Santander 123

thesurveyor

Hi guys, new to the forums and this is my first post so here goes,
I'm interested in opening the Santander 123 account basically for the 3% interest but is it all what it seems? I've read mixed reviews so was inclined to seek further advice and I don't know anybody who saved with them. All advice welcome please 😊

tanith

Does what it says on the tin . I have it and it works for me.

colsten

Brilliant account, had it since it first came out 3 or so years ago. Loads of cashback from DDs, and plenty of interest from keeping more than £3K in there all the time. Lots of people here report they have 123 accounts.

What mixed reviews have you read? What are your concerns?

badger09

tanith wrote: »

Does what it says on the tin . I have it and it works for me.

Me too.

3% on £20k, plus cashback. What's not to like :cool:

thesurveyor

colsten wrote: »

Brilliant account, had it since it first came out 3 or so years ago. Loads of cashback from DDs, and plenty of interest from keeping more than £3K in there all the time. Lots of people here report they have 123 accounts.

What mixed reviews have you read? What are your concerns?

Mainly transfering of direct debits and the customer service. Thanks for the feedback will definitely open one now

badger09

thesurveyor wrote: »

Mainly transfering of direct debits and the customer service. Thanks for the feedback will definitely open one now

If you're using the guaranteed switch service, then obviously, you're covered should anything go wrong.

I've switched several DDs to Santander with absolutely no issues. Some can be done online, some by phone and others need a paper form - depends on the originator.

Customer service has improved in recent years. That's not to say Santander CS is perfect - but which bank is? I'm having no end of problems with First Direct - whose CS is reportedly fantastic. Pity I have to contact them so often

colsten

thesurveyor wrote: »

Mainly transfering of direct debits and the customer service. Thanks for the feedback will definitely open one now

If you are prepared to switch your existing current account, just ask Santander to switch it under the 7-day switching guarantee. if anything goes wrong, they'll pay the charges. BUT - do not request a switch until you have a fully operational account at Santander (debit card, PIN, online access).


Also, apply via Quidco for perhaps some extra cash - http://www.quidco.com/santander-123-current-account/

The DDs are easy - - - best if you pay all your DDs from the 123 as you get cashback for many of them- http://www.quidco.com/santander-123-current-account/

If you are stuck for DDs, look at Tesco savings accounts. But the Santander 123 DDs only need to be set up, i.e. pay one a year, so you could probably do a couple of manual payments from Paypal, which will be processed as DDs. All simple - ask again if you are stuck.;)

darkvader

Agree with all comments, does what it says, however I played safe and opened a brand new account, changed all DDs myself for the cash back and now just transfer any spare cash for the interest.

DV

mgdavid

darkvader wrote: »

Agree with all comments, does what it says, however I played safe and opened a brand new account, changed all DDs myself for the cash back and now just transfer any spare cash for the interest.
DV

me too; would I trust any bank to do a current account switch without cocking something up? certainly not ! I raised a couple of DDs large enough to cover the monthly charge with the cashback, and filled the account with savings.

moneyfoolish

mgdavid wrote: »

me too; would I trust any bank to do a current account switch without cocking something up? certainly not ! I raised a couple of DDs large enough to cover the monthly charge with the cashback, and filled the account with savings.

I'm the same. Have 3 Santander accounts for me, wife and joint but switched all direct debits myself over the 3 accounts. I can do everything online and have never had any problems, Very good accounts.

LXdaddy

mgdavid wrote: »

me too; would I trust any bank to do a current account switch without cocking something up? certainly not ! I raised a couple of DDs large enough to cover the monthly charge with the cashback, and filled the account with savings.

Me three.

I also opened the accounts myself and changed direct debits myself. This was before the guaranteed switching services but to be honest I didn't want to switch my current account. The bank which I regard as my main current account is still my current account, all the other current accounts are really savings accounts.