Santander 123 multiple accounts

swagman

If I open two 123 accounts, one in my name and one in my wife's, can I fund the required £500 per month by cycling the 'same' £500 between the two accounts?
I notice that the terms say transfers between the same person's accounts do not count towards the £500.
I do this currently with three TSB accounts but their interest rate will halve in November.

The appeal of the 123 account is the comparatively high ceiling of £20,000 up to which 3% will be paid. Or has anyone heard that this rate is due to be cut?

Buzby

No - it must come from outwith Sandander.

colsten

Should be ok for the funding as you plan.

Interest rate - I wouldn't be surprised if they cut it if there is a shedload of TSB Enhance money landing on them. But who knows.

colsten

Buzby wrote: »

No - it must come from outwith Sandander.

I don't think you are right as they say:

The £500 minimum monthly payment does not include refunded amounts from your Visa debit card or amounts transferred into the account from another Santander account in your name (including any joint accounts). Transfers in from a Santander Business Account are an acceptable form of funding.

Buzby

The manager explained that ping-ponging the same amount between the two accounts would result in the loss of interest. Transferring from a non Santander A/c removes any doubt.

Gromitt

Buzby wrote: »

No - it must come from outwith Sandander.

So if the company you work for banks with Santander, you don't meet the T&Cs ? I don't think thats quite right... I'd agree if both accounts were in the same name.

colsten

Buzby wrote: »

The manager explained that ping-ponging the same amount between the two accounts would result in the loss of interest. Transferring from a non Santander A/c removes any doubt.

The manager seems to be wrong. Although you are right, using a non-Santander account (such as TSB Plus, perhaps) removes all doubts.

zerog

Gromitt wrote: »

So if the company you work for banks with Santander, you don't meet the T&Cs ? I don't think thats quite right... I'd agree if both accounts were in the same name.

Well apparently this is the case with Nationwide.

drlabman

Doesn't need to come from outside Santander. I send from my account to my wife's and vice versa.