Finally took the plunge - TSB Classic Plus and Santander 123

grimsalve

I opened a couple of TSB Classic Plus accounts last week. No problems with the registration process at all. The staff at my local branch seemed really helpful and the accounts were active almost straight away. I've since setup some SOs to move the money in and out again so fingers crossed I should start receiving interest soon.

I opened a 123 account at a Santander branch today. It didn't seem quite as slick as TSB but it wasn't really a problem though.

I was given an account number but I was told that the paperwork needed to be sent off and processed internally. I asked if it was okay to start transferring money into the account and moving direct debits over but the adviser was a bit vague.

For anyone that has gone through this process with Santander previously, have you waited until you receive the bank card, online access, etc. before doing anything?

Archi_Bald

grimsalve wrote: »

I've since setup some SOs to move the money in and out again so fingers crossed I should start receiving interest soon.

did you set both, correspondence and statements, to paperless, for both accounts?

grimsalve wrote: »

For anyone that has gone through this process with Santander previously, have you waited until you receive the bank card, online access, etc. before doing anything?

regardless of bank, I would never deposit any money into a current account before I don't have a debit card, a PIN and online access. How would you check your money has gone in, how would you move your money out if you only have an account number on a piece of scrap paper?

grimsalve

Archi_Bald wrote: »

did you set both, correspondence and statements, to paperless, for both accounts?

Yes, that's the first thing I did but many thanks for mentioning it. I did think it strange at the time that one of the conditions for receiving interest is to select "paperless" but this isn't setup by default. The TSB adviser said it was done this way for anyone who didn't want to receive the interest! :rotfl:

Archi_Bald wrote: »

regardless of bank, I would never deposit any money into a current account before I don't have a debit card, a PIN and online access. How would you check your money has gone in, how would you move your money out if you only have an account number on a piece of scrap paper?

Cheers, I've decided not to risk it.

YorkshireBoy

grimsalve wrote: »

Yes, that's the first thing I did

Have you done this yourself from within online banking? Or did the advisor say they'd do it during the keying? In other words, have you been able to verify, from within online banking, that it's been done for both (that's both accounts, and both statements and correspondence for each)?

grimsalve

YorkshireBoy wrote: »

Have you done this yourself from within online banking? Or did the advisor say they'd do it during the keying? In other words, have you been able to verify, from within online banking, that it's been done for both (that's both accounts, and both statements and correspondence for each)?

I checked the new accounts when I first accessed them online and they were both set to paper statements and correspondence (so now both accounts are paperless on both ).

I guess it's done this way for the benefit of anyone who asks for an account but doesn't want/have internet access ... but seeing as they setup the online stuff as they are creating the bank accounts and specifically ask you if you were planning on using their internet banking service to manage the accounts you'd think they'd let you opt out right there and then (especially as it's a condition of receiving the interest). Or maybe they're just trying to catch people out.

apollo_

I've also gone for the 123/Classic Plus combination in the last couple of months. I opened up my Santander account first to use as my main account. Since I used their switching service it all proceeded quite efficiently - only oddity was that they kept sending me letters with vague details about how 'we've updated your details on your account'. I went into branch to question and they weren't sure what they were sent for, but otherwise I've had no problems opening or using the account. Took about ten days from opening to have the PIN and card all operational. Only just opened the TSB account in the last few days but it all seems more efficient than Santander. I received my card within approx four days and the PIN arrived shortly after (bearing in mind we've also just had the bank holiday).

Lee_Howden

How are people with both the TSB Classic Plus and the Santander 123 Account doing with them? I'm a bit lost as to what is being gained here.

karlie88

Lee_Howden wrote: »

How are people with both the TSB Classic Plus and the Santander 123 Account doing with them? I'm a bit lost as to what is being gained here.

5% and 3% credit interest, respectively.

Cashback on the 123 account which effectively cancels out the £2 monthly fee if paying standard household bills.

grimsalve

Lee_Howden wrote: »

How are people with both the TSB Classic Plus and the Santander 123 Account doing with them? I'm a bit lost as to what is being gained here.

TSB Classic Plus gives you 5% interest (gross) on £2,000. You can open two accounts (or a total four if two are joint). The only conditions are that they must be "paperless" and each account must be fed with £500 a month (possibly internally too?). The TSB advisor I spoke to in branch was fully aware of what people are doing with these accounts though (using them as a savings account rather than a current account).

I think this basically means I'll get around £13 a month in interest.

Santander 123 gives you 3% (gross) on £20,000 (there's a tiered interest rate going from 1% to 3% - hence the name of the account). They charge a monthly fee (£2), you need to feed the account every month (£500 - has to be external) and you need to have at least two live direct debits (but you get between 1% and 3% cashback on these).

I haven't worked out what I'll get back from my Santander account yet! Possibly around £40 a month?

Lee_Howden

Ah, it makes sense now. I might look into using one of these to put some of our savings in.

badger09

Lee_Howden wrote: »

Ah, it makes sense now. I might look into using one of these to put some of our savings in.

Welcome to the party. You're a little late. What kept you?