Santander 123 and Nationwide Flexdirect

moneyfoolish

1. Can I open a Santander account for my wife plus a joint account for myself and my wife?
2. My wife is a non-taxpayer. If I declare this would any interest be paid without tax being removed and would the joint account (if allowed) have only half normal tax deducted?
3. If I open these accounts with 2 direct debits on each, I still intend to keep my NatWest current account open and would only very occasionally use the Santander accounts as true accounts. Are there any restrictions if, for example, I don't use the debit card, credit card or write any cheques?

emmak56

russell_anderson wrote: »

1. Can I open a Santander account for my wife plus a joint account for myself and my wife?
2. My wife is a non-taxpayer. If I declare this would any interest be paid without tax being removed and would the joint account (if allowed) have only half normal tax deducted?
3. If I open these accounts with 2 direct debits on each, I still intend to keep my NatWest current account open and would only very occasionally use the Santander accounts as true accounts. Are there any restrictions if, for example, I don't use the debit card, credit card or write any cheques?

You can have 2 123 accounts each. Your wife's account would not be taxed and yes the joint one half would be taxed. To get the benefits all you need is £500 per month going into the account from external source and 2 direct debts. If you put the right direct debts on them, the cash back should then cover the £2 per month fee.

YorkshireBoy

russell_anderson wrote: »

...<snip>...

Depending on how much you're going to be maintaining in these accounts you may be better off (in pure return terms) with some '3% clean paying' LTSB & BoS Vantage accounts instead.

AlwaysLearnin

russell_anderson wrote: »

1. Can I open a Santander account for my wife plus a joint account for myself and my wife?
2. My wife is a non-taxpayer. If I declare this would any interest be paid without tax being removed and would the joint account (if allowed) have only half normal tax deducted?
.....

You could have two single accounts each if you wanted. If you only want/need three, then you might be better to have the third in your wifes name only so you can register for all of the interest to be gross

MisterMotivated

zerog wrote: »

Yup I have just received 5% for 3 days, on my second flexdirect opened Aug 28.

Me too.:j Also opened on 28 Aug

typistretired

Yes got the 5% again on all my Nationwide flexdirect accounts surprised Nationwide adding interest on a Saturday didn't expect to receive until Monday. Have moved all my interest out but will not be doing the £1000 deposits until Monday to be on the safe side.

anoncol

russell_anderson wrote: »

1. Can I open a Santander account for my wife plus a joint account for myself and my wife?
2. My wife is a non-taxpayer. If I declare this would any interest be paid without tax being removed and would the joint account (if allowed) have only half normal tax deducted?
3. If I open these accounts with 2 direct debits on each, I still intend to keep my NatWest current account open and would only very occasionally use the Santander accounts as true accounts. Are there any restrictions if, for example, I don't use the debit card, credit card or write any cheques?

Aren't 2 many santander accounts counter productive due to the 24 fee? So unless you can exceed your cashback limits its pointless isn't it?

Gromitt

anoncol wrote: »

Aren't 2 many santander accounts counter productive due to the 24 fee? So unless you can exceed your cashback limits its pointless isn't it?

Not if you have the cash.

60K divided up into 3 Santander accounts gives you an equivalent interest rate of 2.88% - better than any savings account. If you have qualifying DDs, its even better.

anoncol

Gromitt wrote: »

Not if you have the cash.

60K divided up into 3 Santander accounts gives you an equivalent interest rate of 2.88% - better than any savings account. If you have qualifying DDs, its even better.

True, i meant interest limits as well as cashback limits.