Santander 123 £500 deposit

tigermatt

Can I satisfy the £500 funding requirement on a Santander 123 current account by recycling funds to and from another account with another bank?

I cannot see anything in the T&Cs which would prevent me transferring out £500 mid-month to my current account at another bank, and then transferring back at the start of the month again to the 123 account in order to satisfy the requirements and earn 3% interest.

Has / does anyone do this successfully?

CKhalvashi

Yes you can.

I bank with HSBC, however transfer in enough to pay the bills and keep the £20k in the account each month.

There's nothing stopping you from transferring in/out, as long as it's £500 a month.

CK

davethorp

The only stipulation is the £500 funding requirement has to come from an external source. You couldn't transfer it in from another account held with Santander however any other bank is absolutely fine.

tigermatt

Wonderful, thank you both!