Santander 123 - when must transfer of DDs be completed?

Milarky

Since you can ask for your own DDs to be transferred (no need to use switching service) to this account but in practice it still takes up to a month for the initial DD to be taken from the 123, can I be confident that interest will be paid 'from day one' and that the DD requirement does not need the DDs to be in place before the account becomes eligible for 3%?

thnx

a&akay

Milarky wrote: »

Since you can ask for your own DDs to be transferred (no need to use switching service) to this account but in practice it still takes up to a month for the initial DD to be taken from the 123, can I be confident that interest will be paid 'from day one' and that the DD requirement does not need the DDs to be in place before the account becomes eligible for 3%?

thnx

Looking at my early transactions on my first 123, only 1 DD had been paid by the interest payment date but I still got my full interest on the £3k+ I'd paid in. The other 5 DDs would have been showing on the Direct Debits tab but were future dated in relation to that date. I therefore surmise that as long as the 2 DDs have been set up and are showing on the DD tab, even if not yet pulled, then you still get the interest at the due date. innovate kindly keeps a running watch on suitable DDs, if people haven't got elligible cashback ones, for the 3% on £3k to £20k.

ColdIron

I can confirm what a&akay said, when two of four appeared in my DD tab I phoned them and the customer service guy said I would be paid interest from that date even though the payment date of the DDs wasn't until the following month

innovate

Agree, it seems to suffice if at least 2 DDs are showing.

You can also set some up that will be paid within a couple of weeks from the date you set them up from - https://forums.moneysavingexpert.com/discussion/4168667

10_66

Milarky wrote: »

Since you can ask for your own DDs to be transferred (no need to use switching service) to this account but in practice it still takes up to a month for the initial DD to be taken from the 123, can I be confident that interest will be paid 'from day one' and that the DD requirement does not need the DDs to be in place before the account becomes eligible for 3%?

thnx

I asked Santander this very question when I opened my 123 account, and they confirmed that you only need the 2 DD's to be set up (ie funds don't need to have been taken from them) in order to be eligible for your interest (along with the other requirements, of course).

Milarky

I asked this question on 1st June. I should have just read the terms and conditions more carefully in the first place because I didn't earn any interest this month (actually 29 days) as I only had one of my two DDs even showing as 'set up' on Santander's website. Northern Power updated the details they hold to my Santander account - they just didn't notify Santander is all. I rushed to set up a DD from Natwest late in the month, but Santander just pipped that by one day by shortening my month.

However the clarification is important: terms and conditions do specify that for credit interest to be earned the 2nd DD must be 'set up' (i.e. showing at Santander) by the statement date.

innovate

Milarky wrote: »

I rushed to set up a DD from Natwest.....

How do you set up a DD from Natwest? Which Natwest account do you need for it?

Milarky

innovate wrote: »

How do you set up a DD from Natwest? Which Natwest account do you need for it?

I have two credit cards with them registered for online service. There is a menu option to cancel/set up an electronic DD instruction within the area and it takes 2-3 working days only to reach Santander.

innovate

Ah right, credit cards. I had been thinking of some current or savings accounts.

OnlyMe_08

I've recently setup a direct debit from my Post Office savings account but hasn't shown up yet on Santander, do I have to pull some funds to activate it?

What are other people's experiences? Is it just that PO are slow?

Gromitt

Last time I used the PO they only allowed me to setup 1 DD and it had to the nominated account that I gave when I opened the account. Adding any other accounts sent me paperwork but ignored any DD instructions.

They also said they needed 5 working days to setup the DD.