santander 123 current account

Gromitt

macman wrote: »

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.

I doubt any charity will accept a DD for 1p per month when it will cost them significantly more than that to accept it.

A better idea would be like Innovate says - open a savings account and setup a DD for something like £1.

innovate

Ah, hadn't seen the suggestion for 1p. It always makes me speechless (nearly) when someone suggests to enrich themselves at the cost of charities.

dr_adidas01

macman wrote: »

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.

What kind of sad individual sets up a direct debit for £0.01p to a charity?

It costs them more than that to set up the direct debit in the first place!!!

macman

Oh dear. I wasn't suggesting that the OP has to only contribute as little as 1p! I was merely pointing out that even such a minimal contribution would still satisfy the DD terms of the 123 account, as the OP seemed unable to think beyond 'I don't have any DD's'.
It's up to the OP, if they go down this route, to decide the amount for themselves. I was simply pointing out the process.

thor

innovate wrote: »

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

I have three regular savings accounts at three different institutions which I am currently funding by online transfers. If I wanted to link these to my 1-2-3 account via dd do I have to do it on Santander's side or from their receiving account's side? E.G. I have an RS account at Yorkshire Building society and if I wanted to send a payment every month from my 1-2-3 account to it, would I need to go to YB and get some kind of DD agreement which I would need to sign or can I just set it up online at santander's website?

MarkFromCornwall

thor wrote: »

I have three regular savings accounts at three different institutions which I am currently funding by online transfers. If I wanted to link these to my 1-2-3 account via dd do I have to do it on Santander's side or from their receiving account's side? E.G. I have an RS account at Yorkshire Building society and if I wanted to send a payment every month from my 1-2-3 account to it, would I need to go to YB and get some kind of DD agreement which I would need to sign or can I just set it up online at santander's website?

It will be a standing order not a direct debit and you can set it up online using Santanders's online banking.

See details here:
http://www.ybs.co.uk/your_society/help/sort_codes.html

thor

Well that's an unexpected bonus. The emphasis is usually on direct debits but it is good news that SOs count too.
So to confirm: From my 123 account I can setup two standing orders to fund two regular accounts elsewhere and that will enable me to earn interest on balances above £1000. Does that sound right?

luci

thor wrote: »

Well that's an unexpected bonus. The emphasis is usually on direct debits but it is good news that SOs count too.
So to confirm: From my 123 account I can setup two standing orders to fund two regular accounts elsewhere and that will enable me to earn interest on balances above £1000. Does that sound right?

I think you have misunderstood.

To transfer between those accounts requires a SO, not a DD. However I believe only DDs count for the cashback.

Herbalus

luci wrote: »

I think you have misunderstood.

To transfer between those accounts requires a SO, not a DD. However I believe only DDs count for the cashback.

That's correct. Standing Orders have no impact on eligibility for interest. The T+Cs state that you need 2 direct debits.

If you are able to fund regular savers via DD (and all the RS accounts I know of are funded by standing order - you need to check if your RS accounts can take DD), then you will need to get a DD form from the bank where you hold your RS and put your Santander 123 details on the form.

LinzJG

i just tried to apply for this account but it wouldn't let me proceed online after it told me my total outgoings exceeded income even though i stated monthly income of £2804 and outgoings of £1956! anyone else had an issue with this...can't work out what i'm doing wrong...