Santander 123 x 3?

ericonabike

I've ceased to be a landlord and am selling the house that we previously rented out, so am looking for a home for the money. As part of that plan, a return of 3% before tax is reasonably interesting [sorry] and so we are looking at Santander 123 accounts. We already have one as a joint account, but I gather from Santander that we can have three - one each and the joint account. Keeping these at £20,000+ would deliver some £1500 a year after tax. I am curious if anyone has done this and if so any difficulties/advice they would like to share. For the record, I already run three accounts, for various historical reasons. But closing two of these and 'sharing' household DDs amongst the existing Santander account + two new ones seems a little problematical. Any help appreciated.

colsten

Lots of people here have several 123 and multiple accounts with other banks. You don't have to close other accounts in order to apply for a couple more 123s. In fact, you do need a non-Santander account to shuttle the monthly £500 into the accounts. You can set up a couple of Tesco savings accounts so you can create the required DDs for each of your additional 123 accounts.

payandisplay

Yes I did the same as you. Sold a flat in London for a boatload of money and I now have 3 123 accounts along with a few others to do the transfers. Seems to be working OK. I pay a couple of direct debits from each and the cash-back covers the £2 monthly charge.

ericonabike

Seems like a plan then. Intend to keep the existing joint account as a 'working' one and use the new solo accounts as 'zombie' accounts. If I ship in £500 a month into each from a 'donor' account and transfer two DDs to each, I can then set up a SO to transfer the excess back to the 'donor' account. Should then be able to forget about the two 'zombie' accounts, I'm thinking...