Santander 1-2-3 Account

Clariman

Hi all. I haven't use the site for a while, so apologies if this has been asked a thousand times already.

DAK if it is possible to have more than one Santander 1-2-3 Account? e.g. could my wife and I each have our own account and a joint one?

Many thanks
Clariman (author of the soacalc that many here use on the debt boards)

matttye

Great work on the stoozing site

People have gotten different answers from Santander about multiple 123 accounts, but I've read on here that it's possible. You'd need two direct debits on each account and to pay £500 into both accounts to get all of the perks though. There would be a £2 a month fee for both.

The £500 has to be an external transfer and not just from another Santander account, so you could pay into one account, then transfer it to another bank account with another bank and then transfer it into your other 123 account.

innovate

Clariman wrote: »

..... could my wife and I each have our own account and a joint one?
....

can't see why not

a&akay

DAK if it is possible to have more than one Santander 1-2-3 Account? e.g. could my wife and I each have our own account and a joint one?

Yes. I've now got 2 and still get £8 clear every month after the £4 fees. I had 6 qualifying cashback DDs set up on the first, which was a convert from a joint account. Fortunately 2 of these were easily diverted to my second 123 account by amending them online (Sky and British Gas). I set them up mainly for the 3% from £3k up to £20k on each. You can register for gross online if like me you're a non-taxpayer. Remember that your interest if joint account will be taxed half and half. We had to go into branch and fill in a 4 page form with rubbish to take my OH off the first 123, as he's a 40% taxpayer. Unlike my Lloyds Vantages x3 and Nationwide Flex Directs x5 you get a whole new set of paperwork for the second 123 and have to go through the faff of registering for it separately before it shows after log in.

robatwork

a&akay wrote: »

Unlike my Lloyds Vantages x3 and Nationwide Flex Directs x5 you get a whole new set of paperwork for the second 123 and have to go through the faff of registering for it separately before it shows after log in.

My maths is coming up with 10 current accounts. Is that right - you are running 10 current accounts?

YorkshireBoy

robatwork wrote: »

My maths is coming up with 10 current accounts. Is that right - you are running 10 current accounts?

Some have more than that. I have 19 myself, and even a couple of upcoming 1-2-3 account applications won't get me first prize, being as at least one other poster on here has 24 of them!

Current accounts are the new savings accounts!

Gromitt

Indeed, why use a 1.7% savings account when you can have a 3% current account

a&akay

robatwork wrote: »

My maths is coming up with 10 current accounts. Is that right - you are running 10 current accounts?

Running 14, but in terms of savings only the 5 Flex Directs are active at full amount for the 5%s plus Halifax Reward free £5. The 123s are for future use, with the cashbacks as a bonus. I take the £1ks/£750/£500s required straight back out on cycling from our joint Barclays account (topped up from the saver), takes about 30mins every 1st of the month. I run an Excel spreadsheet to remind me exactly what to do and what accounts I've got. My 3.2% Santander saver comes to an end on 9 Jun. My OH's stooze pot in it will go into the 123s then to fill them up, it can be transferred in seconds few. I tend to open any good savings offer as soon as it comes on the forum, hence capturing the 5x Flex Directs before that loophole got pullled? (My OH only got 4 with the overdrafts in my saver). I've got about 10 savers dormant with only £1 in each with various other organisations as the rate they offer now is paltry. However they came in very handy for the free £5 on my Halifax Reward on the recent 2DD rule. Missed out on the multiples on that - getting old! If they come up with any other good offers you can open these in seconds few as they already know you. However, looks like current accounts are the only serious players for interest, hopefully more Vantages and 123s from others. No doubt these'll get pulled at some stage with a plethora of 123 closures and DD swaps when they do!

robatwork

a&akay wrote: »

I run an Excel spreadsheet to remind me exactly what to do and what accounts I've got. My 3.2% Santander saver comes to an end on 9 Jun.

Crikey.

Is there a reason you can't just setup standing orders to do all the sweeping between various accounts? I seem to recall you said you were retired so perhaps you have plenty of time and prefer to DIY on the transferring?

I am also wondering what damage the credit agencies make of 14/19/24 current accounts - I guess not much else they wouldn't have been approved. More power to you...I think I will have to reconsider my savings, such as they are.

YorkshireBoy

robatwork wrote: »

Is there a reason you can't just setup standing orders to do all the sweeping between various accounts?

Whilst the penalty for something going wrong with a standing order on 'in credit' accounts is simply lost interest, the penalty when things go wrong when you're stoozing overdraft facilities (as I am on 4 of my current accounts) is expensive...in terms of charges and damage to credit histories.

As 'a&akay' says above, it's just 15-30 minutes once a month...for me personally it's the day Halifax pay their fivers and BoS/LTSB pay their interest.

I am also wondering what damage the credit agencies make of 14/19/24 current accounts - I guess not much else they wouldn't have been approved.

It doesn't matter what the CRAs make of it...they aren't lending money/granting accounts. It's how the lenders interpret it that counts. And I have to say they don't seem to mind in my experience.

a&akay

robatwork wrote: »

Crikey.

Is there a reason you can't just setup standing orders to do all the sweeping between various accounts? I seem to recall you said you were retired so perhaps you have plenty of time and prefer to DIY on the transferring?


I am also wondering what damage the credit agencies make of 14/19/24 current accounts - I guess not much else they wouldn't have been approved. More power to you...I think I will have to reconsider my savings, such as they are.

I have to make about 20 transactions by FP on the 1st in about 30 mins and can see instantly that they've been successful or I can't transfer back. It happens. I simply don't trust SOs to do it this efficiently in one day.

I know Noddle, and CRAs in general, don't tell the whole story but mine's showing 5/5 with all acounts now showing. Last month it was 4/5. OH's is 3/5 and he's got his Stooze pot up to £32k recently with 0% deals. I spend his money and will now do it on his new 123 CC as his other cards are pretty much maxed out .