Santander 123, Questions?

nickcc

innovate wrote: »

Just a thought: your wife could have 2 123s, probably still tax free, depending on her total income.

Of course, all money in accounts in your wife's name legally belongs to your wife.

Just means funding from another bank account and setting up another two DD's. Good idea though but I handle all the accounts etc and find it hard enough to convince my Wife that her own 123 account is a good idea. I heard Martin the other day saying that the likes of myself wasn't doing my Wife any favours by excluding her from the everyday control of our finances, I have to agree but trying to interest your other half can be extremely difficult.

innovate

OMG, I wasn't suggesting for one nanosecond that any of this should happen without your wife's explicit agreement & contribution. It never even occurred to me that your wife would not be actively involved in deciding what goes where, and she would need to be involved in setting up and managing her own accounts, anyway. If only by giving you her formal agreement to manage her accounts.

Not sure what Martin said but I would agree that it is stupid to try and exclude your other half from your joint finances.

LaFleur

Call centres are all based in the uk, main ones bootle/Bradford/Belfast/Glasgow

2010

San123 in a nutshell.

I open a 123 account, set up a SO to send £500 a month into it, arrange two DD, one from local council and one from energy company and top it up to £20k.

Have I got all angles covered to get the 3% and the 1% cashback?

innovate

Gas and electric attracts 2% cashback, but otherwise your understanding is correct. You would also want to regularly skim off anything above £20K into a different interest paying account.

ColdIron

2010 wrote: »

Have I got all angles covered to get the 3% and the 1% cashback?

Pretty much, I'd throw all my qualifying utility DDs at it to get the maximum cash back, Water 1% and Comms 3%. Don't forget the 123 month cycle is account opening date not calendar so time your SOs appropriately. You'll need a mobile phone to authorise new payees

nickcc

2010 wrote: »

San123 in a nutshell.

I open a 123 account, set up a SO to send £500 a month into it, arrange two DD, one from local council and one from energy company and top it up to £20k.

Have I got all angles covered to get the 3% and the 1% cashback?

We had to open a separate account with a different bank to fund the £500 as you can't fund from an existing Santander account.

Mulder00

1. No
2. Brilliant
3. Last lady I spoke to was from Liverpool

OldBeanz

I deal with all our accounts as well and opened a 123 (a second)in my wife's name alone (her nod showing agreement). She is not interested in dealing with money, would not know her password and earns about a third of my salary. She has been chosen as a Santander select customer and has now allowed me to have a contactless card.
Another good ploy if you have a flexible mortgage is to pay £1000 pcm into your mortgage and receive £10 before transferring the balance back.
I have found using secure emails and visiting a branch (very occasionally) more palatable than having to phone.

2010

nickcc wrote: »

We had to open a separate account with a different bank to fund the £500 as you can't fund from an existing Santander account.

I have a current account with the Halifax, which for various reasons I don`t want to close. (good service not being one of them)