Santander 123 timing of minimu monthly credit

noelphobic

I have a Santander 123 account. My monthly salary used to be credited to it, thus satisfying the £500 monthly credit condition. However, I took voluntary redundancy recently and now have no income (other than a very small amount of interest on savings). My understanding is that the month runs from your statement date, rather than the 1st of the month. My statement date was 12th August and I transferred £500 into the Santander account from my Nationwide account the same day. Will this satisfy the funding requirement or should it have been paid in at least a day later than the statement date?

I've set up monthly standing orders for £1000 from Santander 123 to Nationwide Flexdirect, £1000 from Nationwide Flexdirect to Nationwide Regular Saver, and £500 from Nationwide Flexdirect to Santander 123. I'm trying to make sure I get the timings right so I don't lose out on any interest, especially as I don't know when I'll have a regular income again.

typistretired

This is what it says on their site:-

Interest rates and cashback

You must pay at least £500 into your account every month. This is not a calendar month, it is the month from the date you opened your account. For example, if you opened your 1 23 Current Account on the 7th of the month, you must pay £500 between the 7th and 6th of the following month, every month to qualify.

Archi_Bald

Why try to deposit the money on a day which might still count as the old month (e.g. if the date falls on a weekend) - - - all you need to do is deposit the £500 sometime in your statement month. So if you do it a week into the month, or a week before the end of the month, or somewhere in the middle, you can be sure your deposit will count.

noelphobic

Archi_Bald wrote: »

Why try to deposit the money on a day which might still count as the old month (e.g. if the date falls on a weekend) - - - all you need to do is deposit the £500 sometime in your statement month. So if you do it a week into the month, or a week before the end of the month, or somewhere in the middle, you can be sure your deposit will count.

I should have thought of that really! I have been thinking that I could end up missing out if the date falls on a weekend, so your suggestion makes sense.

I'm not sure how well that would work with Nationwide though, and whether they count the month as a calendar one or from when the account was opened. Also, because I am putting £1000 into a Regular Saver with them I am trying to work it so that £1000 from Santander hits the Natonwide Flexdirect on the same day that £1000 from the Flexdirect goes to the Regular Saver.

I don't know why standing orders don't go on weekends/Bank Holidays now, as they do go as Faster Payments rather than by BACS.

YorkshireBoy

noelphobic wrote: »

I'm not sure how well that would work with Nationwide though, and whether they count the month as a calendar one or from when the account was opened.

Calendar, according to your T&Cs.

I am trying to work it so that £1000 from Santander hits the Natonwide Flexdirect on the same day that £1000 from the Flexdirect goes to the Regular Saver.

I fear you'll never achieve that, since the Nationwide to Nationwide payment may be some sort of internal transfer (behind the scenes) even though it appears to be a standing order.

The penalty for erring on the side of caution will be a few pence lost interest. Worth the extra effort of timing it just right?