Santander 123 eligibility

anythinggoes

Hi - I was considering switching to the S123 account, but I'm not sure if I would be accepted. I recently graduated, and at the moment I'm seeking employment (ie. currently unemployed). Would this mean that I'd instantly get rejected?

I'll probably have started working in the latter half of 2015, and would like to have the S123 as my main account when I'm employed. If I were to apply now and get rejected, would I be able to apply again at a later date when I have a job? Is it true that getting rejected hurts your credit rating?

Any help would be much appreciated :beer:

bryanb

To get the interest you need to fund it £500 monthly. Can you do that? When you say switch does that mean you have a current ac already? They were happy to accept my wife although she put nil income on the application ( I funded it temporarily )

anythinggoes

bryanb wrote: »

To get the interest you need to fund it £500 monthly. Can you do that? When you say switch does that mean you have a current ac already? They were happy to accept my wife although she put nil income on the application ( I funded it temporarily )

I have a graduate account at HSBC that pays no interest and doesn't benefit me in any other way. I'm not even really 'switching' as I don't have anything to switch over other than ~£13k in funds. I was planning on just using standing orders to transfer £500 back and forth between the S123 and my current HSBC account monthly. I was also going to set up a couple direct debits to tesco online saver accounts to satisfy the direct debit requirement.

bryanb

anythinggoes wrote: »

I have a graduate account at HSBC that pays no interest and doesn't benefit me in any other way. I'm not even really 'switching' as I don't have anything to switch over other than ~£13k in funds. I was planning on just using standing orders to transfer £500 back and forth between the S123 and my current HSBC account monthly. I was also going to set up a couple direct debits to tesco online saver accounts to satisfy the direct debit requirement.

That will work, but I wouldn't tell them your plans. I think in your position I'd let them know I was going to deposit the 13k and expected to start work shortly. You could move the 13k once the account is established.

anythinggoes

bryanb wrote: »

That will work, but I wouldn't tell them your plans. I think in your position I'd let them know I was going to deposit the 13k and expected to start work shortly. You could move the 13k once the account is established.

Are there any negative repercussions to getting rejected? Would I be able to apply again at a later date once I'm employed?