Opening A Second Santander 123 Account

Hominu

drlabman wrote: »

Not intending to go elsewhere, thanks. Just thought they could use my existing details. They know my name, address, marital status, and a whole bunch of other stuff. Other banks have this capability.

Then either use the other banks that have that capability, or spend an extra minute to apply for the account you actually want.

Personally I just rang them up and asked for another account "to help me manage my finances" and it was showing up in online banking by the next morning. The only thing they tried to sell me was a 1% e-Saver for my "savings". They didn't seem to get the point why I was opening another current account :rotfl:

eskbanker

drlabman wrote: »

Give a man a fish, and he will eat for a day. Teach him how to fish, and you’ll get rid of him every weekend.

Like it!

Returning to the topic, I've opened subsequent accounts by phone - once through security they do have access to your existing details so they don't all need to be provided again, but you do have to listen to all the caveats, warnings, recorded messages, etc, so it still takes something like 10-15 minutes....

Speculator

When setting up the two required Direct Debits on the second 123 a/c, do they both have to be cashback earning DDs (eg. council tax, Electric, water etc) or can they be any Direct debits. If the latter, do they need to be active?

Thanks.

YorkshireBoy

Speculator wrote: »

When setting up the two required Direct Debits on the second 123 a/c, do they both have to be cashback earning DDs (eg. council tax, Electric, water etc) or can they be any Direct debits. If the latter, do they need to be active?

Any, and no they don't.

However, DDs can (usually do?) lapse after 13 months/400 days under the dormancy rules, so make sure they're used before the year is up to 'reset the clock'.

Onawingandaprayer

and do they care if the dd's are switched out of an existing 123 account into the new one?

eskbanker

Onawingandaprayer wrote: »

and do they care if the dd's are switched out of an existing 123 account into the new one?

No, provided of course you still have at least two DDs on each account!

innovate

They couldn't care less if you had no DDs at all. They just wouldn't pay you any interest if you didn't have at least two, even if you met the other criteria.

eskbanker

innovate wrote: »

They couldn't care less if you had no DDs at all. They just wouldn't pay you any interest if you didn't have at least two, even if you met the other criteria.

True! However, in the context of discussion about second 123s, I'd be surprised if anyone was contemplating opening a second account for any reason other than to earn interest, but yes, you're right, DDs aren't actually mandatory as such.

iAMaLONDONER

eskbanker wrote: »

True! However, in the context of discussion about second 123s, I'd be surprised if anyone was contemplating opening a second account for any reason other than to earn interest, but yes, you're right, DDs aren't actually mandatory as such.

Maybe if they are a Morrisons employee!

Herbalus

Just so you're all aware, as this is an old post, Santander have now restricted the 123 so that now the second account has to be joint.