123 Current Account and 2 Direct Debits?

SourMD

Hi first post here, I've recently opened a 123 Current account after doing some research and seeing that it has the best interest for me and my situation.

My only issue is the 2 Direct Debits, I thought I had solved the issue by using my Santander debit card to pay netflix and another monthly service but a month later I hadn't earned any interest. Standing orders don't seem to work either. I currently have no bills that I can set up on a direct debit besides my phone bill.

Do the direct debits need to be monthly or does it just need to be 2 active ones on your account? I was thinking about taking out a 6 month magazine subscription using Direct Debit but wanted to make sure it would count towards my 2 Direct Debits.

inspireme247

2x Tesco Internet Saver.

mgdavid

a DD for £5 annually to your favourite charity will work for one.
Ideally you want to move a fairly large DD to this account, e.g.council tax or a utility bill, so you get some cashback to offset the £2 per month account charge.

SourMD

mgdavid wrote: »

a DD for £5 annually to your favourite charity will work for one.
Ideally you want to move a fairly large DD to this account, e.g.council tax or a utility bill, so you get some cashback to offset the £2 per month account charge.

So the direct Debits don't need to be going out of my account every month?

Steve_xx

SourMD wrote: »

Hi first post here, I've recently opened a 123 Current account after doing some research and seeing that it has the best interest for me and my situation.

My only issue is the 2 Direct Debits, I thought I had solved the issue by using my Santander debit card to pay netflix and another monthly service but a month later I hadn't earned any interest. Standing orders don't seem to work either. I currently have no bills that I can set up on a direct debit besides my phone bill.

Do the direct debits need to be monthly or does it just need to be 2 active ones on your account? I was thinking about taking out a 6 month magazine subscription using Direct Debit but wanted to make sure it would count towards my 2 Direct Debits.

The best way around your problem is to open two Tesco savings accounts. There are two of them available on their website. Then once you have them open you can use them to set up direct debits to your Santander account to pull say £1 a month to each of the Tesco accounts. Effectively you are pulling money from your Santander account to your new Tesco accounts in the form of direct debits. This will satisfy the requirement from Santander and you can also use the Tesco accounts for any other bank accounts that require direct debit mandates.


With Santander, the two direct debits don't have to be paid every month, but yes they have to be active. Be aware that if a Direct Debit isn't paid for a period of 13 months then it will usually lapse.

grumbler

SourMD wrote: »

My only issue is the 2 Direct Debits, I thought I had solved the issue by using my Santander debit card to pay netflix and another monthly service but a month later I hadn't earned any interest.

Hardly a surprise as card payments have nothing to do with DDs.

Do the direct debits need to be monthly or does it just need to be 2 active ones on your account?

>> 1|2|3 Current Account Key Facts Document

Paragraph 5.

Herbalus

Direct debits need to be set up, but don't have to pay out every month.

Move your phone bill across to Santander (contact them and tell them you want to change the bank from which your direct debit comes).

For the second, you can use a charity, or Tesco as suggested above.

Snowbelle

If you have a Paypal account you can also use this by adding your bank account.

SourMD

Thanks for all the replies everyone, I'll be sure to set the Direct Debits up correctly to get that 3%.

:money:

colsten

It's 3% minus £24 if you don't have DDs qualifying for cashback.

There are several other accounts that don't have a monthly charge and pay 3%, 4% or even 5%. Most of these don't require DDs but the requisite DDs are very easy to get (ref Tesco savings accounts).

jennifernil

Yes, I would only go with the Santander account if you have already maxed out other better accounts if you cannot cover the account fee by getting cashback.