Santander 123 Accounts Only Two Per Person

innovate

why would you have 6 when the FSCS limit is £85K? 4 is plenty methinks, unless you want to gamble with your money

standinman2009

innovate wrote: »

why would you have 6 when the FSCS limit is £85K? 4 is plenty methinks, unless you want to gamble with your money

A lot of us consider Santander to be one of the safest UK banks so tend to have a lot more than £85000 held there !!

innovate

standinman2009 wrote: »

A lot of us consider Santander to be one of the safest UK banks so tend to have a lot more than £85000 held there !!

:eek::eek::eek::eek::eek:

I am certainly not subscribing to the scaremongering about "spanish banks", but would never keep more than £85K (incl allowance for interest) there. No UK financial institution is safe enough to have more than £85K in it. The next one that fails won't get rescued. Note I am not saying Santander will fail but I would equally never say they couldn't.

Old_Slaphead

With DDs - do they have to be specifically for monthly payments because some bills ie council tax, water rates are paid over 10 months ? Also I've a couple of quarterly payments - would they qualify as being part of the 2 per account ?

Thanks

eskbanker

Old_Slaphead wrote: »

With DDs - do they have to be specifically for monthly payments because some bills ie council tax, water rates are paid over 10 months ? Also I've a couple of quarterly payments - would they qualify as being part of the 2 per account ?

Thanks

The account terms and conditions don't require the DDs to be monthly, in order to qualify they just need to be set up:

To earn cashback and credit interest on your 123 Current Account, you must:
[…]
c) have at least two Direct Debits set up on your account

Direct Debit: An instruction from you to us authorising an organisation to collect varying amounts from your account, as long as you have been given advance notice of the collection amounts and dates.

jem16

planteria wrote: »

typical Santander for me...they've kept telling me that the codes for accessing my new accounts will be with me shortly. running out of time this month,

The month for Santander isn't a calendar month, it's a month from when you open the account I believe.

jem16

For those of you who have set up Tesco DDs, how long did they take to appear in your Santander accounts?

Sampong

standinman2009 wrote: »

A lot of us consider Santander to be one of the safest UK banks so tend to have a lot more than £85000 held there !!

Can't really see the point in holding a lot more than 85k in one institution when you have the option to spread your money around and guarantee it's safety.

There are other alternatives, such as NS&I income bonds which are fully backed by the treasury. So you can safely have over £85k there - up to a million. The interest rate is dropping in August I believe though.

A "lot" more than 85k is an awful lot of money to hold in cash, particularly when you consider the affects of inflation.


http://www.bankofengland.co.uk/education/Pages/inflation/calculator/flash/default.aspx

innovate

jem16 wrote: »

For those of you who have set up Tesco DDs, how long did they take to appear in your Santander accounts?

it seems to be quite quick - a working week max

FOREVER21

standinman2009 wrote: »

A lot of us consider Santander to be one of the safest UK banks so tend to have a lot more than £85000 held there !!

Remember Northern Rock !! who would have thought of them being unsafe:mad: