Direct debit to qualify for Santander 123 Current Account INTEREST?

Archi_Bald

The 123 specific terms are less than 2 pages long (and yes, I have actually read that page and a half) http://www.santander.co.uk/csdlvlr/BlobServer?blobtable=MungoBlobs&blobkey=id&blobcol=urldata&blobheader=application%2Fpdf&blobheadervalue1=inline%3Bfilename%3DBANK0456JUL14HT_LOW.pdf&blobwhere=1314014383211&blobheadername1=Content-Disposition

The headline stuff is on their web pages: http://www.santander.co.uk/uk/current-accounts/123-current-account/

According to Santander's most recent Quarterly Management Statement, there are several million 123 accounts, so a few million people seem to have got to grips with how the account works.

eskbanker

OPENSPACES wrote: »

Terms of business is 43 pages long and Terms and Conditions is 20 pages long. What reasonable investor is going to read through them. I expect the nut and bolts to be in the headline message which enables me to make a quick decision

As per other posts above, they do have perfectly adequate summaries of key points on their website for quick decisions, but if you have some very specific questions of clarification that aren't answered by these then surely the written Ts & Cs are a more productive avenue than (a) making multiple calls to call centres (however much you enjoy hitting the roof/giving them both barrels, etc) and/or (b) making spurious complaints to the FOS?

OPENSPACES

Point 1. If you read the headline criteria on the link for 123 on on line banking it does not say that your £500 a month deposit has to be from an external source as is stated on the main web page. I admit it does state it further down under important information. Nor does it stipulate it on the receipt they send you. This meant initially I invested money for no interest. My fault? but how many people do it? It can be so easily remedied.
Point 2 The point re DDs is that it tells what you need for cashback but it is not entirely clear what is needed for interest alone. Here I had a great deal of difficulty getting correct advice and only got it after about the fifth attempt, and mainly received the same problems as per the original poster on this thread i.e. right question wrong answer.
Point 3 the issue re deregistering from tax individually on a joint account is not mentioned at all anywhere I can see, and also with on line 123 application form it does not allow you to apply for joint accounts i.e. it must be in one name. I was then told you can change a joint account be entering either name but how many give up and don't bother. These issues may be seem to the readers of this board as being "my fault because I am brainless" (nobody here seems understanding only critical of me and defensive of the bank) but as a customer they make me feel less than satisfied i.e. it was not a seamless experience.

I have no doubt most of you here will say things like "use your loaf", brainless etc etc but my point is that most these snags can be easily remedied. If I had received this type of experience from any company trying gain my new business I would have been long gone but as it happens for an ordinary account running service I am more than satisfied having used the bank and its predecessors for more than 50 years

OPENSPACES

Oh and another thing I asked them about tax returns and whether they provided a yearly statement. Twice they replied saying its in a PDF under E documents. Twice I replied no its not. Then a supervisor rang and said I will talk you through it. So I did what I had already done twice and he then said "that's funny it should be there I will investigate that". So could you please tell how you guys get their annual interest/tax statement. In my experience you would normally get it at end of year but they were trying to tell me that there was a cumulative one under E documents. Just another blip which added to my frustration

eskbanker

It won't be any consolation to you but it works for me - if I go into my e-Documents, in among all the monthly statements there is an entry labelled as 'account summary', dated 16 May 2014, which is a PDF which has all the relevant gross/net interest figures and tax paid, etc, by account for the tax year 2013/14, exactly what I need!

colsten

eskbanker wrote: »

It won't be any consolation to you but it works for me - if I go into my e-Documents, in among all the monthly statements there is an entry labelled as 'account summary', dated 16 May 2014, which is a PDF which has all the relevant gross/net interest figures and tax paid, etc, by account for the tax year 2013/14, exactly what I need!

Similar here, for all my 123 and Santander savings accounts that I had open in previous tax years.

tonyhamm

Hi
Any 2 Direct Debits will do for this account. It doesn't have to be cashback ones from a list.

Just to say the Santander Acc is NOT a charity or loss leader - because the bank didn't need a bail out it can offer higher rates as its overall funding is lower than other banks.
Last time I checked a SVR mortgage was nearly 5% with santander.

YorkshireBoy

tonyhamm wrote: »

Just to say the Santander Acc is NOT a charity or loss leader

I have to disagree, for the reasons I gave earlier. They're effectively borrowing at 3%, when they could borrow at much lower rates than that.

Last time I checked a SVR mortgage was nearly 5% with santander.

How many people have SVR mortgages these days? Personally, I haven't one for for 20+ years! What proportion of Santander's mortgage customers are on an SVR mortgage? I'd wager not many!

OPENSPACES

Pop up just arrived on my Santander on line banking reading up to 3% cashback and interest.

Need to do
Set up 2 X DDS with eligible companies

Now we all know what qualifies but Santander just cant seem to get the message in that they cant state the simplest message in plain English.

Why cant they separate Cashback and interest. Still as you say they don't want interest seeking customers so why make it easy

OPENSPACES

If only to feed my paranoia that Santander is hell bent of a deliberate course to annoy me (only joking of course) they have recently sent me a secure message in response to a query to which I wished to respond. After drafting a response I read it through only for the page to be timed out as being inactive for 10 minutes. So the moral of the story is type short letters as responding to complaints is not deemed as being active Aaagh