Direct debit to qualify for Santander 123 Current Account INTEREST?

JustAnotherSaver

Note: I said interest in caps, not cashback.

A family member has a couple of these accounts recently opened. They don't pay bills & as such don't qualify for cashback through those types of direct debits.

They had a look at the T&Cs & so have i & we both can't see anywhere that says you need specific direct debits to qualify you for interest. It only specifies you need specific ones to qualify you for cashback.

As such, 2 direct debits were set up for a Tesco savings account in a bid to qualify for interest on the accounts (to use it as a savings account really).

She then re-contacted Santander to ask if this now qualifies her for INTEREST payments.

What did Santander do?

Yes, they ignored the question & answered the question that wasn't asked .... does it qualify her for cashback payments, which they say no it doesn't .... which we already know. They decided not to answer about whether it qualifies for interest payments, despite the fact that INTEREST was put in the question & cashback WASN'T.

So, any MSE members using it similarly & can answer the question?

Archi_Bald

Clause A4 of the T&Cs (http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223433871361&cachecontrol=immediate&ssbinary=true&maxage=3600) answers your family member's question.

YorkshireBoy

...but if T&Cs aren't your bag, the following is just two clicks away from their homepage on the 123 product overview...

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector (scroll down to the 'important information' section).

JustAnotherSaver

That's good news then. No wonder we couldn't find it when it doesn't even exist. Not sure what Santander are playing at.

I know she's sent them a response to their secure message, telling them they failed to answer the question & would like the matter of interest to be addressed directly.

If they say she's not eligible then i suppose that'll be another complaint they receive. I must've made about £300+ out of their mistakes myself.

Archi_Bald

JustAnotherSaver wrote: »

I know she's sent them a response to their secure message, telling them they failed to answer the question & would like the matter of interest to be addressed directly.

Don't suppose you can post the question she asked, and the answer she got?

ManAtHome

JustAnotherSaver wrote: »

That's good news then. No wonder we couldn't find it when it doesn't even exist. Not sure what Santander are playing at.

But the first line of the bit YorkshireBoy pointed at (blue-shaded box) says

To benefit from cashback on household bills and interest on your balance, just follow these steps:

JustAnotherSaver

Clause A4 from the T&Cs linked:

Earning cashback and credit interest using
your
123
Current Account
To earn cashback and credit interest on your
123
Current Account, you must:
a) pay the monthly account fee; and
b)
pay in a minimum amount into your account each
month; and
c)
have at least two Direct Debits set up on your account; and
d)
for earning credit interest only, you also need a
minimum current account balance.
For information on minimum funding amount and
minimum and maximum account balance requirements,
interest rates and fees, please refer to the Interest Rates
and Fees Information leaflet.

a) check
b) check
c) check - as it doesn't specify what type of direct debits, it just simply says direct debits. It doesn't even specify that they have to be active or not
d) as this is the one we're wanting ...... check (as there's £20k in one & £10k in the other).

So based on their T&Cs, she qualifies.

drob4

Sorry for bumping a fairly old topic, but...

Did anyone get a definitive answer on this ? I'm currently living with family and paying no bills 'directly' (just cash in hand for board etc) and would like to know if I qualify for interest on a 123 account by setting up DD's to my own bank accounts. Does anyone else operate the account in this manner ?

Edit: oops, can see a very similar question to this in a thread below. Sorry.

JustAnotherSaver

To clarify - the direct debits in this case are to Tesco Savings accounts, which qualify.

Hoogieflip

Hi, I'm hoping someone sees this on this old thread - I've not been able to find the answer elsewhere.

I've recently opened a 123 account, but I'm having trouble setting up Direct Debits. Santander tell me that I have to set them up with the organisation I want to pay, but the organisations I want to to send money to from my 123 account are other banks; they insist that Santander must set up the Direct Debits.

Can anyone help, please? Maybe you found the answer, drob4? I'd be really glad for any advice as I'm getting nowhere with Santander themselves.



p.s. I can't get any of the links already posted to work.

YorkshireBoy

Hoogieflip wrote: »

I've recently opened a 123 account, but I'm having trouble setting up Direct Debits. Santander tell me that I have to set them up with the organisation I want to pay, but the organisations I want to to send money to from my 123 account are other banks; they insist that Santander must set up the Direct Debits.

You've misunderstood what you've been told, or the person you spoke to requires (re)training.


The DD originator needs to set the DD up. DD originators are typically utility providers, credit card providers, etc. However, there are some bank savings accounts (note: not current accounts) that allow you to pull money in by DD from your current account.


So all you need to do is find one or more of these...and you need to look on the savings account board where there's a list of savings account providers accepting deposits by DD.