Santander 123 Account

JimmyTheWig

Good point, Mike.
I deliberately switched my Santander account to a 123 mid-month to make sure that money that goes in at the end of the month has some leaway.

Shortypie89

I’ve been having some trouble understanding the direct debitrequirement; I wonder if anyone can help me?

According to official literature, to qualify for the 3%interest you must “set up a minimum of twoDirect Debits”

Now I’ve received contradictory information from differentSantander staff members, and been unable to resolve my questions using the onlineFAQ. I want to know:

- Do I need to use Santander’s official accounttransfer system/fill out a form to transfer these from one account to this newone, or can I contact organisations I have direct debits with directly to getthem transferred and will that count towards fulfilling the requirement?

- Can I move direct debits from different accounts– one staff member I talked to said they all had to come from the same one?

- If I simply set-up a new direct debit from thisnew account, will this count?

Many thanks

tushingham

Could I set one of these AND a lloyds vantage one up from my current non interest paying current account?
What's the best/easiest way to set up both?

Thanks all

T

ManAtHome

Shortypie89 wrote: »

- Do I need to use Santander’s official accounttransfer system/fill out a form to transfer these from one account to this newone, or can I contact organisations I have direct debits with directly to getthem transferred and will that count towards fulfilling the requirement?

I set mine up by contacting varous organisations - most of them switched fairly quickly after phoning them (cashback etc has been paid, so this method obviously qualifies).

innovate

Shortypie89 wrote: »

- Do I need to use Santander’s official accounttransfer system/fill out a form to transfer these from one account to this newone, or can I contact organisations I have direct debits with directly to getthem transferred and will that count towards fulfilling the requirement?

As you have read the official Santander literature, you will have seen that there is no requirement to use " Santander’s official accounttransfer system/fill out a form". You just need tell the appropriate companies that they should take your payments from your Santander account [instead of from another account of yours], and agree an effective date for the change with them.

Shortypie89 wrote: »

- Can I move direct debits from different accounts– one staff member I talked to said they all had to come from the same one?

There must be a misunderstanding - there is no requirement to move any DDs. It is entirely up to you which companies you give a DD authority, and it is irrelevant for the Santander 123 whether this DD has previously existed on any other account.

Shortypie89 wrote: »

- If I simply set-up a new direct debit from thisnew account, will this count?

It sure will.

innovate

tushingham wrote: »

Could I set one of these AND a lloyds vantage one up from my current non interest paying current account?
What's the best/easiest way to set up both?

Thanks all

T

Not sure what you are asking - - - what "one of these" are you interested in setting up?

psychic_teabag

tushingham wrote: »

Could I set one of these AND a lloyds vantage one up from my current non interest paying current account?
What's the best/easiest way to set up both?

Not sure what you mean by setting up "from" your existing current account. Perhaps you mean transferring your existing account ? You can only transfer your account once.

But you can just open new current accounts - I opened both Lloyds and 123 accounts as secondary accounts, without moving my old current account. Check quidco and topcashback - there's often £50 on offer to open a new 123 account.

tushingham

innovate wrote: »

Not sure what you are asking - - - what "one of these" are you interested in setting up?

Both the 123 account and the vantage. Wasn't sure how, if at all, I could set up both due to the requirement for direct debits.

I have a current account with Barclays with numerous direct debuts and standing orders. Can I split and transfer them to two separate accounts or can it only be to one.
Wasn't sure of practicalities or if possible.

Tia
T

tushingham

psychic_teabag wrote: »

Not sure what you mean by setting up "from" your existing current account. Perhaps you mean transferring your existing account ? You can only transfer your account once.

But you can just open new current accounts - I opened both Lloyds and 123 accounts as secondary accounts, without moving my old current account. Check quidco and topcashback - there's often £50 on offer to open a new 123 account.

Thanks. Can I then select which direct debits to transfer across at the time I'd leaving? I assume I don't have to block transfer all of them but can pick?

Thanks again
T

innovate

If you go for the Santander 123, you would most likely want to have all your DDs that qualify for cashback on that account. http://www.santander-products.co.uk/banking/calculator/123dual.html

For the Lloyds Vantage accounts, you do not need any DDs right now.

You can transfer some, none, or all of your existing DDs. It is entirely your decision. A DD is an authorisation by yourself to a company to take money from your current account. You can change/revoke that authorisation whenever you like.