123 account - setup

Captain_Fishy

Slow I know but I have just got around to setting up two 123 accounts and I would like to know I have it right.

I do not plan to move my current account so I ......

....plan to cycle a transfer in and out for the required £500 per month from another Santander account - does that work?

....also I have set up two £1 direct debits from the same Tesco savings account - does that work? (or do they need to be from different banks?)

Appreciate any answers / advise from those who have experience.

The Cap'n

YorkshireBoy

Captain_Fishy wrote: »

....plan to cycle a transfer in and out for the required £500 per month from another Santander account - does that work?

So long as your name isn't on the other account, yes (as stated in your account T&Cs...have you read them?).

....also I have set up two £1 direct debits from the same Tesco savings account - does that work? (or do they need to be from different banks?)

Your post is not clear. Two DDs from the same Tesco account to the same 1-2-3 account? I don't know how you've managed that, as I didn't think it was possible! Many of us have two Tesco accounts (Internet Saver and Instant Access Savings Account) to the same current account, which does work.


Can you see 2 DDIs set up on each of your Santander accounts.

Captain_Fishy

Yes the same name is on the other Santander account - however I can get around that by using a another account from a separate provider.

I cannot see my direct debits in the 123 accounts yet not sure how long they take to appear. Tesco tells me first DD will take place on 27th

jasjo

Hi,the £500 needs to come in from another bank,internal transfers dont qualify.Also the DD wont make you cashback they have to be qualifying companies eg water rates services,council tax etc.I dont think you get the interest rate if there are no qualifying DD.Ive got two of these accounts.

G_M

jasjo wrote: »

Hi,the £500 needs to come in from another bank,internal transfers dont qualify.Also the DD wont make you cashback they have to be qualifying companies eg water rates services,council tax etc.I dont think you get the interest rate if there are no qualifying DD.Ive got two of these accounts.

No.

The DDs need to be 'qualifying' in order to benefit from the DD cashback, but do not need to be 'qualifying' in order to meet the requirement for 2 DD to earn the interest.

But I doubt that you can set up 4 DDs from the same Tesco account to meet the requirement for 2 DD to each 123 account.

Carolinemjs

Sorry to jump in on your thread Captain Fishy but I'm just in this process too.
Can I transfer the £500 straight back out again?
I don't care about the DD's giving me cash back, it will be too confusing for me to be paying bills from another account at the moment but can it be for two small charity donations for example?

Caroline

YorkshireBoy

Carolinemjs wrote: »

Can I transfer the £500 straight back out again?


I don't care about the DD's giving me cash back, it will be too confusing for me to be paying bills from another account at the moment but can it be for two small charity donations for example?

Yes and yes (but remember that the DDs don't need to pay out every month).

Carolinemjs

I dont understand Yorkshire boy - what does Santander require re DD's I thought it was 2 per month?

Archi_Bald

You need 2 DDs on the 123 if you want to be paid interest. These DDs do not need to pay out monthly. They should pay at least once a year, though, since DDs that have been dormant for 13 may get removed without prior notice.

savetilibleed

One account has to be a joint account doesn't it?

I have one (used for DD bills and stuff), my wife has one, but we need another (which will need to be joint). Question - being a joint account, can the DD be set to one account in my name and another DD in my wife's name? Or do each need to be joint to joint?