Santander 123 question

exammy

Hi all,

I currently have a 123 account but am also looking at other regular savings offers.

I just need to know to get the 3% in the 123 account do I need to pay in £500 gain each month or can it just be paid and then spent?

Thanks,

lozzy1965

Paid from an external, or business account. And you can spend it

exammy

thank you!

lozzy1965

Clicking the "Thanks" button is better for my 'being helpful' rating

Richchad

I have just opened two Santander 123 accounts and have set up one of the accounts £500 funding from a Lloyds account, I set it to be paid on day after the Santander account was opened and to be paid monthly.

My question is why do Santander state that it has to be funded - not in a calendar month but month from date you opened account

Does that make any difference to when I fund it other than the first month you pay in?
Or am I missing something here?

eskbanker

Richchad wrote: »

My question is why do Santander state that it has to be funded - not in a calendar month but month from date you opened account

Does that make any difference to when I fund it other than the first month you pay in?
Or am I missing something here?

They work with the concept of an 'account month', based on opening date within the month, and everything revolves around that - not just funding requirements but interest calculations, cashback, DDs, etc, so, yes, you do have to make sure that you credit the account(s) at least once per account month.

butterflymum

For example:

Funding month
9th of Month A to 8th of Month B

Interest Month
10th of Month A to 9th of Month B

Statement Month
11th of Month A to 10th of Month B

innovate

butterflymum wrote: »

For example:

Funding month
9th of Month A to 8th of Month B

Interest Month
10th of Month A to 9th of Month B

Statement Month
11th of Month A to 10th of Month B

This looks way too complicated to me. My funding / statement / interest / cashback month on my 123 accounts is all just one set of dates, based on the account opening date. E.g. if your account opening date is the 17th of June, all your "months" will be from the 17th of one month to the 16th of the next.