Direct Debits for Santander 123

thomB

Hi All

I have signed up for this account now but I do not fancy actually putting my actual bills on there using DD.

I read some bits about people using some workarounds with cheap DDs that pay out from santander into another account they own.

Would that be better as they told me in the bank i get cashback on bills through them?

Anyone got any experience with this/

Thanks

mel48rose

Hi, I've just opened the same account. I am in the process of moving my utility direct debits over to take advantage of the cashback. Why wouldn't you want to do this?

colsten

Use the 123 cashback calculator to see whether it will be worth your while. Most people find it is.

elver_man

I've had 2 of these accounts for around two years and although I have 2 x DD set up on each account only 1 is ever used and that is the DD for the 123 credit card. Therefore I do not gain any advantage from the cashback on Bills but I do still gain the interest on the money in the account plus the cashback on the Credit Card.

YorkshireBoy

elver_man wrote: »

I've had 2 of these accounts for around two years and although I have 2 x DD set up on each account only 1 is ever used and that is the DD for the 123 credit card. Therefore I do not gain any advantage from the cashback on Bills but I do still gain the interest on the money in the account plus the cashback on the Credit Card.

DDs generally lapse under the dormancy rules after 13 months of non use.

Suggest you start using them both (at least once a year...maybe more frequently), otherwise you'll lose your interest...at some point down the line.

elver_man

That's interesting as I've just checked online and 3 of them have not been used since set up over 18 months and 20 months ago) Yet I still get monthly interest?


I'll watch out though

thomB

mel48rose wrote: »

Hi, I've just opened the same account. I am in the process of moving my utility direct debits over to take advantage of the cashback. Why wouldn't you want to do this?

I have heard horror stories of hacking going on. They do not use a PINsentry machine to generate a code to login so it is quite worrying but I am going to take the chance with them.

I need to login online to change the offers on my debit card I believe. Perhaps someone knows if you can request a code via your mobile to login? Or can you demand a PINsentry from them?

Like this

Kendall80

I don't particularly like the pinsentry method so I'm glad Santander do not use one.


They do have other security setups. Like sending an OTP code to your mobile every time you setup a new SO payee.


They'll also put a hold on your transfers if they suspect anything. I tried to move 6000 out to various 5% accounts a month back and they blocked them. A call to their security/fraud? team sorted it out.

thomB

Kendall80 wrote: »

I don't particularly like the pinsentry method so I'm glad Santander do not use one.


They do have other security setups. Like sending an OTP code to your mobile every time you setup a new SO payee.


They'll also put a hold on your transfers if they suspect anything. I tried to move 6000 out to various 5% accounts a month back and they blocked them. A call to their security/fraud? team sorted it out.

My worry is that you get hacked and while Santander may refund it you would be out of pocket and possibly begin a snowball effect of missed direct debits while they investigate.

chile_paul

thomB wrote: »

My worry is that you get hacked and while Santander may refund it you would be out of pocket and possibly begin a snowball effect of missed direct debits while they investigate.

I'm also not a fan of the pinsentry style security system - I specifically left HSBC because of their security system. Santander use the OTP to your mobile phone system which works really well for me and should protect you from hacking

thomB

chile_paul wrote: »

I'm also not a fan of the pinsentry style security system - I specifically left HSBC because of their security system. Santander use the OTP to your mobile phone system which works really well for me and should protect you from hacking

I personally prefer the pinsentry. Id happily take the code on a mobile if i needed it to login do I need to request that?