Santander 123

fergusonsfolly

If I put £20k into the Santander 123 account (it will be a joint account between me and my wife), will I still receive the 3% interest if:
I DO NOT make the minimum £500 per month
and
DO NOT make the two direct debits per month out of the account

Me and missus have opened separate 123 accounts and we do not have any more direct debits that are eligible to make from the joint account.

BobQ

fergusonsfolly wrote: »

If I put £20k into the Santander 123 account (it will be a joint account between me and my wife), will I still receive the 3% interest if:
I DO NOT make the minimum £500 per month
and
DO NOT make the two direct debits per month out of the account

Me and missus have opened separate 123 accounts and we do not have any more direct debits that are eligible to make from the joint account.

Bit of a waste of effort to open an account to get the 3% if you do not do what is stated in the terms and conditions to get the 3%. Particularly when you appear to know this is what is required. You will not get cashback either

Surely you have something that you pay by DD?

The £500 can come from another non-Sandander account even if you just pay it in and take it out again.

Stubod

You need to put in min £500 per month, even if you take it out and put it back in again the following month, (but not from another Santander account)...but you and have to have 2 DD's...otherwise you will not get 3%.
NB DD's can be "annual"..ie do not have to be monthly.

Archi_Bald

it's easy to set up a couple of extra DDs - search the forum, it's been discussed a lot.

it's also easy to swap £500 with a non-Santander current account, such as the TSB Plus which pays nice interest.

If you miss either, you get interest.

benalder284

No - you correctly state some of the account's key conditions which require to be met to be eligible for the 3% interest.

fergusonsfolly

Thanks Guys -everything clear now.
I was struggling to find two DDs that were on the Santander list as I had already exhausted the ones we had on mine and the missus individual 123 accounts.
I understand now that as long as they are DDs, they do not have to be on the list.
Of course, if not on the list I will not get cashback, but that is OK as long as I get the 3% interest

Steve_xx

fergusonsfolly wrote: »

Thanks Guys -everything clear now.
I was struggling to find two DDs that were on the Santander list as I had already exhausted the ones we had on mine and the missus individual 123 accounts.
I understand now that as long as they are DDs, they do not have to be on the list.
Of course, if not on the list I will not get cashback, but that is OK as long as I get the 3% interest

This Direct Debit thing is really easy for you to fix. What you do is to open two Tesco savings accounts. One can be their Internet Saver and the other can be their Instant Access savings account. These are simple online operated savings accounts with one wonderful distinction from other savings accounts. That one great distinction is that you can set up direct debits to your Santander account (or any other account that's yours) so that you pull money from the Santander account to the Tesco account, thereby satisfying the conditions that Santander impose for having two direct debits.

So, assuming you now have the two Tesco accounts, you then tell the Tesco accounts to pull money once per month from the Santander account, say £1 each. Set the first Tesco account to pull £1 from Santander on say 20th October and the second Tesco account to pull £1 from Santander on say 22nd October.

Heres a link to Tesco bank:

http://www.tescobank.com/savings/

2010

A good bit of advice Steve-xx.

Going slightly off topic with the Halifax, to get your fiver a month, the DD must be active and used monthly.
Also £750 needs to be paid and no going into the red.

What it says about the the DD is:
£5 reward each month you pay in £750+, pay two different direct debits and stay in credit.

Does this mean from two different organisations or two different DD from the same company?

eskbanker

2010 wrote: »

What it says about the the DD is:
£5 reward each month you pay in £750+, pay two different direct debits and stay in credit.

Does this mean from two different organisations or two different DD from the same company?

Their Ts & Cs clarify that "Reward Current Accounts must have at least two different direct debit mandates set up on the account" so if the receiving company is OK to accommodate this then two different DD mandates from the same company should be OK, otherwise you'd be better using two different organisations.

anselld

2010 wrote: »

Does this mean from two different organisations or two different DD from the same company?

Steve_xx Tesco method works fine for Halifax.

Steve_xx

2010 wrote: »

A good bit of advice Steve-xx.

Going slightly off topic with the Halifax, to get your fiver a month, the DD must be active and used monthly.
Also £750 needs to be paid and no going into the red.

What it says about the the DD is:
£5 reward each month you pay in £750+, pay two different direct debits and stay in credit.

Does this mean from two different organisations or two different DD from the same company?

Yes the Tesco method works just fine with Halifax. When I say fine I mean by having the two named Tesco accounts that I mentioned in my post and then stagger the days for the £1 pull from Halifax.