Santander 123 Current account - No students allowed?

innovate

jay213 wrote: »

Can I just take £150 + out by cash machine and then pay it straight back into the bank. Will the the amount that I deposit back in the bank count as though that was extra money put in for the month?

Definitely possible, and yes it will count as money paid in.

Herbalus

Yes, if you sent £500 from your Halifax account to another account and back, and did this 20 times in a month, your Halifax accounts would show a credit of £10,000 for that month. Ridiculous of course, but £1,000 is definitely manageable. Make sure you remember.

The Santander 123 account is not prohibited to students in the Terms and Conditions, nor if you apply in branch, so go ahead and put down your employment. Tell them you are employed (truth), and your income (truth). There are a number of students on here with 123 accounts.

A_Flock_Of_Sheep

I still say don't tell them. Why is being a student relevant to having this account any more than using green toilet paper every month with an `R' in it is or being male, female, canine, ursine.

As far as I know CRA's don't hold details of your employment or student status so Santander can only find out if YOU tell them. Although at the rate the CRA's snouts are sniffing out information I am sure your employment details and whether you buy Heinz or Tesco beans will be on their ever swelling population databases. I was quite shocked to discover that the value of the property you live in now features on Equifax's file about you.

innovate

A_Flock_Of_Sheep wrote: »

I was quite shocked to discover that the value of the property you live in now features on Equifax's file about you.

rotflmao- - - do they really?!?!? This must be the second-most-useless bit of "information" they hold, after the fantasy credit score they calculate.

How can they know anything about the value of the property you live in without having sent a surveyor round? Which of course they couldn't possibly do.

A_Flock_Of_Sheep

innovate wrote: »

rotflmao- - - do they really?!?!? This must be the second-most-useless bit of "information" they hold, after the fantasy credit score they calculate.

How can they know anything about the value of the property you live in without having sent a surveyor round? Which of course they couldn't possibly do.

I kid you not. There is a section on their online file that shows the value of the home you live in. What it doesn't *yet* confirm is whether you own the property and if you have a mortgage - but I guess if you have a mortgage on file you might own the property of the value shown unless it is Buy To Let.


I am not sure if it shows on the £2 paper file but it is on the internet version.

To be fair I am getting pretty sick of the constant swelling of data held by these third party agencies. Unregulated agreements such as phones, gas bills, insurance, current accounts, TV subscriptions. None of which are covered by the CCA and totally open to reporting errors on files.

We dumped British Gas the moment we discovered their decision to report our gas bill to Experian. We gave them that reason for leaving too. We are dumping you because you choose to waste money reporting our account to Experian and we do not approve of you doing it. Your choice is stop doing it or let us go. They chose the latter but we don't care.

They claim that entries of 6 years plus are removed but are they really? I bet they are just hidden and can come back at the click of a mouse.

It won't belong before the window cleaner will be able to report if you paid last weeks cleaning bill of £7 within 5 days.

robatwork

A_Flock_Of_Sheep wrote: »

It won't belong before the window cleaner will be able to report if you paid last weeks cleaning bill of £7 within 5 days.

Of course the window cleaner would be in a pretty good position to do a survey on your house for the CRAs so maybe that's a nice dual career option.

His surveys would probably be right up there with homebuyer's surveys too.

YorkshireBoy

A_Flock_Of_Sheep wrote: »

As far as I know CRA's don't hold details of your employment or student status

They may not, but the Fraud Prevention Agencies do.

So if you're applying for credit regularly, and you were a student last month, then employed this month, then a student again next month, it won't be long before there's some sort of flag raised...maybe even a CIFAS marker?

I was quite shocked to discover that the value of the property you live in now features on Equifax's file about you.

Acorn classification has been used for years in credit scoring. Not so much how much your house is worth, but the average price in the area and how (potentially) affluent you and your immediate neighbours are or might be.

brendon

I was in the same situation as you, switching from Halifax to Santander. I don't like setting up accounts on the Internet. From what I hear, it's usually more troublesome -- having to make phonecalls, send documents for proof etc. It's probably best to just take 30 minutes to go into a branch and set up your account -- the staff there will probably just skip past all the screens asking about being a student, anyway.

Hominu

innovate wrote: »

Nobody would keep £500K in cash for any length of time.

So if your a millionaire, your not going to keep 500K in cash for emergencies? I think some of them will keep substantially more than 500K in the bank.

innovate

Hominu wrote: »

So if your a millionaire, your not going to keep 500K in cash for emergencies? I think some of them will keep substantially more than 500K in the bank.

I reckon you won't become a millionaire, and keep being one, by keeping the odd £500K lying about on a current account.

But no doubt a millionaire or two will soon pop in to tell us what they do.