Santander 123 current account

Siskin

I've opened one of these purely to earn 3% gross interest (I'm a non-tax payer)

I have arranged to have £500 credited to the account each month from a non Santander account
I have a balance of £20,000
I have arranged to pay 2 charity direct debits out of this new account every month

I know I won't get any cash back, I merely want to earn the interest.
I know I will get charged £2 per month account fee but it's worth it for the interest

As I understand it I have done enough.

Do you agree?

eskbanker

In a word, yes!

ColdIron

Unless you really want to give to charity you could setup 2 DDs using, for instance, Paypal or a Tesco Internet Saver. The DDs don't even need to be taken monthly they just need to be setup so you may need to take a payment once a year if going this route

roxy28

ColdIron wrote: »

Unless you really want to give to charity you could setup 2 DDs using, for instance, Paypal or a Tesco Internet Saver. The DDs don't even need to be taken monthly they just need to be setup so you may need to take a payment once a year if going this route

Thats a question i wanted to ask, about do the DD have to be used every month, i know the new club lloyds do but its good that the santander one's don't.

badger09

roxy28 wrote: »

Thats a question i wanted to ask, about do the DD have to be used every month, i know the new club lloyds do but its good that the santander one's don't.

The DDs for Santander do not need to be paid every month. However most DDs lapse if not used for 12 or 13 months, so they do need to be used - if only occasionally

Siskin

Well that's useful to know about them not having to be monthly DD's

I transferred the charity DD's from another current account so it was no big deal.

I might even open another one now!

butterflymum

Siskin wrote: »

I might even open another one now!

If you mean another 123, it would have to be a joint account, as they no longer allow more than one to be opened as a single account.

VT82

Seems like the job's a good 'un.


Just remember to take the £500 out (obviously!) and the interest less the fee out each month to do something productive with it, as the balance above £20k won't earn any interest,

Siskin

VT82 wrote: »

Seems like the job's a good 'un.


Just remember to take the £500 out (obviously!) and the interest less the fee out each month to do something productive with it, as the balance above £20k won't earn any interest,

Yes indeed!

innovate

To those whose DDs aren't paying out : be aware that such DDs are considered dormant and might get deleted after 13 months of inactivity. Best to make sure your DDs are paying at least once a year.

You get best value out of DDs that are eligible for cashback as these can eliminate the £2 monthly charge.

mrgoggins

Hi, have just opened 123 account (28/5), cards came quickly , text to say account is open , but when registering for online banking, says I require ID number (from where) , plus pass code and reg number, how long do these take to arrive ,seems pretty drawn out. Thanks