Finally took the plunge - TSB Classic Plus and Santander 123

10_66

grimsalve wrote: »

...The monthly £2 charge - is this made on the "monthaversary" of the account opening? (whether the account has anything in it or not, etc.) - would Santander still charge you the £2 if the account was empty and therefore putting you in debt?

They'll take the £2 fee on the month anniversary of account opening.

grimsalve wrote: »

To qualify for interest you need two direct debits - but does the new account only qualify once both DDs have been transferred over or is it only after the first payments have been made?

The DDs only need to be set up, not paid out.

Archi_Bald

grimsalve wrote: »

would Santander still charge you the £2 if the account was empty and therefore putting you in debt?

Yes they would charge you the £2 - but it would be you, not them, who puts yourself into debt as it is your decision, not theirs whether you hold the account or not, and how much money you spend.

There is a £12 grace for overdrafts, but going overdrawn can clock up huge charges in no time, as per their charges document: http://www.santander.co.uk/csdlvlr/BlobServer?blobtable=MungoBlobs&blobkey=id&blobcol=urldata&blobheader=application%2Fpdf&blobheadervalue1=inline%3Bfilename%3DBANK0455JUL14HT_LOW.pdf&blobwhere=1314014383238&blobheadername1=Content-Disposition

B_G_B

grimsalve wrote: »

The monthly £2 charge - is this made on the "monthaversary" of the account opening? (whether the account has anything in it or not, etc.) - would Santander still charge you the £2 if the account was empty and therefore putting you in debt?

Copied from Santander 123 Key facts document, point 3.....
The monthly Current Account fee applies as well as any standard Current Account fee, and is taken for the previous month on the same day each month on the date the account was opened or transferred. The monthly Current Account fee will be taken every month from your account (including any months you do not qualify for interest and cashback) until you instruct us to close or transfer your account.
If there are insufficient funds in your account to cover the monthly Current Account fee, the fee will still be debited. If the payment of the £2 monthly Current Account fee takes you into an Unarranged Overdraft, you will not incur a Paid Transaction Fee (Daily Usage Fees will still apply).

grimsalve

Cheers, I'm not likely to ever go overdrawn but I just thought I'd ask

So... the interest is paid on the same day as the £2 charge is made? And is the interest calculated on a daily basis (ie. from the date when the 2nd DD was setup?)

Archi_Bald

The answers to all these questions are in the Santander document I linked earlier (and that forms part of the T&Cs you accept when you open an account). You can use CTRL + F to search for whatever you are interested in.

grimsalve

From the T&Cs...

Please see your current account statement or visit Online Banking to find out which date we will pay you interest.

Anyone know off hand where this date is mentioned? I couldn't spot it.

Dave01

I already have an ISA open with Santander which I can access through online banking. If I now open a 123 Current Account with them via my online portal will they still expect me to send off ID or anything else? I only ask as I'd rather open it in branch and take my ID with me if that were to be the case. I've already shown my ID when I opened the ISA a couple of years ago.

anoncol

I didn't even need to show I'd when I opened it without other accounts.