Santander 123 account

Brian1955_2

We currently have a joint 123 account where we hold £20K. I see you can now have 2 123 accounts per person. Am I right in thinking that we can each have a separate sole 123 account, making 3 in total and £60,000 in savings so long as we meet the credit and DD criteria:question:

Archi_Bald

It would seem so, yes.

Brian1955_2

Thanks for your reply. I know it's a basic question so thanks for your time and confirmation.:j

oldfella

I have two in my name and asked if we could also have a joint account and was told yes,

I guess you might be able to have 2 joint accounts as well as 2 individuals accounts each.

innovate

When did you ask? Not too long ago, you could have more than two (i have 3 myself). Reading their updated statement now, I reckon it is 2 and that's it.

A maximum number of two 123 Current Accounts can be held at any one time. These can be held in single or joint names.

That's from http://www.santander.co.uk/csgs/Satellite?c=Page&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

oldfella

When did you ask? Not too long ago, you could have more than two (i have 3 myself). Reading their updated statement now, I reckon it is 2 and that's it.

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a few days ago

edgware_toad

Another question I have on the 123 account is what interest rate do they give on balances above £20,000 - or don't they allow balances of over £20K ?

Thanks if anyone knows.

Gromitt

edgware_toad wrote: »

Another question I have on the 123 account is what interest rate do they give on balances above £20,000

0%

So regardless of what you have in excess of 20K, you'll only get 3% on 20K.

edgware_toad

Thanks Grommit - they hide that fact pretty well.

eskbanker

edgware_toad wrote: »

Thanks Grommit - they hide that fact pretty well.

Not really, you don't have to go beyond the main front page for the account on their website to see the definition of the £20K cap on interest-qualifying balances:

Interest - on your current account balance:

• 1.00% AER/gross (variable) on balances from £1,000
• 2.00% AER/1.98% gross (variable) on balances from £2,000
• 3.00% AER/2.96% gross (variable) on balances from £3,000 and up to a maximum of £20,000.

Interest rates will apply on the first £20,000 of your entire balance once you have at least £1,000 in your account.

Al_Ross

Do you need to have 2 direct debits on each account to get the interest ?