Santander 123

jrm

This may have been asked in an earlier post if so forgive me for asking again.

First 123 account is being funded by state pension each week, all good there.

Will they accept a £500 lodgement to the second account from the first account each month to satisfy their funding requirement?

Archi_Bald

They say the £500 must come from a non-Santander account. Some people have said they do internal transfers and all is fine but if I were you, I wouldn't risk it - - their written terms are clear and they can obviously enforce them any time they like.

Had you considered opening a Halifax Reward? Shuttling £1K between your 123s and a Halifax would earn you a fiver a month, £60 a year, and solve your external deposit requirement. The Halifax also needs 2 monthly DDs but this is an easy one - see other threads on this.

If this all sounds too complicated for your liking, just do it with another account that doesn't have any monthly pre-reqs (and no rewards), e.g. a Natwest current account.

badger09

Archi_Bald wrote: »

If this all sounds too complicated for your liking, just do it with another account that doesn't have any monthly pre-reqs (and no rewards), e.g. a Natwest current account.

Or as other possible 'shuttling' accounts with no DD requirements, Nationwide FlexDirect (5% on balance up to £2500 for a year) or LTSB/BoS Vantage (3% on balance £3k - £5k) would all be good . Just pass the minimum funding backwards and forwards

dr_adidas01

Archi_Bald wrote: »

They say the £500 must come from a non-Santander account. Some people have said they do internal transfers and all is fine but if I were you, I wouldn't risk it - - their written terms are clear and they can obviously enforce them any time they like.

Had you considered opening a Halifax Reward? Shuttling £1K between your 123s and a Halifax would earn you a fiver a month, £60 a year, and solve your external deposit requirement. The Halifax also needs 2 monthly DDs but this is an easy one - see other threads on this.

If this all sounds too complicated for your liking, just do it with another account that doesn't have any monthly pre-reqs (and no rewards), e.g. a Natwest current account.

Just a quick note its no longer £1k its now £750 that has to be deposited each month along with 2 direct debits paid each month.

Archi_Bald

Yeah, £750 now...sorry, it's just me, I left my £1K standing orders intact from before the change, and totally forgot about the lower amount.

If you do £500 each into 2 123s, you do end up with £1K into your Halifax though, lol.....