Santander 123 Account

tushingham

pete_l wrote: »

I might have missed this already (I did quickly scan through the posts in this thread) but can you just use the account to credit £500 each month and take the interest (provided balance is over £1000, although I'll most likely have £3000+ to get the highest rate) or do you have to set up some direct debits to get the interest rate on the account balance?

I know if I don't set up any direct debits I wouldn't get any cashback but do you need to have those set up? I would eventually get round to transferring bill payments over but maybe not for a month or two.

What you need to do:

Be aged over 18 and live permanently in the UK
Read and understand the terms & conditions of the account
Pay a monthly account fee of £2, fund the account with £500 a month (a minimum balance of £1,000 is required to receive interest); and set up a minimum of two Direct Debits. For cashback household bills must be paid by Direct Debit