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santander 123
gerbiljo
Posts: 848 Forumite
just to check stupid question really but i just don't want to enter into the hastle of complicating my accounts unnecessarily unless i am right
1- i can have 2 Santander 123 accounts and so can my husband
2- i can fund it with 500 a month from my hsbc account and this will qualify (i.e. not an internal transfer)
3- i can set up 2 direct debits for each account and then the excess from the 500 not used i can remove and put back into my hsbc account? i am able to fund the accounts with the maximum to pay out the interest so anything over this i would want to remove and my direct debits will not be over £500.
confirmation of this would be gratefully received as i will have to fragment all my current direct debits and its a lot of hassle which for 3% interest is well worth while but if it doesn't work i won't bother!! thanks
1- i can have 2 Santander 123 accounts and so can my husband
2- i can fund it with 500 a month from my hsbc account and this will qualify (i.e. not an internal transfer)
3- i can set up 2 direct debits for each account and then the excess from the 500 not used i can remove and put back into my hsbc account? i am able to fund the accounts with the maximum to pay out the interest so anything over this i would want to remove and my direct debits will not be over £500.
confirmation of this would be gratefully received as i will have to fragment all my current direct debits and its a lot of hassle which for 3% interest is well worth while but if it doesn't work i won't bother!! thanks
Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
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Comments
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2 and 3 are correct, 1 only partially. Each person can have 1 123 account in their sole name, and 1 joint one. So between you and your husband that makes 3 123 accounts.
No need to "fragment" your DDs. https://forums.moneysavingexpert.com/discussion/4168667. Tesco appears to be easiest.
There are other current accounts that pay better interest and which you don't have to pay a monthly charge for. Albeit they have lower limits on the balance but in total they take more than £20,000.0 -
thanks for your help i will have a look into this link…do you know can direct debits include giving money to family members i.e. paying money into children's savings accounts every monthMortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 170 -
Sure, if you can find a child's savings account that accepts DDs. Though that's a very big if - I reckon if there were any, they'd be listed in that thread already.0
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yes i guess i meant standing orders, thats fine i have enough direct debits to spread about!!:(Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 170
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