Direct debit to qualify for Santander 123 Current Account INTEREST?

YorkshireBoy

OPENSPACES wrote: »

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 what they say on page 3 (of 8, so not too onerous!) here is correct then?...


http://www.santander.co.uk/csdlvlr/BlobServer?blobtable=MungoBlobs&blobkey=id&blobcol=urldata&blobheader=application%2Fpdf&blobheadervalue1=inline%3Bfilename%3DBANK0455JUL14HT_LOW.pdf&blobwhere=1314014383238&blobheadername1=Content-Disposition

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.

Correct. See the two posts just above yours.

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.

You seem to be making 4 transfers when 2 would do. You said "say the first", but these payments need to arrive per monthly statement period. My advice would be to make them for mid point in the statement month. That way, you won't risk getting hit by weekends and Bank Holidays. Also, why wait 2 days to send it back. If you're using SOs, then make them for the same day.

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

Yes.

YorkshireBoy

OPENSPACES wrote: »

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.

Like I said above, they've got a document on their website entitled "Interest rates and fees information". By it's very title, it covers the main features anyone considering the account would want to know. And it's only 8 pages long. It's reasonable for them to expect anyone depositing £60K with them to read it before parting with their cash...isn't it?

OPENSPACES

You are of course quite correct a simple exchange of amounts between our sole accounts will do !


What some of you don't accept is that many people simply don't take the time to read and understand terms and conditions (I would suggest the majority) and any help gleaned from one's own experiences should be gladly shared.


In the last week or so I have learnt how to get around and understand the direct debit problem and now the issue of multiple deposits . For that I am grateful although I still maintain Santander have a communication problem. What I don't appreciate is people treating me like a numpty for asking the question in the first place. Still everyone is different and we may meet on Big Brother next year?

colsten

OPENSPACES wrote: »

What some of you don't accept is that many people simply don't take the time to read and understand terms and conditions (I would suggest the majority) and any help gleaned from one's own experiences should be gladly shared.

You might not like this but I try anyway. What you forget is that Terms and Conditions are there to avoid misunderstandings.They spell out both the rights and the duties of both parties to a relationship/contract, such as a current account. It is to your advantage if you do read, and comprehend, the T&Cs that apply to a contract you enter, before you enter the contract.

The terms and conditions for literally all current accounts I have seen in the last 5 or so years (and I have seen loads) are very easy to understand. No more indecipherable lawyers' speak - just plain english, easy to understand, terms, and just a reasonable number of clauses to digest.

By all means, use a Forum like MSE to ask questions about T&Cs - - - but always remember, it is the T&Cs that govern your relationship with a bank, not the opinion of one or more forumites like myself.

OPENSPACES wrote: »

What I don't appreciate is people treating me like a numpty for asking the question in the first place.

You aren't being treated as a numpty (especially after you have been able to blag 3 payments for complaints at Santander?) for asking questions but if you come on here to say you "hit the roof gave them both barrels" we all have the right to assume you know what you are talking about. If it then turns out you didn't, you got to take it like a grown-up. Everybody makes mistakes, invariably inadvertently, and being pulled up over mistakes doesn't make you a numpty, even if you feel like one.

OPENSPACES wrote: »

Still everyone is different and we may meet on Big Brother next year?

No offence - would love to meet you one day, but if it has to be on Big Brother, I'd rather kill myself before the event.

YorkshireBoy

OPENSPACES wrote: »

I still maintain Santander have a communication problem.

I'm out!


And, like colsten, I don't do Big Brother.

OPENSPACES

You say communications are good but please read the following re funding requirements. On main web site
At a glance info….Fund the account with £500 a month (excludes internal transfers). A minimum balance of £1,000 is needed to receive interest and at bottom Please read full product details and terms & conditions before applying
Initial comment as a customer. No definition of what “excludes internal transfers” actually means. Via the terms and rates tab you can get to a “123 Key facts” link (not terms and conditions) which I note has been updated on 5 August 2014 Here it says
You must pay at least £500 into your account every month. This is not a calendar month, it is the monthly anniversary from the date you opened/transferred your Account. The £500 minimum monthly payment does not include refunded amounts from your Visa debit card or amounts transferred into the account from another Santander account in your name (including any joint accounts). Transfers in from a
Santander Business Account are an acceptable form of funding
Plain English to me would be at the at a glance stage
Fund the account with £500 a month (excludes some internal transfers see para 4 of 123 Key facts document). A minimum balance of £1,000 is needed to receive interest. Please read full product details and terms & conditions before applying

Now read link from on line banking which I used. Here at “upgrade current account” it says “Fund the account with £500 a month (a minimum balance of £1,000 is required to receive interest). Note no mention of internal transfers. However there is a link to a “terms and conditions” document where reveals a totally different document to the main web site key facts link and simply says re monthly funding at “A4 b) pay in a minimum amount into your account each month” viz absolutely no mention of internal transfers

My point is that both routes should lead to the same information but they don’t. I went via the second route and it lost me a month’s interest. Read it and tell me if I am right or wrong. To me it is bad communication

As regards direct debit it is truly a case of what it does not says which leads to the correct criteria.

colsten

I am out, too.

dr_adidas01

colsten wrote: »

I am out, too.

Really this was starting to get funny.... :rotfl:

OPENSPACES

Well I guess I am out too but don’t understand your attitude. To summarise you chastise me for not reading the terms and conditions on the main page of the web site which I agree are detailed. I say but I am an existing customer and did not use the main page as my application came via the “upgrade account” facility where the stated terms and conditions are entirely different and definitely do not mention external banks and all that. You say don’t care it’s there on the main web page and I say but that’s not where Santander directed me. Quite simply the information should be the same wherever you look on the web site. It is not. Still, nice knowing you chaps I now have 3 x 123 accounts. We are top of the league

karlie88

YorkshireBoy wrote: »

I'm out!


And, like colsten, I don't do Big Brother.

colsten wrote: »

I am out, too.

I'm in.

I'll give you the full £50,000 but I want 49% of your business.