Standing Orders to Santander 123 current account ...

jjlothin

I'm currently getting my head round opening a Santander 123 current account, and I was wondering whether it would be possible to set up a Standing Order (for the £500 monthly deposit) from either a Tesco's or AA Savings Account - or whether Standing Orders can only be set up on current accounts?


That's to say, that I'd need to manually move the money to my main current account (FD) and have the Standing Order set up there?


Sorry if this is an obvious question!

YorkshireBoy

The Tesco savings accounts don't support SOs, only future dated FPs. Don't know about the AA account, but suspect its also not possible.

The best way IMO would be to manually transfer the cash on payday*, and then bring some/all of it back straight away to meet your bills from FD.


* Since Santander operate billing period months, rather than calendar months, be careful if your payday is very close to your Santander account opening/statement date.

jjlothin

That's very useful - thanks!:) So it's not essential that a Standing Order is set up, so far as Santander's T&Cs are concerned?


And I could literally just transfer in and then transfer out (manually) on the same day?

jimjames

jjlothin wrote: »

And I could literally just transfer in and then transfer out (manually) on the same day?

Yes. Literally straight afterwards, my transfers are done within seconds.

YorkshireBoy

jjlothin wrote: »

And I could literally just transfer in and then transfer out (manually) on the same day?

Or transfer out first, then back in! Same thing.

colsten

Nothing about SOs in the Santander T&Cs. But you have to have at least 2 DDs if you want to receive interest.

jjlothin

Many thanks to all yet again! (I did know about the DDs - getting those transferred from FD will be another learning curve for 2015!)

YorkshireBoy

jjlothin wrote: »

Many thanks to all yet again! (I did know about the DDs - getting those transferred from FD will be another learning curve for 2015!)

2 Tesco savings accounts will do the job, but it would be a shame to miss out on cashback from DDs for your utility bills etc...which would almost certainly cover the £2 a month fee.

colsten

If you transfer your DDs yourself, do it shortly after they paid out. Ring the payee, or use their website if they provide the facility, and give them the new sort code and account number. Then monitor that the DD mandate appears in Santander and disappears from FD. That's all there is to it, and it should all work like clockwork.

jjlothin

YorkshireBoy wrote: »

2 Tesco savings accounts will do the job, but it would be a shame to miss out on cashback from DDs for your utility bills etc...which would almost certainly cover the £2 a month fee.

My utility bills aren't mega (living in a 1-bedroomed flat) - I've worked out that I'll only be something like 12p down against the monthly fee if I transfer electricity + phone/internet ...

jjlothin

colsten wrote: »

If you transfer your DDs yourself, do it shortly after they paid out. Ring the payee, or use their website if they provide the facility, and give them the new sort code and account number. Then monitor that the DD mandate appears in Santander and disappears from FD. That's all there is to it, and it should all work like clockwork.

This is really reassuring, Colsten! Just wouldn't be possible to manage all this without all these MoneysavingExperts! :beer: