Santander 123 current account refused

Ozret

bigadaj wrote: »

As for dreaming above, I've opened as a second account, fully funded to 20k and don't pay salary in, no overdraft and no credit card.

Please can you elaborate how you've managed to open one of these accounts without you having to pay your wages in? Not 2 hours ago I was in my local Branch and considering switching from my savings account to a 123. I'm quite happy to keep my current account (where my wages are paid into) and have a 123 as my savings account. I would then transfer all my Direct Debits to the 123. I would transfer the necessary, monthly, £500 from my current account into the 123, but the Counter Staff insisted I cannot set up a Standing Order or Direct Debit.

Therefore, I'm looking to close my current savings account as the interest is lower then a worms belly and will vote with my feet.

Personal question I know and if you don't wish to answer then I fully understand

eskbanker

Ozret wrote: »

Please can you elaborate how you've managed to open one of these accounts without you having to pay your wages in? Not 2 hours ago I was in my local Branch and considering switching from my savings account to a 123. I'm quite happy to keep my current account (where my wages are paid into) and have a 123 as my savings account. I would then transfer all my Direct Debits to the 123. I would transfer the necessary, monthly, £500 from my current account into the 123, but the Counter Staff insisted I cannot set up a Standing Order or Direct Debit.

Therefore, I'm looking to close my current savings account as the interest is lower then a worms belly and will vote with my feet.

Personal question I know and if you don't wish to answer then I fully understand

As with many other banks (not unique to Santander), branch staff aren't always well-informed enough to be relied on to give accurate advice about their products! The 123 Ts & Cs require £500 monthly funding in order to earn interest but this doesn't have to be wages, so they're quite simply wrong on that point. Open a 123 online (preferably) or by phone (although here you could still encounter someone who doesn't know what they're talking about!)....

Ozret

eskbanker wrote: »

As with many other banks (not unique to Santander), branch staff aren't always well-informed enough to be relied on to give accurate advice about their products! The 123 Ts & Cs require £500 monthly funding in order to earn interest but this doesn't have to be wages, so they're quite simply wrong on that point. Open a 123 online (preferably) or by phone (although here you could still encounter someone who doesn't know what they're talking about!)....

Thanks very much for the quick response. I'll give it a go and will let you know how I get on

Ifts

Ozret wrote: »

Please can you elaborate how you've managed to open one of these accounts without you having to pay your wages in?

I don't have my salary paid into my 123 current accounts and I managed to get 2 of these 123 current accounts (some have 3x 123 accounts from before they restricted you to 2 in each name) open by doing it online, 2x DD set up on each account sending £1 to each of my Tesco's accounts (1 Tesco internet and 1 Tesco savings account), I use faster payments to pay in the £500 funding requirement and then move the £500 back out the same day and fingers crossed everything works fine.

I have very often been told incorrect information by branch staff so its best to rely on the account T&Cs to be on the safe side.
What you need to do to qualify for the 123 Current Account and get the interest is listed here:
http://www.santander-products.co.uk/banking/123campaign/

The only thing I would say is try opening the 123 account online if possible for you to do so.

Ozret

Quick update:

I've just spoke to a very helpful Santander chap, who stated that I couldn't do an internal transfer between accounts. I did ask where this was in their T&C's but he didn't know. Not much of a helpline is it?!

However he suggested I could go into a branch every month, withdraw £500 cash from my current account then immediately pay it into the 123 account!!

I did point out this is a ridiculous thing and thanked him for his time.

I think I'll go down the online route

dreaming

Ozret
I opened up my 123 account online - in fact I can't remember the last time I went into a bank or building society branch. I think I told them that it was NOT going to be my main account. I also do my transfers by faster payments and check that they have been successful so do them from one account and back again on the same day.
Are you sure you weren't talking about a Santander savings account, as I don't think SO/DD's can be set up on those. Was it definitely the 123 current account?

Ozret

dreaming wrote: »

Ozret
I opened up my 123 account online - in fact I can't remember the last time I went into a bank or building society branch. I think I told them that it was NOT going to be my main account. I also do my transfers by faster payments and check that they have been successful so do them from one account and back again on the same day.
Are you sure you weren't talking about a Santander savings account, as I don't think SO/DD's can be set up on those. Was it definitely the 123 current account?

Nope, 100% certain it was a 123. I even showed her the pamphlet that I'd been reading whilst queing up waiting to get served

bigadaj

Online was fine with me. Have set upa. Standing order from my flex direct account and transferred to 20k though needed two payments as there is a 10k limit apparently from nationwide.

Just transferred my council tax and energy direct debits, which reminded me to set upa. Macmillan one as well, just in case any problems with the others and as a good cause.

This has only gone through in the last week, so haven't had confirmation of interest as yet, will wait and see.

Ozret

Apologies to the original poster as this thread has gone off topic (all be it both are criticising Santander )

ColdIron

Ozret wrote: »

I've just spoke to a very helpful Santander chap, who stated that I couldn't do an internal transfer between accounts.

He is correct, internal transfers do not count towards the funding requirement, from the website -

Fund the account with £500 a month (a minimum balance of £1,000 is required to receive interest). This is not a calendar month, it is the month from the date you opened your account. Interest and transfers from any other Santander accounts do not count towards the monthly funding amount.

You say you are happy to keep your current account, is this a Santander product? If not then it will be fine for this purpose, transfer manually or set up a standing order