Santander 123 account with 2 direct debits

matthewfelgate

Set up a Direct Debit for 1p a month to a Charity. Worked for me :-)

Archi_Bald

matthewfelgate wrote: »

Set up a Direct Debit for 1p a month to a Charity. Worked for me :-)

Nothing to shout about that, and a horrible recommendation to make! What you are doing will cost the charity money because every time they collect your DD they have to pay a multiple of what they get from you. Perhaps you'd like to set up a DD that doesn't rob a charity. It's easy enough to do that.

Gromitt

matthewfelgate wrote: »

Set up a Direct Debit for 1p a month to a Charity. Worked for me :-)

For how long I wonder. They'll notice your DD is actually costing them money and decide not to collect it, then you'll receive no interest because you only have a single DD. A potential loss of ~£40.

How about setting up a real DD?

ForestThoughts

In all the DD excitement, i assume you have spotted that to get the 3% interest you also have to pay £500 into the account every month. If you don't do that you will get zero interest.

savetilibleed

ForestThoughts wrote: »

In all the DD excitement, i assume you have spotted that to get the 3% interest you also have to pay £500 into the account every month. If you don't do that you will get zero interest.

I have a 123 account working as it is supposed to. I'd like my wife to have one now. She has one savings account with DD facility so that can DD can be moved, so she only needs to open another suitable DD linked account. Also, can I fund her account with the requisite £500 by SO (then back again to me)?

YorkshireBoy

savetilibleed wrote: »

I have a 123 account working as it is supposed to. I'd like my wife to have one now. She has one savings account with DD facility so that can DD can be moved, so she only needs to open another suitable DD linked account. Also, can I fund her account with the requisite £500 by SO (then back again to me)?

From their website...

...transfers from any other Santander accounts do not count towards the monthly funding amount.

...assuming you were intending to fund her account from your Santander account?


If you weren't, then carry on!

savetilibleed

Non Santander account for funding.