Santader 123 better than an ISA?

Mulder00

All our shared household expense come off the Santander account which also holds our savings. It's brilliant, in addition to the interest (which is the majority) we also get cashback on the direct debits.

I don't really know why people would be against setting up direct debits on that account as it ends up earning you more money...

macman

Because they want you to use it as a current a/c. How difficult is it to set up a minimal monthly DD?
You are aware that you have to fund it by £500 per month also?

ranciduk

Well I only need one direct debit - my prudential pension

I simply don't have any others!

And I will be putting over a thousand in each month

Just seems daft having to mess around arranging a direct debit that I simply don't need just to qualify

Hey ho!

jem16

ranciduk wrote: »

Well I only need one direct debit - my prudential pension

I simply don't have any others!

So you have no other household direct debits like energy, council tax, phone etc?

Just seems daft having to mess around arranging a direct debit that I simply don't need just to qualify

Hey ho!

Simply because that's the rules. Most people using this as a current account are likely to have no problem with direct debits. They don't want it used as a savings account although obviously many do.

ranciduk

No I'm living with my parents

So I don't pay any bills or anything

Archi_Bald

ranciduk wrote: »

Well I only need one direct debit - my prudential pension

ranciduk wrote: »

No I'm living with my parents

So I don't pay any bills or anything

You are making not much sense.

If you are having difficulties with the required DDs: anyone who is only half serious about savings which require any DD won't find it difficult to meet the requirements. If you think it's "too 'aaaard", find something easier, and please do share the easier way here on MSE.

https://forums.moneysavingexpert.com/discussion/4168667

ranciduk

!!!!!! are you talking about??

Not everybody NEEDS two direct debits!

I don't!

I have a need for ONE in my life right now

In sorry if that's sooooo strange and crazy

But that's the way it is!

What's not to understand - its crystal clear

If I had a NEED for another one- I would do it

BUT I DON'T

God! Forget it!!!

Sheeeeeeesh

jimjames

ranciduk wrote: »

No I'm living with my parents

So I don't pay any bills or anything

ranciduk wrote: »

I have a need for ONE in my life right now

So setup another for something so you can qualify if you want that rate.

You can set one up for a savings account for £1 per month to transfer across. Still your money but in a savings account and you can move it back later.

Easy to qualify if you want to meet their rules. If you don't want to bother then stick to an account that doesn't have such requirements

Hominu

ranciduk wrote: »

!!!!!! are you talking about??

Not everybody NEEDS two direct debits!

I agree, but for most people, it makes things a lot easier. I think I have about 8!

Santander want customers who pay their bills from their current account. Ie, they want people to use it as their main current account.

They do not want people opening the account, stuffing 20K in, and leaving it (ie, using it as a savings account).

So they make it more difficult for the later, and offer incentives to encourage the former.

Anyone can work around the restrictions if they can be bothered.

Archi_Bald

ranciduk wrote: »

!!!!!! are you talking about??

Not everybody NEEDS two direct debits!

I don't!

If you want to get interest from a Santander 123 account, you, like everybody else, will need two DDs. Similar with a Halifax Reward.

Though it seems to be increasingly unclear what you want,and as I said before, you are not making much sense now