Is the Santander 123 Account Worth it?

IrishGypsy

innovate wrote: »

it wouldn't count as the monthly funding.

What Santander want you to do (and what actually works), are two very different things...

Gizmo247

It has to be funded from outside of Santander to get cashback but when applying online you are required to choose how that is from a short list of possible funding options. You can check it out by starting an application online.

innovate

IrishGypsy wrote: »

What Santander want you to do (and what actually works), are two very different things...

What do you mean by that?

My comment was in response of EKEA asking whether you can circulate a fund of £500 between several Santander accounts and whether this would count as a DD.

Of course this would "work" but it's 1) not a DD, and 2) even if it was one, it wouldn't count towards the monthly funding requirement.

Just as I said before.

innovate

Gizmo247 wrote: »

It has to be funded from outside of Santander to get cashback

and interest

gillianlouise

EKEA wrote: »

If you had a bunch of them, then you could circulate a fund of £500 between them. I wonder if that would count as a Direct Debit?

You can not fund a 123 account from another Santander account.

innovate

gillianlouise wrote: »

You can not fund a 123 account from another Santander account.

[Pedant mode on]

Sure you can fund it from another Santander account. However, you only get paid cashback and interest if at least £500 get paid in every [personal statement] month from a non-Santander source, or - in theory - from a Santander account in someone else's name. Though I wouldn't risk the latter myself.

Interest and transfers into the account from another Santander account in your name (whether in your name or in joint names with another account holder) do not count towards your monthly amount.

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

[Pedant mode off]

Hominu

I wonder if the company you worked for had their salary/wages account with Santander. Would you then gets your interest and cashback, or would that be considered an internal transfer and thus not eligible.

marathonic

Gromitt wrote: »

Putting your entire savings pot (or even just 20K of it) in a current account that you use regularly (ATM withdrawals, shops, online, etc) is sheer lunacy.

With a debit card attached to my current account and my local nightclub accepting those as a payment method, I can see absolutely no reason why I wouldn't want instant access to 20k

On topic though - I applied for a 123 account today. How long do they usually take to be set up? It said 3 days online but I'm hoping to get set up quicker.

IrishGypsy

innovate wrote: »

What do you mean by that?

My comment was in response of EKEA asking whether you can circulate a fund of £500 between several Santander accounts and whether this would count as a DD.

Of course this would "work" but it's 1) not a DD, and 2) even if it was one, it wouldn't count towards the monthly funding requirement.

Just as I said before.

Swapping £500+ between Santander accounts will still trigger the interest and cashback on a 123 account. It's how I get mine every month

Just because they SAY doesn't work, doesn't always mean it's true...

ses6jwg

IrishGypsy wrote: »

Swapping £500+ between Santander accounts will still trigger the interest and cashback on a 123 account. It's how I get mine every month

Just because they SAY doesn't work, doesn't always mean it's true...

It's true.

However if you are going to actively do this then you are in breach of the T&Cs so don't be disappointed if you do eventually lose out on interest or have your account downgraded.