santander 123 current account

thor

SnowTiger wrote: »

Wouldn't you be better off moving to a no-fee current account?

Paying £2 a month and not getting any cashback or earning interest isn't really very MSE.

You are right, it isn't but I only got it so that I could qualify for their 3.00% 2 year fixed cash ISA.
10_66 mentioned that there is a one month window to set up DDs, is that for both getting cashback and interest or just for the cashback?

10_66

thor wrote: »

...10_66 mentioned that there is a one month window to set up DDs, is that for both getting cashback and interest or just for the cashback?

It's to benefit for interest and cashback, ie, if you don't satisfy the minimum monthly funding of £500 from an external source & the 2 DD's within the month you wouldn't get interest or cashback.

fort

I believe the credit card is fee free for a year. Can i cancel it after a year?

ses6jwg

fort wrote: »

I believe the credit card is fee free for a year. Can i cancel it after a year?

Yes you can.

thor

10_66 wrote: »

It's to benefit for interest and cashback, ie, if you don't satisfy the minimum monthly funding of £500 from an external source & the 2 DD's within the month you wouldn't get interest or cashback.

You mean if the DDs are not set up within the month there will be no interest for that month don't you. For a while I thought from 10_66's post that if 2 DDs are not set up within a month of the account opening then you would not be eligible for interest on this account forever.
As it happens I have managed to locate two DDs I can use.
One is to fund a regular savings account and the other is to pay off a credit card which will kick in from the end of June. It looks like I am going to get that 3.0% after all:beer:

macman

The T&C's are perfectly clear. For any months when the terms are not met (which includes having the 2 active DD's, and the minimum £500 funding), then no interest will be paid, and no cashback will be paid either in that month.

matttye

Just got accepted for one of these myself.

Can anyone who has switched before confirm if their switcher service leaves your direct debits set up on the same dates as they are on the account I'm switching from?

Thanks

Going to leave a bit in my old account in case it all goes pear shaped anyway!

Gromitt

macman wrote: »

The T&C's are perfectly clear. For any months when the terms are not met (which includes having the 2 active DD's, and the minimum £500 funding), then no interest will be paid, and no cashback will be paid either in that month.

Where does it say that you must have "2 active DD's" ? The only thing presented in the T&Cs is: "have at least two Direct Debits set up on your account".

matttye wrote: »

Can anyone who has switched before confirm if their switcher service leaves your direct debits set up on the same dates as they are on the account I'm switching from?

They don't create and can not alter the dates of the DDs. All they can do is request that the DD originator cancel the DD on your old account and setup a new one on your new account.

matttye

Gromitt wrote: »

They don't create and can not alter the dates of the DDs. All they can do is request that the DD originator cancel the DD on your old account and setup a new one on your new account.

Great thanks, so on that basis it seems highly likely they'll remain on the same dates.

SnowTiger

matttye wrote: »

Can anyone who has switched before confirm if their switcher service leaves your direct debits set up on the same dates as they are on the account I'm switching from?

The dates are set by the company which takes the money, so they shouldn't change.

And, according to the Direct Debit: "If there are any changes to the amount, date or frequency of your Direct Debit the organisation will notify you (normally 10 working days) in advance of your account being debited or as otherwise agreed."

I used Santander's Switching Service and it worked perfectly, though I prepared for difficulties by keeping enough cash in both my old and new accounts to cover Direct Debits, which you also plan to do.