Another Santander 123 Question.

Terry98

I want to open a Santander 123 initially for the 3% interest on £20k. In a few months time I will add household bill direct debits.

I am a bit unsure about the £500 monthly funding. Can it come from any source, for example a bank transfer from another current account?

The other bit I am unsure about is the two Direct Debits. Can these come from a savings account and if so how do you set them up? I have a internet savings account with Tesco (.75% interest!) which allows Direct Debits.

Archi_Bald

Terry98 wrote: »

I am a bit unsure about the £500 monthly funding. Can it come from any source, for example a bank transfer from another current account?

yes it can

Terry98 wrote: »

The other bit I am unsure about is the two Direct Debits. Can these come from a savings account and if so how do you set them up? I have a internet savings account with Tesco (.75% interest!) which allows Direct Debits.

Your savings account will tell you how to set up regular payments. If they support DD, as Tesco does, the collection will happen by DD.

Why not change your household bills DDs now rather than in a few months time? The longer you wait, the more cashback you will lose.

ColdIron

If you move at least two of your utility DDs now then you don't need to worry about setting them up from savings accounts. Also be sure you don't fund your 123 from another Santander account, it's got to be external to them

Terry98

Archi_Bald wrote: »

Your savings account will tell you how to set up regular payments. If they support DD, as Tesco does, the collection will happen by DD.

Why not change your household bills DDs now rather than in a few months time? The longer you wait, the more cashback you will lose.

Thanks. So I set up the DD via the Tesco account rather than the Santander account. I have never done regular payments but I am sure Tesco will show me how. Can I set up two DD's with Tesco or is that not allowed?

Cannot change my household bills at the moment because I am in process of selling my house.

YorkshireBoy

Terry98 wrote: »

Can I set up two DD's with Tesco or is that not allowed?

Not for the same account, no.

If you're adamant you're going this way, then just open a Tesco Instant Access Savings Account to run alongside the Internet Saver and set your 2nd DD up on that.