Santander 123 Account

chickenboy

Its such a good deal. I currently transfer in and then straight out the £500 per month, and I've previously had very bad customer service from Santander... BUT Its such a good deal, and they have handled everything well so far... am just wondering if i shouldn't just start using this as my main current account... (damn their good offer!!)

Tyler_Du

I'm thinking of opening one of these accounts and have the following questions :-

If I use Quidco / topcashback will Santander still transfers my DDs ?

I would like to transfer the DDs from my current account, but keep that account open. Is that possible.

Basically this account has my wages paid into it, Id like to keep it open and every month I'd transfer enough to the Santander account to cover my mortage / other bills (approx. £1000) is this doable ?

If I had £10,000 in the account what would the monthly interest paid be, I'm assuming roughly £25 (£10000 * 3% / 12)

Anyone done anything similar with this account ?

ColdIron

You don't have to move all your DDs and your salary to Santander if you don't want to. Just open the account and swap the qualifying DDs yourself

£25 before tax is about right but don't forget the monthly £2 fee, though that can be covered by the cashback

akamustang

Tyler_Durden_UK wrote: »

If I use Quidco / topcashback will Santander still transfers my DDs ?

Yes, but you can also make the transfers yourself should you wish, it's not a requirement to use their "transfer service". Also don't rely on the cashback, I've noticed there have been a few unhappy customers that haven't received anything.

Tyler_Durden_UK wrote: »

I would like to transfer the DDs from my current account, but keep that account open. Is that possible.

Yes, the easiest way is to make the transfers yourself.

Tyler_Durden_UK wrote: »

Basically this account has my wages paid into it, Id like to keep it open and every month I'd transfer enough to the Santander account to cover my mortage / other bills (approx. £1000) is this doable ?

Yes, this is exactly what I do.

Tyler_Durden_UK wrote: »

If I had £10,000 in the account what would the monthly interest paid be, I'm assuming roughly £25 (£10000 * 3% / 12)

£20 if you're a basic rate tax payer (£25 * (1 - 20%)). Remember to knock off the £2 monthly fee as well.

Tyler_Durden_UK wrote: »

Anyone done anything similar with this account ?

See above.

macman

Is there any 'catch' with this account with regard to the minimum £500 a month funding requirement?
Specifically, is is permissible to pay in the £500 on one day by standing order, and then send it back to the same account the next day by SO again? The reason being, that being self employed I can't always guarantee the cashflow to suit otherwise.
Does this brief deposit still satisfy the rules- I can't see anything in the small print that says it doesn't? As long as the balance stays above £1,000, interest is still payable.

ColdIron

macman wrote: »

Is there any 'catch' with this account with regard to the minimum £500 a month funding requirement?
Specifically, is is permissible to pay in the £500 on one day by standing order, and then send it back to the same account the next day by SO again? The reason being, that being self employed I can't always guarantee the cashflow to suit otherwise.
Does this brief deposit still satisfy the rules- I can't see anything in the small print that says it doesn't? As long as the balance stays above £1,000, interest is still payable.

Basically there is no catch, the SO approach works just fine

innovate

You can deposit your £500 now with FP, and then transfer it out straight away. Or deposit/withdraw any amounts at add up to £500 a month. Be aware, a month is your statement month, which is unlikely to be a calendar month.

stupidmammy

I've just changed accounts from Sandander basic current account to 123 account, can you tell me if they pay you cash back if I am overdrawn. I am overdrawn most of the time and have an overdraft on this account. Thanks.

innovate

stupidmammy wrote: »

I've just changed accounts from Sandander basic current account to 123 account, can you tell me if they pay you cash back if I am overdrawn. I am overdrawn most of the time and have an overdraft on this account. Thanks.

You didn't check before you changed? :eek:

Clause A4 of the T&Cs answers your question.
http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158785&cachecontrol=immediate&ssbinary=true&maxage=3600

If I were you, I would also review the amount of charges for the overdraft. You might be able to get a cheaper overdraft elsewhere (though of course, not going overdrawn is most desirable, but I assume you know that).

bundly

apt wrote: »

Quidco is offering £55 cashback for a 123 account, Topcashback £45. That should offset the £2 fee for a few months.

What does the Quidco thing mean please?