Is the Santander 123 Account Worth it?

steveh2001

Does anyone know if you can transfer an existing current account to a 123 account online and safely keep your same sort code and account number?

The web site seems to imply this:
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237906513018&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

However their customer service state that unless you do the transfer over the phone, you will end up with a new account/sort code...

Eager_Elephant

steveh2001 wrote: »

Does anyone know if you can transfer an existing current account to a 123 account online and safely keep your same sort code and account number?

The web site seems to imply this:
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237906513018&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

However their customer service state that unless you do the transfer over the phone, you will end up with a new account/sort code...

I had a very basic Santander current account and according to the T&C's I was not allowed to transfer (as I had the wrong type of account) but had to make a new application.

I thought I would try anyway so followed the link from my online banking - completed the form and a few days later got an email to confirm they had changed my account to a 123 and my sort code and account will be kept the same.

HTH

flightinfo

steveh2001 wrote: »

Does anyone know if you can transfer an existing current account to a 123 account online and safely keep your same sort code and account number?

The web site seems to imply this:
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237906513018&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

However their customer service state that unless you do the transfer over the phone, you will end up with a new account/sort code...

Yes, you can. On the website, go to link for 'transfer to 123 current account'. You will then be taken to a page about 123 current account with an option for existing current account holders only. Click on this and you will be taken to a very simple form - name, address, email and current account details. If you go through this link you will be able to keep account no., cheque book, debit card, etc. It only takes a couple of minutes to complete.

If the link you go through takes you to a form where you have to give date of birth, nationality, etc. then you have gone through the link for new customers and will be issued with a new account number, debit card, etc.

steveh2001

Thanks - appreciate the help.


Has anyone tried transfering via the quidco link by any chance? Its not clear whether thats for new and existing customers.

katies_mum

I have a few questions please can you help?

We both have Santander bank accounts (the old Premier Direct ones) and have decided to transfer them to the 123 Account, is it quicker to do it online or over the phone? The reason I`m wondering is because we want to open the ISA`s that offer 3%.

We but hubbys account does pay the Gas/Elec, Council Tax and Water Rates so they will cover the £2 monthly charge with about £2 gained. I don`t really have any DD`s going out of my account apart from our pet insurance so to get the interest rate will I need to set up another one.. any ideas, just something very small or once a year?

Its going to cost me £2 a month for this account but my logic is with 3% on savings upto £20,000 it will be worth paying the £2, does anyone else have this account for this reason. We currently have savings in an E Saver 5, opened about this time last year (have just received our interest) however I am totally baffled about what rate its actually paying us now, I`m assuming the 123 account would be better.

The money I have paid into my current account comes from a pension and is topped up with transfer from my Santander Business Account, is it ok to fund the 123 account in this way?

I`m sure I have read all this information somewhere but read so much yesterday about current accounts, ISA`s etc I am now getting myself a bit confused (doesn`t take much!!) I think we are going to try and get all this sorted today if possible so any bits of advice or info would be wonderful and gratefully appreciated as always.

Many thanks

macman

You need to have at least 2 DD's on the 123 account-so just transfer them from your husband's account to get the cashback. Remember that you need to fund it by a minimum of £500 pm.
You don't need to have a 123 a/c in order to open a Major ISA. However you will only get 2.8%, plus the possible 0.1% bonus, without it.

katies_mum

Thank you macman.

Rather than mess about tranferring DD`s from his account to mine is it possible to set up a DD from my account to his annually just to tranfer a small amount..or would this not work.
No problem we can fund the accounts with £500 pcm.
Also wondering if anyone knows how long the tranfers take? is it quicker by phone or does it not make any difference?

Can`t you tell I hate doing stuff like this?

ses6jwg

katies_mum wrote: »

Thank you macman.

Rather than mess about tranferring DD`s from his account to mine is it possible to set up a DD from my account to his annually just to tranfer a small amount..or would this not work.
No problem we can fund the accounts with £500 pcm.
Also wondering if anyone knows how long the tranfers take? is it quicker by phone or does it not make any difference?

Can`t you tell I hate doing stuff like this?

no. you need to call two companies and get them to set up direct debits on your account. or set up 2 new savings account and link direct debits to them.

katies_mum

Thank you.

I`m playing with figures at the moment and not sure if I am going to bother (would be good idea for hubby to change though).

ColdIron

If you have several thousand left over after filling hubbies 123 with 20K it's still worth thinking about a second one for the interest alone. Switching DDs is only a few minutes on the phone, no more complicated than ordering an Indian. If you can't fill hubbies account then you are probably best with the one

PS don't forget you don't need to change his bank account, just have the 123 alongside the one he has now