Santander 123 account interest

Consumerist

Hi, can anyone please tell me when the 123 account interest is paid? Monthly? Yearly?

Thanks

matttye

Monthly, as is cashback.

Consumerist

matttye wrote: »

Monthly, as is cashback.

Thanks mattye.

ColdIron

On the monthly anniversary of account opening or 'monthiversary'

marathonic

Thought I'd add to this thread instead of creating a new one.

My reading of the terms and conditions would suggest that, if one were to maintain a balance of £3,000 for most of the month and it dropped below £3,000 towards the end, you'd still benefit from 3% on the daily balance for most of this and the rate would then be 2% for a portion of the month.

Would anyone with an account know if this is the case?

Ed-1

marathonic wrote: »

Thought I'd add to this thread instead of creating a new one.

My reading of the terms and conditions would suggest that, if one were to maintain a balance of £3,000 for most of the month and it dropped below £3,000 towards the end, you'd still benefit from 3% on the daily balance for most of this and the rate would then be 2% for a portion of the month.

Would anyone with an account know if this is the case?

Yes as interest is calculated daily.

Consumerist

Just one more question regarding the 123 account.

Does anyone know if there is any distinction between a DD for the purpose of cashback and for interest payments?

For example, if I set up a DD to be paid out to a savings account with another bank, although it won't qualify for cashback, will it still qualify as a DD for the purpose of the interest payment?

Thanks.

ColdIron

Yup, for interest any DD will do, doesn't even have to pay out as long as it's setup

Consumerist

ColdIron wrote: »

Yup, for interest any DD will do, doesn't even have to pay out as long as it's setup

Many thanks ColdIron.

Don't know how I'd get on without MSE.

Consumerist

What about DDs collected only 10 months of the year (Council Tax, Water). Would you lose interest for February & March?

bengal-stripe

Consumerist wrote: »

What about DDs collected only 10 months of the year. Would you lose interest for February & March?

No. Two functioning DD have to be in place. The actual DD does't have to be taken every month.

The DD can be Council tax (taken 10 times a year), insurance (annually) or utilities (every three months) etc.