Santander 123 Current Account - Create DD's?

thor

nickcc wrote: »

Just a comment on Martins comment the other day on this morning regards the 123 account. One of his suggestions was to open two accounts if you have over £20,000 to invest,

Eh? You can have more than one 123 santander account? I did not reealise that? How would you open the second one? Presumably the application process would be much easier.

innovate

It says on the Santander website you can have two. http://www.santander.co.uk/csgs/Satellite?c=Page&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

You just apply for the second one by filling in an application form. Nothing could be easier.

If you have an account elsewhere to switch from, you might also be able to get some Quidco/TCB cashback.

keiran

Hi

Does any one know whether the 2 D/Ds on the 123 account must have payments taken every month, or just be "live" mandates (which may not take a payment every month, or just annually, or just "sit" there)

I already have a 123 acc where all my cashback D/Ds are located.
This would be a second 123 account.

Of course, I would not earn cashback on this second account, but I would want the 3% interest rate.

I have asked a staff member, who said there have to be monthly payments, but I'm not sure if he really knows...

Thanks

Hominu

They only need to show on your internet banking. No payment needs to be made from them.

nickcc

keiran wrote: »

Hi

Does any one know whether the 2 D/Ds on the 123 account must have payments taken every month, or just be "live" mandates (which may not take a payment every month, or just annually, or just "sit" there)

I already have a 123 acc where all my cashback D/Ds are located.
This would be a second 123 account.

Of course, I would not earn cashback on this second account, but I would want the 3% interest rate.

I have asked a staff member, who said there have to be monthly payments, but I'm not sure if he really knows...

Thanks

Don't forget the terms and conditions state "interest and transfers from any other Santander accounts do not count towards the monthly funding amount" so unless you still have another account with another bank from which you are able to transfer £500 per month then you will be unable to open a second 123 account. If someone can prove this information to be incorrect could you please explain why as I would certainly like a second 123 account.

Archi_Bald

nickcc wrote: »

Don't forget the terms and conditions state "interest and transfers from any other Santander accounts do not count towards the monthly funding amount" so unless you still have another account with another bank from which you are able to transfer £500 per month then you will be unable to open a second 123 account. If someone can prove this information to be incorrect could you please explain why as I would certainly like a second 123 account.

Of course you can open a second 123, even if you don't pay any money into it, or don't have any DDs for it. You just won't get any interest if you don't.

If you do want interest, your monthly payments should come from a non-Santander account. This can be one of your own accounts at another bank, or someone else's account at another bank.

nickcc

Archi_Bald wrote: »

Of course you can open a second 123, even if you don't pay any money into it, or don't have any DDs for it. You just won't get any interest if you don't.

If you do want interest, your monthly payments should come from a non-Santander account. This can be one of your own accounts at another bank, or someone else's account at another bank.

Of course I don't want to open an account that gives me no interest, what I would like is a second 123 account that pays the same interest as the first 123 account. The poster that I replied to had already stated that they had a 123 account so I was just pointing out the obvious, it appears that I have upset you in some way, perhaps you are too touchy.

Archi_Bald

No worries, I am not touchy at all. I just like to stick to facts.

must_try_harder_2

keiran wrote: »

I already have a 123 acc where all my cashback D/Ds are located.
This would be a second 123 account.

Thanks

Can you just transfer two of your existing direct debits to the new account (assuming you have more than 4 going out at the moment)?

I've just applied for my second 123 account and this is what I plan to do.

mandu1

innovate wrote: »

Seems Martin was badly briefed if he suggested that. The T&Cs for each 123 account are the same, and as far as the £500 are concerned, they have to come from a non-Santander account.

It CAN come from a santander account but NOT one in your own name