calendar months.

bundly

miketaff1408 wrote: »

I have just opened one of these for the very same reason. I am keeping the account as close to 20k as I can. I have moved over all the direct debits which wilk give cashback such as gas, electric, water, mobiles, tv, broadband and council tax. I estimate the cashback will get me about £10.

I will transfer £500 every month, and then transfer it straight back out if it takes the account above 20k.

I've done exactly the same as Mike (above). I'm really grateful to MSE for informing me about this account.