santander 123 current account

The_Enforcer

In terms of the cashback element, I would only want to transfer the five direct debits that would gain cashback, and I would keep the vast majority of my DD's/SO's in my First Direct Current Account.

Does anyone know if Santander's DD switching service allows you to specify exactly which DDs you want to move or as I would not be moving all of them do I have to instruct the transfer each one individually myself?

Cheers,
TE

simplydevine05

The_Enforcer wrote: »

In terms of the cashback element, I would only want to transfer the five direct debits that would gain cashback, and I would keep the vast majority of my DD's/SO's in my First Direct Current Account.

Does anyone know if Santander's DD switching service allows you to specify exactly which DDs you want to move or as I would not be moving all of them do I have to instruct the transfer each one individually myself?

Cheers,
TE

No it doesn't. It's all or nothing.

The_Enforcer

It might be plausible to allow all the DD's to transfer into there, if I can become efficient at shifting wages across as soon as they appear in the First Direct Current Account. When I estimated cashback minus fee a while ago I arrived at a positive balance of £48. However, I've now discovered that they won't pay cashback on First Utility and if I switch broadband/phone to Plusnet not on that either, so I will have to review whether the hassle of pursuing the cashback on top of the interest is worth it.

wanman

The_Enforcer wrote: »

It might be plausible to allow all the DD's to transfer into there, if I can become efficient at shifting wages across as soon as they appear in the First Direct Current Account. When I estimated cashback minus fee a while ago I arrived at a positive balance of £48. However, I've now discovered that they won't pay cashback on First Utility and if I switch broadband/phone to Plusnet not on that either, so I will have to review whether the hassle of pursuing the cashback on top of the interest is worth it.

Both First Utility and Plusnet show in the Cashback Calculator on the Santander site

macman

http://www.santander-products.co.uk/banking/calculator/cashbacksearch.html
You are looking at the 'New' list only. Type them into the field above and both come up.

The_Enforcer

Thanks both, that was really obvious: teach me to try and do research just before I go to bed!

thor

macman wrote: »

You can simply use it as a savings account, which many of those who open it are already doing. You merely have to satisfy the £500 min monthly funding, and set up 2 DD's on it.
No requirement to do your other current account banking on it at all.

So if you do not set up two DDs then you get no interest?
I could manage the 500 quid per month but do not have any direct debits. It is a bit of a shame for me but ultimately does not matter as the main reason I got this account was to qualify for their fixed rate 3.0% cash ISA which will more than cover the monthly fee.

innovate

thor wrote: »

So if you do not set up two DDs then you get no interest?

that's what the TCs say

thor wrote: »

I could manage the 500 quid per month but do not have any direct debits.

It's easy enough to set up a couple of DDs. You just need to think a bit outside the box and read the forum....

However, if you have DDs that qualify for the monthly cashback, you'd effectively throw money away. I know people who earn some £10 net a month from their DDs.

macman

It would be perfectly possible to set up DD's to (for example) 2 charities of your choice, for as little as 1p per month if you wish. That would still satisfy the requirements.

innovate

Or your own "charity" aka some suitable savings accounts of your own