Santander 123 Current Account - Create DD's?

macman

Yes, you simply need to have a minimum of two active DD's on each account.

macman

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.

You don't need an extra £500 capital to fund this, if that's what you mean. You simply SO the £500 from your non-Santander a/c to S123 Acc 1 on day one, back to the original account on day two, out to S123 Acc 2 or day 3, and back again on day 4. The terms are thereby complied with (plus the two DD's of course).
Obviously if you closed your non-Santander account when you opened the first 123, then you can't. But the majority of S123 account holders probably use it as a savings account, and continue to hold their current accounts elsewhere.

eskbanker

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.

mandu1 wrote: »

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

Unfortunately Santander's published Ts & Cs are self-contradictory on this!

Main account front page:

Fund the account with £500 a month [...] Interest and transfers from any other Santander accounts do not count towards the monthly funding amount.

Detailed legal Ts & Cs:

This £500 minimum monthly payment does not include refunded amounts from your Visa debit card. Interest and transfers into the account from another Santander account in your name (whether in your name or in joint names with another account holder) do not count towards your monthly amount.

Anyone care to try it and see what happens?!

rb10

macman wrote: »

But the majority of S123 account holders probably use it as a savings account, and continue to hold their current accounts elsewhere.

I see this as being highly unlikely. It's the cashback on DDs that'll win people over. If you have a 123 then you probably use it as your main bank account.

mandu1

eskbanker wrote: »

Unfortunately Santander's published Ts & Cs are self-contradictory on this!

Main account front page:

Detailed legal Ts & Cs:

Anyone care to try it and see what happens?!

My wife has two 123 accounts fully up and running and paying interest both funded from my 123 account.

dreaming

rb10 wrote: »

I see this as being highly unlikely. It's the cashback on DDs that'll win people over. If you have a 123 then you probably use it as your main bank account.

It depends what you mean by "main bank account". I have just opened the 123 account to earn good interest on a lump sum following redundancy. I have activated 4 Direct Debits which will be covered by the transfer I make monthly from my Nationwide account, and which will also earn enough cashback to cover the monthly fee. However I will still use my Nationwide account as I have that set up to receive my pensions and for the time being it suits me not to have to change those. I have also upgraded to Nationwide's FlexDirect to earn 5% on £2500 this year. Having the 2 accounts means I can switch money back and forth to fulfil the requirements, but most of my "spending" will be from my Nationwide account.