This may be a silly question

mrsd1984

I am looking at opening a new current account. I'm interested in the Santander 123 or the nationwide flex direct account so will be getting something back. I am aware that you need a balance of at least £1000 to get the interest and then need to pay in £500/£1000 a month (depending on account). Can this be a standing order from another current account or does it have to be wages, for example?

Also, would it work to have a balance in both account, but pay £1000 into the nationwide on the first for example and the transfer it to the Santander on the 5th? By doing that and then paying direct debits from the nationwide would I be meeting the criteria for both accounts, earning interest on the nationwide and then earning cashback on the Santander?

Thank you

mum2one

I would check whether it has to be wages - if not there is no reason that the £1000 can't be floated around the accounts, then used and re-done next month.
xx

curlygirl1971

The Santander 123 doesn't have to be funded by wages but will operate on deposits from any source as long as those deposits add up to £500 per month. You can withdraw the £500 once it has gone in, but of course you will need the min balance of £1k to actually earn interest.

I have a Nationwide Flexdirect, I keep £2.5k in it all the time to earn the interest and every month transfer £1k in and out (straight away) from another bank account to meet the account conditions. If you don't have £1k 'spare' then it can be 2x£500 or 4x£250 for example.

innovate

curlygirl1971 wrote: »

The Santander 123 .........will operate on deposits from any source .....

Must be a non-Santander source, according to the T&Cs

mrsd1984 wrote: »

By doing that and then paying direct debits from the nationwide would I be meeting the criteria for both accounts, earning interest on the nationwide and then earning cashback on the Santander?

Not sure what direct debits you are talking about? If you want cashback at Santander for the DDs, then obviously you need to have them paid from the 123.
You don't need any DDs on the FlexDirect to get paid interest.

mrsd1984

innovate wrote: »

Not sure what direct debits you are talking about? If you want cashback at Santander for the DDs, then obviously you need to have them paid from the 123.
You don't need any DDs on the FlexDirect to get paid interest.

Ah yes, sorry it was late!! I meant the dd's from the 123. Looks like I'll be able to do it then

Thank you