santander 123 maximum of £20,000

brandydog

was looking for a place to put 60.000 is it possible to open 3 accounts and get the 3/% interest if so what is the advantages and disadvantages

thanks in advance

duggan1

Not sure you could open 3 under your own name.... You also need to deposit £500 per month and have two direct debits coming out of the account every month to qualify for the interest rate.

innovate

You can, and paying in £500 a month into each, as well as having 2 DDs on each, is emminently doable.

YorkshireBoy

duggan1 wrote: »

You also need to...have two direct debits coming out of the account every month to qualify for the interest rate.

Are you sure?

Their website says, simply, "Set up a minimum of two Direct Debits"...not that they have to be 'paid' each month.

saintalan

innovate wrote: »

You can, and paying in £500 a month into each, as well as having 2 DDs on each, is emminently doable.

Also the Deposit has to be from non Santander accounts.

oftm

I would like this account but I do not have any current Direct Debits that could be used. Can you just make up two to another bank account or something like that? Has anyone done this and more importantly are you getting 3%?

innovate

Check post 1 in https://forums.moneysavingexpert.com/discussion/4168667

Though your biggest benefits will come from having proper, cashback-earning DDs.

bigfreddiel

saintalan wrote: »

Also the Deposit has to be from non Santander accounts.

well thats simple innit

santander acc1 - a.n.other bank account

a.n.other bank account -> santander acc2

santander acc2 - a.n.other bank account

a.n.other bank account -> santander acc3

santander acc3 - a.n.other bank account

a.n.other bank account -> santander acc1


and so back to square one

no just a couple of dds on each - hang about, we already have one lot set out above

"shut the front door!"

fj

saintalan

bigfreddiel wrote: »

...
no just a couple of dds on each - hang about, we already have one lot set out above

"shut the front door!"

fj

How do you set up Direct Debits between bank accounts?

Thanks

Alan

Cornucopia

First rule of banking - don't confuse standing orders with DDs.

Generally, DDs are set up and run for you by large organisations - utility companies, for example.

In some cases, a savings account can use a DD to draw cash in, and this will suffice for the 123 account.

The link provided by Innovate in post #7 is a list of such accounts.

saintalan

Cornucopia wrote: »

First rule of banking - don't confuse standing orders with DDs.

Generally, DDs are set up and run for you by large organisations - utility companies, for example.

In some cases, a savings account can use a DD to draw cash in, and this will suffice for the 123 account.

The link provided by Innovate in post #7 is a list of such accounts.

My bad I didn't read the link.

Thanks

Alan