We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Santander 123 account with 2 direct debits
Options

CCFC_80
Posts: 1,289 Forumite
Just looking for advice on this as I have 20k approx in savings and for me it appears a complete no brainer to open this account with 3% interest. I am not concerned about cashback and know it costs £2.00 a month to operate.
My only issue is the 2 direct debits I need to set up as believe it or not I don't have any. I pay my car insurance in one full go and use PAYG for a mobile phone. Does anyone know if I can just for argument sake just pay a couple of quid each month from this 123 account into 2 different banks accounts to be classed as my D/Ds.
Any help and advice will be appreciated
My only issue is the 2 direct debits I need to set up as believe it or not I don't have any. I pay my car insurance in one full go and use PAYG for a mobile phone. Does anyone know if I can just for argument sake just pay a couple of quid each month from this 123 account into 2 different banks accounts to be classed as my D/Ds.
Any help and advice will be appreciated
0
Comments
-
Just looking for advice on this as I have 20k approx in savings and for me it appears a complete no brainer to open this account with 3% interest.Does anyone know if I can just for argument sake just pay a couple of quid each month from this 123 account into 2 different banks accounts to be classed as my D/Ds.
There's a thread on this board just a few pages lower down which lists savings accounts able to pull in by DD, but as a guide Tesco, Post Office, and Santander savings accounts all allow funding by DD. Note...they don't have to be used, just set up, in order to get your 3% (or, rather, the equivalent of 2.88% AER with no qualifying cashback DDs).0 -
open a Tesco saving a/c and set up a Direct Debit.
open a Paypal a/c and set up a Direct Debit.
Sorted.
Or go to Lloyds/TSB and open 4 Vantage/Enhance accounts (3% each - no fee) and put £5K in each.0 -
open a Tesco saving a/c and set up a Direct Debit.
open a Paypal a/c and set up a Direct Debit.0 -
YorkshireBoy wrote: »If you're going to the Tesco site, may as well open two accounts whilst you're there...Internet Saver and Instant Access Savings Account...and set up a DD on each
Yep thats what Ive done set up a £1 dd on each of my Tesco's accounts and it works a treat.
One bonus of keeping my Tesco accounts open when the rates dropped.Never let the perfume of the premium overpower the odour of the risk0 -
Does any one know if Talktalk are included for cashback?.
Can I register the 123 Santander current account for non tax payer?.0 -
You can check the qualifying companies here: http://www.santander-products.co.uk/banking/calculator/cashbacksearch.html
You should be able to register for gross interest payment - usually you give your bank an R85 form. http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=nCRoVNw8-lk&formid=8350 -
The only other thing is it worth me taking 20,000 out of my Isa and losing the tax free benefit of an Isa?.0
-
I would personally not give up the tax wrapper for a few quid - - it's taken you years to get £20K into the shelter. However, only you can decide because only you know your circumstances. E.g. if you know you'll spend the £20K in the next couple of years, you might as well chance it and go for what's currently the better interest rate in the 123. Remember the rate is variable, and they could drop it at any time.0
-
Just a further update on this. I now have my new account number and am nearly ready to go with these 2 direct debits .My house and car insurance are due shortly. If I make a one off yearly payment of each, is that classed as a direct debit or will they have to be 12 monthly instalments.
Thanks again for any help0 -
Just a further update on this. I now have my new account number and am nearly ready to go with these 2 direct debits .My house and car insurance are due shortly. If I make a one off yearly payment of each, is that classed as a direct debit or will they have to be 12 monthly instalments.
Thanks again for any help
You need to double check (unless you've already done so?) the insurance companies will take an annual payment by DD, because they're often CPAs on your debit card for annual renewals. Which brings about a further question...how do you know now you'll be staying with them next year?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards