Santander 123 Accounts Only Two Per Person

innovate

planteria wrote: »

i just opened two of these, primarily for the sign up incentives via QC and TCB. i know people who have several of them, but it sounds as though 2 will be all i will stretch to.

How many current accounts do you have to switch from? You'd need 2 to stand a chance for the Quidco/TCB cashback

planteria

well, currently have 9 current accounts now

QC are apparently paying out £55 before ive even transferred any DDs over:o...but i'll be glad to bag the £45 from TCB. i have found them to be hard work in the past:think:

Minrich

So we have applied for a 123 account each (Wife and I) , we will fund both from our current account (£500 +) and on the same day we fund the account we will transfer it back again with 2 x Direct Debits from each account . Will this meet their criteria ? Its the Best place we can find to keep pace with inflation while we decide what to do with the £40k in there .

planteria

good question....DDs back out to the current account(s) the funds had come from?:lipsrseal

badger09

Minrich wrote: »

So we have applied for a 123 account each (Wife and I) , we will fund both from our current account (£500 +) and on the same day we fund the account we will transfer it back again with 2 x Direct Debits from each account . Will this meet their criteria ? Its the Best place we can find to keep pace with inflation while we decide what to do with the £40k in there .

Not quite clear what you're asking but:

You need to fund from an external account, so if the current account you're referring to is with Santander, you might need to think again

You can transfer 'back again', but probably not by Direct Debit. So you'll need 2 DDs for each 123 account

Minrich

I have just thought , our other account is with Cahoot (Santander) so it probably won't count as from an outside source ?? !

innovate

planteria wrote: »

good question....DDs back out to the current account(s) the funds had come from?:lipsrseal

How would you do that?

innovate

Minrich wrote: »

I have just thought , our other account is with Cahoot (Santander) so it probably won't count as from an outside source ?? !

Cahoot has always been kept at arm's length by Santander (e.g. no integration of the IT systems), so you may well get away with it. Safer to use a "proper" other current account, though, such as a Halifax Reward or Nationwide FlexDirect (each of which could offer you their own benefits).

Minrich

innovate wrote: »

How would you do that?

Can't you transfer money every month by DD from this acount then ? or does it have to be by STO ?

innovate

To move money from one current account to another, you cannot use a Direct Debit. For regular transfers, you could use Standing Orders. Though quite a few people do it manually since it usually just takes minutes now.