Santander 123 Current Account - do you have to close your old current account?

karlie88

Good evening.

I helped switch my Mum's current account from Halifax to First Direct a few months ago. When completing the initial FD online application, it asked whether you want to transfer all your Direct Debits, Standing Orders etc. and close your old current account...my Mum was happy for this to go ahead as she received poor customer service from Halifax. We also wanted to benefit from the £100 joining incentive fee and £50 referral fee.

My question is....if I now want to help my Mum open a 123 Current Account, is there an option to keep her Current Account open/active with FD? We want to transfer the DDs over to be eligible for the cashback and put 2 x £20k in the 123 Accounts (I'm guessing you can still have 2 x 123 accounts?) But at the same time, we want to keep her 1st account with FD open for the 6% regular saver.

By using Santander's switching service, does it automatically mean they close your old current account?

Thank you.

grizzly1911

When I opened mine I kept my main current account.

I just logged onto the various utilities etc and rearranged the direct debits to hit the Santander account. The monthly credits are simply fed from my main account as were the opening credits.

YorkshireBoy

karlie88 wrote: »

is there an option to keep her Current Account open/active with FD?

Yes, by not using the switching service.

(I'm guessing you can still have 2 x 123 accounts?)

Why guess. Your answer is on their website...


http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&launch=NO&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector (bold print towards the bottom of the page).

By using Santander's switching service, does it automatically mean they close your old current account?

Again, answered on their website...


http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237851829604&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

innovate

If your mum wants to use the Santander switcher service, her old account will get closed.

Same if she wants to cash in on the signup incentive available on Quidco/TCB (because she has to use the switcher service to get the bounty)

If she just wants a 123 account (or two), it's easy enough to open it with no reference to anything, and without using the switcher service. Moving DDs yourself is very simple - just ring the payee shortly after the last payment has been taken and tell them what the new sort code and account number is to take the money from. Some payees allow you to request the change online. Others, like some local councils, require a signed DD form in the post - you can usually download that form from their website.

pivotalgubbins

Sorry to piggy-back the thread but maybe someone can help.

I'm setting up my second Santander 123 account and have a query. I can do the required £500 transfer in without an issue each month but with respect to the two direct debits - do they have to be for monthly payments? For example, could I change over say, my rarely used Paypal DD and one other?

eskbanker

The actual wording in the 123 Ts & Cs (condition A4(c)) is that to earn interest you must "have at least two Direct Debits set up on your account", i.e. they don't need to be monthly DDs.

pivotalgubbins

eskbanker wrote: »

The actual wording in the 123 Ts & Cs (condition A4(c)) is that to earn interest you must "have at least two Direct Debits set up on your account", i.e. they don't need to be monthly DDs.

Perfect. Thanks.