Santander 123 Account

TAnRod

I have had both the Santander 123 current account and credit card for about a year now. Both work faultlessly so far. Very happy with the interest rate and the bonus is the I have instant access to the money.

DanE

I transferred my Zero a/c to the the 123 current a/c in December 2012 - I too have direct debits that will pay cashback (excluding Council Tax which I pay over 10 months). I also have a mortgage with Santander. I check my balance close to daily to keep it at 20K - I do not operate this as my main a/c so worry less about odd payments coming out. Thus far I have earned £134.34 (44.97+46.92+42.45), I'm on course for making £500 cashback over 12 months. I also operate the Halifax Reward a/c, therefore £2 of the £5 monthly reward I receive pay the Santander 123 monthly fee....I think I'm winning.

Jan_V

Just noticed on an advert in the small print that they don't appear to allow transfers from any other Santander accounts to qualify towards the monthly £500 minimum requirement to count towards gaining any interest/cashback. Meaning you can't fund one of their accounts with another. I've recently opened a second 123 account to do just that. Up until opening the first 123 account a few months ago I'd only ever had one current account with the Halifax for years so didn't realise there were any rules regarding that type of thing. Looks like I'll have a more convoluted route to achieve that now Just checking that there's no law/regulation against me setting up a standing order to go out of the first 123 account into the Halifax account and then another standing order from the Halifax into the second 123 account?

KTF

A transfer out to an external account then back in again to Santander is fine as that is an 'external' payment on their system.

You can go out and back again within minutes if you want.

innovate

Jan_V wrote: »

Just checking that there's no law/regulation against me setting up a standing order to go out of the first 123 account into the Halifax account and then another standing order from the Halifax into the second 123 account?

Yeah you'll be just fine doing that. There is certainly now law that prohibits it!

If you do it with SOs, allow at least 3 days between money arriving and going out, to cater for long weekends. As KTF says, you could also do it manually within minutes probably (if the FP systems are all cooperating).

innovate

DanE wrote: »

I transferred my Zero a/c to the the 123 current a/c in December 2012 - I too have direct debits that will pay cashback (excluding Council Tax which I pay over 10 months).

Just in case there is a misunderstanding - - you do get cashback on your council tax DD even if it only goes out 10 times a year. Santander just pay you if you have a DD, and they don't pay if you haven't.

DanE wrote: »

I also operate the Halifax Reward a/c,

...and again, in case you don't know: Halifax require 2 DDs (to different recipients) from May 1; no DDs, no fivers, and likely to be downgraded to a "non-fiver" account.

DanE wrote: »

I think I'm winning.

I think you might be right there!:cool:

tushingham

innovate wrote: »

Yeah you'll be just fine doing that. There is certainly now law that prohibits it!

If you do it with SOs, allow at least 3 days between money arriving and going out, to cater for long weekends. As KTF says, you could also do it manually within minutes probably (if the FP systems are all cooperating).

ive set up standing orders from my santander 123 account to my flexdirects and back again.

ive set them to come in and out on the same date as i thought that would be fine? i take it from your post that I shouldnt do this on the same day? should i set the transfer out for 3 days after the transfer in?
thanks
t

YorkshireBoy

tushingham wrote: »

ive set them to come in and out on the same date as i thought that would be fine? i take it from your post that I shouldnt do this on the same day? should i set the transfer out for 3 days after the transfer in?

If, for whatever reason, there was a problem with Santander sending that SO, would the SO from Nationwide to Santander leave you short?...or, worse, create an overdraft/unauthorised overdraft situation?

If the answer is "I don't know" (ie you've not always got more than £1000 in Nationwide) then best to leave a few days between.

On the number of days, there are 4 non-bank working days over Easter!

I'm shifting money around left, right, and centre these days, having a great many current accounts with monthly funding requirements. I make all my transfers manually on the same day each month (the day BoS and LTSB pay interest). Yes it ties me up for 10 minutes or so, but there's usually some coffee still left in the mug when I've done!

My advice/suggestion?...leave SOs well alone and stay in control with manual transfers.

savetilibleed

innovate wrote: »

Just in case there is a misunderstanding - - you do get cashback on your council tax DD even if it only goes out 10 times a year. Santander just pay you if you have a DD, and they don't pay if you haven't.

...and again, in case you don't know: Halifax require 2 DDs (to different recipients) from May 1; no DDs, no fivers, and likely to be downgraded to a "non-fiver" account.

I think you might be right there!:cool:

I checked with Santander the other day to make sure my quarterly BT whole bill DD would qualify for cashback - it does. Good to hear council tax 10x/year qualifies. Need to change that. Ditto for water which is 8x/year.

KTF

As long as its on their list of 'cashback' DD it doesnt matter how many times it goes out of your account over the year.