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Santander123 - valid direct debits
sinoTheTimes
Posts: 2 Newbie
in Credit cards
Apologies if in the wrong section (couldn't find a current account section)...
I have a Santander 123 current account. It requires two direct debits to be paid from the account per month in order to receive interest.
When I asked in branch yesterday, the lady suggested that it had to be certain types of direct debits (e.g. utilities or telephone) and not just any direct debit (e.g. magazine subscription).
I cannot find any reference to what she said in the T&Cs, and various threads elsewhere claim that any DDs are okay.
Can anyone confirm, based on recent experience, that something like magazine subscriptions are fine?
I have a Santander 123 current account. It requires two direct debits to be paid from the account per month in order to receive interest.
When I asked in branch yesterday, the lady suggested that it had to be certain types of direct debits (e.g. utilities or telephone) and not just any direct debit (e.g. magazine subscription).
I cannot find any reference to what she said in the T&Cs, and various threads elsewhere claim that any DDs are okay.
Can anyone confirm, based on recent experience, that something like magazine subscriptions are fine?
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Comments
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It's here...sinoTheTimes wrote: »Apologies if in the wrong section (couldn't find a current account section)...
http://forums.moneysavingexpert.com/forumdisplay.php?f=20
...but don't double post, someone will move this one.
No it doesn't. It just needs two DDs 'set up' on the account. They don't have to pay out each month. However, be aware that they'll lapse under the dormancy rules if they're not used (max 13 months but could be less).I have a Santander 123 current account. It requires two direct debits to be paid from the account per month in order to receive interest.
Any DD is fine. Many people on here have them set up to pull money into their own savings accounts, Tesco for example.Can anyone confirm, based on recent experience, that something like magazine subscriptions are fine?0 -
The person in-branch was confused (or confused you).
As above, ANY 2 DDs are required to validate the account to receive interest. Also needs £500 per month transferred in from another account (that is not one of your accounts at Santander).
The utility/telecoms/council tax etc. DDs pay cashback.0 -
sinoTheTimes wrote: »When I asked in branch yesterday, the lady suggested that it had to be certain types of direct debits (e.g. utilities or telephone) and not just any direct debit (e.g. magazine subscription).
To fulfil the conditions of the account you need two DD (any DD) to be set up. If you want to receive cash back on your DD, that is only paid on certain DD: 1% for water and council tax; 2% for gas and electricity and 3% for phones, broadband and TV packages.
A magazine subscription will count as one of the two DD required, but will not get you any cash back.0 -
Cornucopia wrote: »The person in-branch was confused (or confused you).
As above, ANY 2 DDs are required to validate the account to receive interest. Also needs £500 per month transferred in from another account (that is not one of your accounts at Santander).
The utility/telecoms/council tax etc. DDs pay cashback.
Just to check - £500 paid by standing order to another account and then straight back to Santander is okay?0 -
Yes - to/from an account outside Santander.
Just set it up as a monthly SO on the same date each month, and the computer recognises it a qualifying deposit. (No need to worry about what "monthly" means in practice).0 -
A word of caution...make sure the date you choose is well away from your statement date, otherwise you may slip up when weekends and/or Bank Holidays get in the way, meaning you could deposit twice in one statement month and not at all in another.Cornucopia wrote: »Just set it up as a monthly SO on the same date each month, and the computer recognises it a qualifying deposit. (No need to worry about what "monthly" means in practice).0 -
I'm pretty sure we would have heard about it by now if that was an issue.0
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We've heard about it a few times on the current accounts board, with reference to both Santander and those accounts requiring Calendar month funding too.Cornucopia wrote: »I'm pretty sure we would have heard about it by now if that was an issue.
The OP will decide whether they want to take the risk. I'm only highlighting what could happen (and has happened to others) if they plump for the wrong date.0 -
yes, can certainly be any Direct Debits to qualify for the interest. one of the ones i use is my electricity, which then generates Cashback too, of course..so perhaps that is the best place to start?0
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YorkshireBoy wrote: »We've heard about it a few times on the current accounts board, with reference to both Santander and those accounts requiring Calendar month funding too.
Okay, I will take a look. I would have thought that it would be more hassle than it was worth for the banks not to take account of calendar issues with these credits.
Is the best option to have 2 x £500 credits each month?0
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