Santander 123 Account

innovate

Give your outgoings as zero, which is true since you won't have outgoings from the 123?

Old_Slaphead

Another question on 123 account for anyone in the know.

I have 2 DDs registered on the account - they will not take a payment each month (ie council tax & water utilities take 10 payments per year).

Is the qualfication therefore having 2 DD mandates or 2 DD payments/month ?

ColdIron

Old_Slaphead wrote: »

Another question on 123 account for anyone in the know.

I have 2 DDs registered on the account - they will not take a payment each month (ie council tax & water utilities take 10 payments per year).

Is the qualfication therefore having 2 DD mandates or 2 DD payments/month ?

Having them setup is sufficient, they do not need to pay out every month

steen

Thanks to Coldiron and Innovate.

I entered the outgoings as zero and the form allowed me to proceed (the wording suggested it had to be more than zero).
The application has gone through so I await their reply.
I will ring them if it's refused.

Thanks again

square-eyes

Looter wrote: »

I read about this in the weekly email and am considering it. My wages would be paid into the 1st account, would it be ok to pay £500 in cash into the other one every month to be eligible for the interest?

According to the T&C transfers between Santander accounts do not qualify for 1-2-3 income interest.

eskbanker

square-eyes wrote: »

According to the T&C transfers between Santander accounts do not qualify for 1-2-3 income interest.

See post #16 above!

barbara22

Here's a not too important question, can I offset the monthly fee paid for the 123 account against the interest earned for tax purposes (aka our friend HMRC)?

eskbanker

barbara22 wrote: »

Here's a not too important question, can I offset the monthly fee paid for the 123 account against the interest earned for tax purposes (aka our friend HMRC)?

Wouldn't have thought so (it's money spent rather than a deduction from earned income), and even at the highest rates of tax, 40-60% of the grand total of £24 is unlikely to make a significant dent in your tax bill anyway!

barbara22

eskbanker wrote: »

Wouldn't have thought so (it's money spent rather than a deduction from earned income), and even at the highest rates of tax, 40-60% of the grand total of £24 is unlikely to make a significant dent in your tax bill anyway!

Pity, every penny counts! :money:

Stompa

steen wrote: »

I entered the outgoings as zero and the form allowed me to proceed (the wording suggested it had to be more than zero).
The application has gone through so I await their reply.
I will ring them if it's refused.

I know someone in a similar position who is also interested in one of these accounts. I'd be interested to know if you are successful.