Santander 123 account - A couple of questions.

sonnydeletejc

Hi All,

Does anyone know if you need to be a Santander customer to apply for this account?

Also, the £500 minimum deposit each month. Does that have to be from a salary payment, or can it just be £500 transferred in from another account each month?

Thanks.

J

Herbalus

You don't need to already be a Santander customer to get this account. It's a current account. Anyone can apply.

To qualify for cashback/interest the £500 must come from any external account i.e. not Santander. Mine comes from Norwich and Peterborough Building Society for example.

mrs_T

I have this account and have been moving money into it from my other sanatander account and earning cashback/interest for the last 3 months.

Herbalus

mrs_T wrote: »

I have this account and have been moving money into it from my other sanatander account and earning cashback/interest for the last 3 months.

Then Santander have not been adhering to their own terms and conditions. You have been lucky, but others may not be.

cheap_skate

Does anybody know how long the £500 has to be in the account? Can I just transfer £500 in every month then transfer it back the next day?

Thanks

Buzby

Sure, but it would have to be from a non Santander source.

However, if this is a way to get the % you'll eventually slip up or get bored and the bank will take delight in paying you less!

Herbalus

Buzby wrote: »

However, if this is a way to get the % you'll eventually slip up or get bored

Slip up? What about standing orders or even just a general awareness of what's happening in your bank accounts? It's not complicated.

Get bored? Because people would decide to not be bothered about a minutes work for interest? Right...

cheap_skate

Yes just thought I would set up a standing order to pay from my normal account into the santander account and have it transferred back the next day. Transfer my Eon and orange DD's over this this account. Which will cover the £2 a month fee then put all my savings accounts money apart from ISA's in to the account to get my 3% interest.:beer:

DezBoy

Be mindful of this credit card....the worst pitfall is the fuel cashback which in the very small print is not the max % its marked down to 1% if you use "supermarket" petrol sites. No data breakdown as to how they arrive at their % cashbacks and lastly you will still need to "pick 'n mix" your cash back cards else on some store purchases you will get no cashback if not on their limited list of cashback participants.:beer:

Herbalus

DezBoy wrote: »

Be mindful of this credit card....the worst pitfall is the fuel cashback which in the very small print is not the max % its marked down to 1% if you use "supermarket" petrol sites.

It makes sense to use your best card at each particular retailer, of course.

Many forumites on here have said that the merchant codes (or something similar, can't remember the name) of supermarket petrol stations are different to that of the stores and so in theory they should process as 3%. I don't have the card so can't tell you of my experiences. Search the forum for more information on this if you want.

nollbolla

We have the credit card and always get petrol at asda as it's the only one anywhere near us and it has always tracked at 3%. On the statement it says asda/ superstore for the food and asda stores/petrol for fuel and though the cashback isn't broken down on the paper statement it does show how much earned at each % on the online statement.