Direct debit to qualify for Santander 123 Current Account INTEREST?

colsten

Just because you're paranoid don't mean nobody's watching.....

OPENSPACES

Being ever aware of hidden undeclared criteria with the 123 account does anyone know for sure whether the £500 per month funding requirement means one transaction from one bank or can it be a total figure from several sources , excluding internal transfers of course

Archi_Bald

It's always been as many payments as you like. As long as the deposits add up to at least £500 during your account month (which is unlikely to be a calendar month) from an external account, or from a Santander account not in your name, you will have met one of the requirements for earning interest and/or cashback.

If the £500 were needed in a single payment, the T&Cs would say so.

OPENSPACES

"or from a Santander account not in your name"


Now that's interesting. So if you are a husband and wife team there is nothing to stop you setting up standing orders and paying one another the required amount each month ?

Archi_Bald

Can you see anything in the T&Cs that prevents this?

OPENSPACES

Absolutely not but I would prefer advice that you can definitely do it rather than "I cant see anything which prevents you from doing it".
If that is indeed the case then this little snippet would surely be manna from heaven to couples who have just one income eg a pension in that you can just transfer money from one to another to get three 123 accounts?

Archi_Bald

You need to open your mind a bit. For the current account minimum funding requirements, at Santander or other banks, it doesn't matter if people have just one income. The only thing that matters is that people can meet the minimum deposit requirements under the terms the bank specify.

I meet about £12,500 minimum deposit requirements for various accounts each and every month, and I certainly do not have a monthly income of £12,500 nor does our household have this sort of monthly income.

OPENSPACES wrote: »

couples who have just one income eg a pension in that you can just transfer money from one to another to get three 123 accounts?

I must say I can't follow why being able to pay money into a spouses account means you can get 3 123 accounts. Between 2 people, you can have 3 123 accounts anyway, of which one needs to be a joint one. Neither of you could meet the monthly funding requirement for that joint account from your respective sole account. But of course you can meet the funding requirement for any or all 123s from another bank, say TSB, Tesco, Lloyds etc.

YorkshireBoy

OPENSPACES wrote: »

Absolutely not but I would prefer advice that you can definitely do it rather than "I cant see anything which prevents you from doing it".

No one here can give advice on that. The best you're going to get is anecdotal evidence in the form of "I did it and got away with it". Now that isn't going to help you much when you complain if the T&Cs say "you can't to do"...is it?

When you're reading T&Cs it's important to read what they say...obviously! But what many people forget is that it's just as important to read what they don't say...because if they don't say it then they can't prohibit it - eg cross funding with TSB accounts.

If that is indeed the case then this little snippet would surely be manna from heaven to couples who have just one income eg a pension in that you can just transfer money from one to another to get three 123 accounts?

As Archi says above, how are you, or they, going to manage that?...being as you can't make a qualifying credit from another Santander account with your name on it (see the account T&Cs). Specifically, you can each fund the other's sole account from your own sole account, but how will either of you fund the joint account from a sole account (or vice-versa) when both your names are on the joint account?

Sometimes you can't see the wood for the trees!

OPENSPACES

Right I have just received specific advice from Santander that the only specific exclusion is an internal transfer from an account in which the recipient is named.
So my wife can fund my sole account and I can transfer to her sole account whereas a transfer to our joint account would not count.


At present my pension comes into my joint account which is fine. I then create a standing order for £501 to my wife's account from my personal account on say the first of each month and she does the same to return it two days later. She does the same for her to me and back again.


So it is easy to create 3 123 accounts criteria if you have money paid into your joint account. Am I making sense?


My point is that this way of meeting multiple 123 crtieria accounts only be came clear to me when you mentioned "accounts not in your name" so if I did not realise there must be many others who also don't understand it. While the 123 account is undoubtedly successful it could be more so if these anomalies in the "terms and conditions" were better communicated.

bsms1147

OPENSPACES wrote: »

At present my pension comes into my joint account which is fine. I then create a standing order for £501 to my wife's account from my personal account on say the first of each month and she does the same to return it two days later.

Why not same day?

She does the same for her to me and back again.

Would be simpler for her to return it straight to your sole account.