Santander - Using as savings account ??

stylus360

Hi All

I know i need to pay in £500 month and have two DD.

I also plan on keeping balance at £20,000. (limit for 3% AER int)

Can i just set up a standing order from my main Nationwide account for £500 each month (say 27th), THEN as soon as it goes in just log in and transfer it back with faster payments ?

Also could i open a second account in my name ? If so could i not just transfer the £500 to that first, then back to my Nationwide and get the 3% (with 2 DD and appropriate balance) ??

Thanks

westy22

The answer is 'yes' to all those questions - it is similar to what many of us here already do.

stylus360

Thanks Westy, can i just open another a/c online ?

a&akay

stylus360 wrote: »

Thanks Westy, can i just open another a/c online ?

When I opened my second you could apply online but then had to go through the rigmarole of the Santander paper chase to finally open it (may have changed by now). You don't have to pay by SO, you can pay by faster payment (FP) to your first 123 then instantly (normally) back to Nationwide (NW), then to your second 123 and back again. If you have £1k available then FP both at the same time. This should take 5 minutes max either way, mine do. I recommend renaming your 123s online once the second is open to 123 one and 123 two, or whatever, so you know which one you're operating from. Use these for your FPs from NW to avoid mistakes.

Gromitt

a&akay wrote: »

When I opened my second you could apply online but then had to go through the rigmarole of the Santander paper chase to finally open it (may have changed by now)

When I opened my second (on a Saturday night) I got the "We'll let you know our decision" page, and then on the Sunday morning I got the "Your account is now open" email, and sure enough it was available via online banking.

Didn't know you could rename them though, I just differentiate them from the last 4 digits of the account numbers.

Archi_Bald

Gromitt wrote: »

.... Didn't know you could rename them though

You can even change the order your accounts are displayed in.

stylus360

Gromitt wrote: »

When I opened my second (on a Saturday night) I got the "We'll let you know our decision" page, and then on the Sunday morning I got the "Your account is now open" email, and sure enough it was available via online banking.

Didn't know you could rename them though, I just differentiate them from the last 4 digits of the account numbers.

Think i'll have a bottle of wine tonight and a play around.

Will set-up some DB as well to offset the £2 Charge.

Currently got money sitting in a 1.6% Coventry a/c BUT been too lazy to sort it....:beer:

eskbanker

stylus360 wrote: »

Think i'll have a bottle of wine tonight and a play around.

Will set-up some DB as well to offset the £2 Charge.

Currently got money sitting in a 1.6% Coventry a/c BUT been too lazy to sort it....:beer:

You might want to consider doing those in reverse order! All too easy to make mistakes with online banking....

G_M

Think i'll have a bottle of wine tonight and a play around.

Will set-up some DB as well to offset the £2 Charge.

eskbanker wrote: »

You might want to consider doing those in reverse order! All too easy to make mistakes with online banking....

Too late. He's already creating a database in the hope he'll recoup £2........

planteria

just to say that opening S123s can generate a nice little intermediary payment.
with a bit of luck 2014 will bring incentives from Sant to go with them, too...then i will open a 2nd account again.

stylus360

Well i think i done well !!

I even set up monthly DB payments for my gas/elec and saved a bit...

Still not opened a second a/c though, it looks like you HAVE to select New Customers section ??

PLUS i set up a Litecoin mining rig :-)