Santander 123 account - setting up the benefits

Cheetah

So I have my account. I have transferred in over £1000 and setup 3 direct debits which I can see when I look at internet banking.

How do I setup the 123 features such as cashback and interest? Is there anything I need to do?

I did not use their switching service, I did it manually.

AndyPK

You have done and hard work.

Just keep paying in £500 a month and you will get your interest and cash back.

Cheetah

AndyPK wrote: »

You have done and hard work.

Just keep paying in £500 a month and you will get your interest and cash back.

Does it start from next month as I notice they haven't deduced the £2 fee.

[Deleted User]

Hi,

after first month, they take the fee, give you the cash back and interest, all shown on statement.

Jani9

Are there any negatives to this account? I'm considering this as my day to day current account moving from Halifax. Any pointers?

Midzone

Jani9 wrote: »

Are there any negatives to this account? I'm considering this as my day to day current account moving from Halifax. Any pointers?

I've had the account for over a year - no problems whatsoever. Customer Services have improved greatly - not that I've had reason to call that often!

I just sit back and rake in the monthly interest and cashback - this month just over £50 - which can't be bad!

Jani9

Midzone wrote: »

I've had the account for over a year - no problems whatsoever. Customer Services have improved greatly - not that I've had reason to call that often!

I just sit back and rake in the monthly interest and cashback - this month just over £50 - which can't be bad!

Fantastic! Can I ask if you have a certain amount of money in your account to achieve that much? PM if you prefer. Many thanks

Midzone

Jani9 wrote: »

Fantastic! Can I ask if you have a certain amount of money in your account to achieve that much? PM if you prefer. Many thanks

Sure - £13.83 Cashback on Direct Debits and £38.79 interest on average balance of just over £20,000.

Jani9

Midzone wrote: »

Sure - £13.83 Cashback on Direct Debits and £38.79 interest on average balance of just over £20,000.

Thank you very much.

I have £5000 in an ISA and a £1000 in my premium bonds, would it be worth to move it all into this account to earn some interest?

macman

Yes, on £6K it is the best paying savings account, but once you take the money out of your ISA you will lose the full tax free allowance forever.
And you'll need to comply with the £500 pm funding and 2 DD requirements.

Midzone

Jani9 wrote: »

Thank you very much.

I have £5000 in an ISA and a £1000 in my premium bonds, would it be worth to move it all into this account to earn some interest?

Depends on the ISA rate - remember any amount over £3000 will earn you 3% interest (2.96% gross) in your Santander Account - not sure if you've had any luck on the Premium Bonds