Using current accounts for saving - direct debits

jennifernil

I opened a Santander 123 recently, purely to get the 3%. I moved my Council Tax and Gas/Electricity DDs to get the cashback, just called the council and npower and they organised everything. I also set up a DD to my Tesco saver to cover the 2 months when there are no CT DDs. (I do know I could move to 12 payments)

I kept my Halifax Reward and just send a total of £500 every month to Santander by SO to cover the funding requirement and the DDs.

Working well so far.

Archi_Bald

Santander don't require the DD's to pay every month (Lloyds and Halifax do). The DDs just need to be set up.

Any DDs that have not been exercised for 13 months might get deleted - so make sure there is at least one payment on each DD a year.