Reason for DD's on Santander 123 Account ?

dr_adidas01

[/QUOTE]She then went away to check with 'the people who open the accounts' and confirmed NO NEED for the DD's if you dont need the cash back .....

Well, as thats my interpretation as well, I'll go with it ..... although another example of their 'front line staff' not knowing their products......[/QUOTE]

I wouldn't believe this one either people opening the account are different than the people who actually check the accounts. Many people have found from experience, that if a bank feels you have breached the T&C's of an account.

That there account/s have been given 30 days notice that they will closed for breach of the account terms and conditions.

pqrdef

The same question could be asked about the need to pay £500 a month through the account.

But the question that needs asking isn't whether you can have an empty 123 sat doing nothing (at £24 a year) but whether they'll give you an Exclusive ISA just for having an empty 123 sat doing nothing.

If so, then anybody who's in the market for a Major ISA can get an extra 0.2% just for an application, a credit search and £24 a year.

grumbler

It's worth saying that £24 is 0.2% on £12K.
So, it doesn't make much sense to bother if the ISA is smaller than £15K.
With £40K one can get 3% at FD.

innovate

nearlyretired2004 wrote: »

She then went away to check with 'the people who open the accounts' and confirmed NO NEED for the DD's if you dont need the cash back .....

This is, as I have tried to get over before, only partially correct. You also need the DDs to earn any interest. And there is nothing to say they will downgrade you / close the account etc etc if you do not meet the pre-reqs for cashback and interest.

Can nobody read the T&Cs? They are dead simple to understand.

Wyndham

innovate wrote: »

Can nobody read the T&Cs? They are dead simple to understand.

We're obviously not all as clever as you innovate!

nearlyretired2004

individual replies:

PQRDEF - Exactly!! ... and they have given us the ISA ....

Grumbler - Yes I've obviously done those sums - Lots more than 15K but just short of the 40k needed for first direct - and dont forget with first direct wouldn't get the extra .1% if Rory McIlroy wins a major!!! (....Ha!!....)

Innovate - Yes, I got this the first time you said it, but as I stated in my OP (alhough maybe didn't make it clear enough ....) the ONLY reason for getting the account was the ISA - no interest in 'interest'! - savings are doing better elsewhere .....

Wyndham -

innovate

Wyndham wrote: »

We're obviously not all as clever as you innovate!

For goodness sake, being able to read has nothing to do with being clever.

nearlyretired2004 wrote: »

Innovate - Yes, I got this the first time you said it, but as I stated in my OP (alhough maybe didn't make it clear enough ....) the ONLY reason for getting the account was the ISA - no interest in 'interest'! - savings are doing better elsewhere .....

I got that, nearlyretired2004. However, other people might skim through the thread and see "you don't need DDs unless you want cashback" - - - which is just so totally wrong.

And wouldn't have been posted here if people had read the T&Cs, which I maintain are dead easy to understand.

Hominu

It's pretty clear cut:

To benefit from cashback on household bills and interest on your balance, just follow these steps:

innovate

For those that cba to go to the T&Cs URL I posted earlier, the following is an extract from the said T&Cs (that, btw, all 123 account holders have accepted when they opened a 123 current account):

A4 Earning cashback and credit interest using your 123 Current Account
To earn cashback and credit interest on your 123 Current Account, you must:
a) pay the monthly account fee; and
b) pay in a minimum amount into your account each month; and
c) have at least two Direct Debits set up on your account; and
d) for earning credit interest only, you also need a minimum current account balance.
For information on minimum amount and minimum account balance requirements, interest rates and fees, please refer to the Interest Rates and Fees Information leaflet.

What of the above is not easy to understand?

Wyndham

innovate wrote: »

For goodness sake, being able to read has nothing to do with being clever.

And neither does sarcasm.

People come on here to ask questions and to look for answers. Many people are put off by terms and conditions, and want to check their understanding. In my view, that's the sort of thing these forums are for, and I honestly believe there is no such thing as a stupid question.

But if it annoys you that much, my advice to you is to move away - seriously, it's not worth getting het up about.