Is the Santander 123 Account Worth it?

ColdIron

Yes you can

Just remember that the 123 month is not a calendar month, rather it runs from the date of account opening so make sure the date of your standing order is a few days away from this to avoid problems with weekends and bank holidays

vintageb3

I'm toying with the idea of opening two 123 accounts and although both will be set up with DD's etc to gain the benefits of this scheme, they will basically be savings accounts to me.

I plan to use the 1st one more like a current account. I plan to max out both accounts at £20000. But i don't like the idea of someone hacking either of these accounts and getting to 20000 of my eggs that I placed nicely for them in that one basket.

Has anyone come up with any personal additional methods of avoiding fraud or hacking of this account?

Thanks in advance

vintageb3

vintageb3

ColdIron wrote: »

Yes you can

Thanks ColdIron…I thought you could….but wanted to be sure.

Ta!

vintageb3

vintageb3

ColdIron wrote: »

Yes you can

Just remember that the 123 month is not a calendar month, rather it runs from the date of account opening so make sure the date of your standing order is a few days away from this to avoid problems with weekends and bank holidays

Again thanks for taking the time to reply!

Will keep this in mind!

vintageb3

eskbanker

vintageb3 wrote: »

But i don't like the idea of someone hacking either of these accounts and getting to 20000 of my eggs that I placed nicely for them in that one basket.

Has anyone come up with any personal additional methods of avoiding fraud or hacking of this account?

Not sure if you're suggesting that this account is any different from any other but the usual rules apply, i.e. don't disclose your PINs, online banking details, etc, don't let your cards out of your sight when paying and be careful with disposing of any paperwork and so on, although as is often pointed out on here your sort code and account number are on every cheque!

Santander do also promote the use of Rapport as an optional security measure for online banking and their site prompts you to install this.

Other than that, provided you take care of these sort of security matters that are within your control, it's Santander's responsibility to look after the ones that are within theirs, so if anyone was literally to be able to hack into their systems (i.e. not using your own online banking credentials) and get to your funds, it would be Santander's liability to refund you.