Santander 123 Account

wanstall99

bundly wrote: »

What does the Quidco thing mean please?

It is a cashback site. If you use their website to search for and purchase/sign up for something they will give you some money back. It's best to go to their website and it explains everything fully for you. And there are many other cashback sites also.

Jan_V

Hi. Not particularly new to the site, have lurked here and there for a while, but it's the first time I've ever posted anything. Thought it would be a little unnecessary to start a new thread for this, so would appreciate any advice from any of the veteran 123 account holders if they wouldn't mind helping a newbie?

Opened a joint account with a Santander 123 Current account at the end of January. Have just received the very first monthly statement and although the statement has shown a credit given as cashback for the gas & electric direct debit for the month, we failed to receive any interest on the balance we hold in the account which is considerably over the £3,000 to qualify for the 3%. Would the reason be for this be due to opening the account with a cheque? The clearing time didn't meet the whole month to qualify maybe?

innovate

bundly wrote: »

What does the Quidco thing mean please?

If you are unfamiliar with Quidco. you should start by reading this article: http://www.moneysavingexpert.com/shopping/cashback-websites

innovate

Jan_V wrote: »

.........we failed to receive any interest on the balance we hold in the account which is considerably over the £3,000 to qualify for the 3%. Would the reason be for this be due to opening the account with a cheque? The clearing time didn't meet the whole month to qualify maybe?

You don't need money in the account for a whole month to get interest. But you do need 2 DDs, and pay in £500 a month. The month is your statement month, starting on your account opening date.

The detailed blurb is here
http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158824&cachecontrol=immediate&ssbinary=true&maxage=3600

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210607808448&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1

If you have met the conditions but not received cashback, you should raise a formal complaint.

tanith

We wanted to change to the 123 acc , we already have several accs with them but we can't because the money we would transfer into the acc comes from our other Santander current acc. It has to be money from outside Santander.

Orange_juice_2

I really want to have this as a second account but I only have one direct debit... is it bad to pay for things outright all of a sudden!?

Orange_juice_2

Do you think that technically you could have a direct debit set up to take out say £5 a month out of the santander account to go to another account you have? In order to meet that atleast 2 direct debit criteria that is :P

Jan_V

innovate wrote: »

You don't need money in the account for a whole month to get interest. But you do need 2 DDs, and pay in £500 a month. The month is your statement month, starting on your account opening date.

The detailed blurb is here

[links removed in order to be able to post-

If you have met the conditions but not received cashback, you should raise a formal complaint.

Thanks for the reply innovate.

We successfully transferred all our direct debits over from another current account with a different bank to this new 123 account. Some of the DD dates were due too soon to make the switch over to come out of this new 123 account this month. But, there were two that made it and they did actually make it on to this statement. They were the elec and gas ( which we received the cashback for) and a regular life insurance premium DD. There's well more than £500 gone in to the account which is also showing on the statement too. Looks like I'll have to get on to them about it.

Oh, and their monthly £2 account fee doesn't appear to have been taken either, that I could see at least.

innovate

tanith wrote: »

We wanted to change to the 123 acc , we already have several accs with them but we can't because the money we would transfer into the acc comes from our other Santander current acc. It has to be money from outside Santander.

If you don't have another current account at another bank, just open one somewhere. Send £500 to it every month by SO from Santander, and then back to Santander.

innovate

Jan_V wrote: »

Oh, and their monthly £2 account fee doesn't appear to have been taken either, that I could see at least.

Ah right - - that might be the explanation! Wait a day or two, and your £2 will be taken, and your interest will be paid.

The cashback doesn't always get paid the same day as the interest.