Please reassure me!

tabby_cats_mum

I've put some money (£15K) in my Santander 123 and now I'm scared to use my debit card as I'm paranoid about security and the money getting stolen!
I know I'm being completely stupid as I happily used my debit card before but then my wages go in and it all goes out so there was never a lot of money in there. Any savings have always been kept in a seperate savings account.
Please reassure me, I'm just not used to being so solvent!

Gromitt

If you are worried about someone wiping you out via your debit card then the easiest way would be to simply open a second Santander 123 account, then you keep your savings in one account (where you never use the debit card) and your spending and wages in the other.

If you intend to keep less than 3K in the other account then a "standard" current account will do, so no need for the £2 fee.

tabby_cats_mum

Gromitt wrote: »

If you are worried about someone wiping you out via your debit card then the easiest way would be to simply open a second Santander 123 account, then you keep your savings in one account (where you never use the debit card) and your spending and wages in the other.

If you intend to keep less than 3K in the other account then a "standard" current account will do, so no need for the £2 fee.

Thanks I think that's what I'll do, i have another current account so I'll use that for my spending.

TheEffect

If someone tried taking £15k off a debit card in one day, I'd imagine the card would be blocked way before they got to that amount anyway.

Usually when I buy large items around £1k on my debit card, it gets flagged for extra security.

Archi_Bald

Also, the max anyone could get out at an ATM is £300 a day, or may be £500.

I don't think you need to worry if you take proper care of your card and security details. May be, to reassure yourself, check your account once a day online, until you got used to things. Gromitt's suggestions are excellent

Just don't tell anyone around you that you are concerned, and how much money you got where. People can do the strangest things when tempted.

pmduk

Try not to worry. Most people have no problems whatsoever with fraud.

billn

I would open a normal current account (no monthly fee) and transfer the amount that you are comfortable with to that account and use the debit card and leave the 123 card in a safe place at home for your own peace of mind.

Hominu

and don't forget that regardless of whether or not you give the account details to someone, you can end up with fraud. It's a lot less likely, but it's possible. Typically what they now call "Friendly fraud", eg. someone mistypes a bank account number and a DD gets setup on your account. You should notice it within the month and a refund will be given and no interest lost.

So always keep an eye on your bank accounts, whether used or not.

JuicyJesus

pmduk wrote: »

Try not to worry. Most people have no problems whatsoever with fraud.

This times a billion. Card fraud risks are very overhyped. So long as you aren't giving out your card details willy-nilly or sharing your PIN around, and are covering the PINpad when you use a cashpoint or are buying something, your chances of being defrauded are very small indeed. In the event that it does happen, your bank will most likely refund you.

It happens, but it happens a hell of a lot less than most people think.

fozmcfc

I keep the majority of my money, in a savings account which has no card for it. I feel it is more secure, although of course, nothing can be 100% guaranteed.

If I need money from it, then I transfer between accounts, online or via an APP on my smartphone, which is done instantly.

I basically log into my online banking at least 4 or 5 times a week, just to keep an eye on things.

In general, unless it is complete and utter stupid negligence on the customers part, banks will refund any monies.

Also, there is no point in keep money in an everyday standard account, for months or years, if you're earning no/little interest. It's always better to put it away into a savings account that is earning interest.

Archi_Bald

fozmcfc wrote: »

Also, there is no point in keep money in an everyday standard account, for months or years, if you're earning no/little interest. It's always better to put it away into a savings account that is earning interest.

That is true. If, however, the current account pays a lot more than any savings account, as is reality these days, then there is no point in keeping your money in a savings account.