Santander 123 - Couple of Questions

[Deleted User]

Hey guys,

Just wanted to clarify a couple of points regarding the 123 current account. I've read through the information in the best bank accounts section and also the T&Cs on the Santander website but some of it seems slightly contradictory.

Anyway:

1) the best bank account section seems to suggest that you have to use Santanders switching service to qualify for cashback/interest on balance etc. is this the case or can I simply apply as a new customer (through TCB for cashback)?

2) assuming i use their switching service - is it easy enough to switch only a couple of DDs to Santander. I only want to switch those ones that earn cashback so for me that's O2 mobile, 3 mobile broadband and Virgin Media BB, tv and phone package. I believe these will all pay out 3% right?

3) assuming i don't use their switching service and simply sign up through their website - is it simple enough to switch only these few DDs? I assume that the in credit balance doesn't accrue interest until I meet all of the requirements (£500 per month deposit and at least 2 DDs).

Thanks for clearing this up for me!

Cardew

Lazyloki wrote: »

I only want to switch those ones that earn cashback so for me that's O2 mobile, 3 mobile broadband and Virgin Media BB, tv and phone package. I believe these will all pay out 3% right?

Yes they get 3% cashback.

Do you not pay Council Tax(1%) Water Charges(1%) Gas and electricity(2%)?

davethorp

1. You do not need to use the switching service to qualify for cashback and interest

2. If you are only after switching a handful of direct debits it is probably easier to manually switch the ones you want yourself rather than using the switching service

3. As long as there are more than 2 direct debits you will be fine. Not sure if you need to meet the requirements for interest or not (we never get interest on our 123 account anyway). You definitely do need to meet the requirements for cashback. The £500 credit has to come from a non Santander account I believe

[Deleted User]

Alright thanks. Strange that the MSE guide to this account in the best bank accounts section says that you have to use the switching service.

innovate

Lazyloki wrote: »

Alright thanks. Strange that the MSE guide to this account in the best bank accounts section says that you have to use the switching service.

Yes strange, since you do not have to use it.

I didn't use their switcher service because in my experience with 2 other banks, switcher services need that much supervision by you that you might as well do the switches yourself. And some of them (Amex CC and Council Tax) they couldn't do because Amex and the Council wouldn't accept the request from the banks!

lanstrom

Just noticed this in their T&Cs too ...

The 1% cashback on water and council tax bills applies to rates in Northern Ireland.

So how much do I receive on the UK mainland, or does it mean it ALSO applies ?

guesswho2000

lanstrom wrote: »

Just noticed this in their T&Cs too ...

The 1% cashback on water and council tax bills applies to rates in Northern Ireland.

So how much do I receive on the UK mainland, or does it mean it ALSO applies ?

You receive nothing on rates on the mainland, as we don't have them. You get 1% for C tax and water if you're on the mainland, or 1% on water and rates if you're in NI, or 1% on council tax only in Scotland (as their c.tax includes water charges).

caxia

I am trying to open a Santander 123 account at the moment. They are asking for my monthly salary (£1234) and my monthly outgoings (£500). When I try to submit, a red warning tells me my outgoings exceed my income and wont let me proceed. I even got a friend to check I am not being stupid about how I fill out the answers. Anyone else had this problem or is it just me??

YorkshireBoy

caxia wrote: »

I am trying to open a Santander 123 account at the moment. They are asking for my monthly salary (£1234) and my monthly outgoings (£500). When I try to submit, a red warning tells me my outgoings exceed my income and wont let me proceed. I even got a friend to check I am not being stupid about how I fill out the answers. Anyone else had this problem or is it just me??

It's working for me with your figures. Have you also put your gross annual income in the first field?

innovate

I faintly recall I hit that issue when I applied for the 123 credit card....can't remember how I got past it but it was definitely me entering incorrect data.

All I can say is try again....

NB.don't make the same mistake as me and forget to apply using a cashback site, e.g. http://www.quidco.com/santander-123-current-account/?ac

akamustang

Just opened my 123, didn't use their transfer service, moved the direct debits myself (the five I wanted to), paying in £500+ from a non-Santander account.

Should be good to go.