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Santander 123
InhaleMood
Posts: 312 Forumite
Hi,
I have just opened up a Santander 123 current account to utilitise the savings rate.
I have a cash isa with Santander, but the rates has dropped to a measly 0.75%.
Does anyone know if I can use that money in the ISA as my £500/month credit? Or would it be worth just transferring it all to the ISA and using my wages to do the £500?
Help would be much appreciated
I have just opened up a Santander 123 current account to utilitise the savings rate.
I have a cash isa with Santander, but the rates has dropped to a measly 0.75%.
Does anyone know if I can use that money in the ISA as my £500/month credit? Or would it be worth just transferring it all to the ISA and using my wages to do the £500?
Help would be much appreciated
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Comments
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The £500 needs to come from an external source. If it's from an account in your own name, it'll have to come from another bank."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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no time criteria. in/out, in/out0
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tanyasharma wrote: »Thanks!
Do you know with these type of accounts if the money has to stay in there for a certain amount of time?
Nope I transfer £1000 to it and leave it in there for a few minutes, then transfer it back to another account.
As long as its funded with £500 from an external source then its ok.Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:0 -
There is an ISA linked to the 123 Account that pays 3% if you can leave it for 2 years. There is also an instant ISA linked to the account that pays 2%. However if you do want instant access to your money then the 3% on the 123 Account is better, as it works out 2.4% after tax for a basic tax payer.0
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Are there any upper funding restrictions on the Santander 123 account?
I have some money in one of their e-Saver accounts and the bonus is about to finish and the interest rate will drop to 0.5%. Can I just drop the whole balance into a 123 current account? I don't want to tie the cash up and these seems like the best option at the moment.
Cheers.0 -
You can put as much as you want in it but you only get interest up to £20,000.0
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You can put as much as you want in it but you only get interest up to £20,000.
And you must have 2 DDs on the 123, and deposit at least £500 a month from an external source to get any interest. Minimum balance for interest is £1K. Apparently you can now only have 2 123s in your name.0 -
horsechestnut wrote: »There is an ISA linked to the 123 Account that pays 3% if you can leave it for 2 years.
It's been 2.5% for some time.0
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