Santander 123 Account Advice

oldhenry

I am the ultimate cynic and my training as an accountant helped that along but I have found the Santander 123 a really good bank with no faults so far in a year and a half, not long compared to my Coop bank of 38 years I know ,but the Coop do not give me 3% on £20K each month plus cash back on Council Tax, Utilities ,etc.With all banks it is usually better to go into a branch and find a sensible staff member to sort things out of they go wrong. My wife also has a 123 so we max out on the interest and share the DDS, a quarterly one to RSPB counts too.

Jesc

Ah thanks for informing me about your experiences of the 123 account. On paper I do think they look good.

Just got to work out my tax position at first!

xylophone

I will definitely bare in mind

Naked greed?;)


http://www.taxguideforstudents.org.uk/tax-essentials/what-tax-rates-apply-to-me

In the current tax year https://www.gov.uk/apply-tax-free-interest-on-savings/10-savings-rate

Tax year 2015-16 and subsequently https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293747/Fact_sheet_template_-_10__tax_9.pdf

hello54321

Do you have to be the homeowner to be able to claim the DD cashbacks?

I ask because I still live with parents and wondered if I could help them out by putting the bills through my account?

Thanks all.

jem16

Jesc wrote: »

One final thing my tax position, how do I find this out as to be honest I don't know if I am a tax payer or not?

Look at your payslip - is there a deduction for tax (PAYE)?

If you earn £1k a month, you are a taxpayer as the personal allowance is £10,000 at the moment. Anything above that is taxed.

Snozzle

I used to pay the council tax bill for my parents through my Santander 123 account no problem. I don't think the council care where the money comes from. At the time my surname was the same as my parents as I wasn't married.

archerman

I've been looking at switching my daughter's savings into the 123 to use the £20k max but she's a medical student and their drop down only offers home-maker, employed, unemployed, retired or self-employed as options. Not sure whether I should care much. Don't want their various student versions as they cap the interest earning at £3k. I can handle the other issues, just this one about employment as they then ask all that stuff about salaries and outgoings.

xylophone

If you earn £1k a month, you are a taxpayer as the personal allowance is £10,000 at the moment. Anything above that is taxed.

Yes but re savings income next year

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293747/Fact_sheet_template_-_10__tax_9.pdf

takesyourchances

I have just opened a Santander 123 account finally, I have finally also given up on cash ISA's as my Santander ISA is due up at the end of the month so I am going to fill 20K into the 123 account from it.

I applied online only tonight and just got the email in accepting my application. I will change a couple of direct debits over when I get the details through of the account and bounce £500 in and out each month.

The cash ISA rates are getting completely dire now, so I am finally forced into the current account game for my cash.

hello54321

Snozzle wrote: »

I used to pay the council tax bill for my parents through my Santander 123 account no problem. I don't think the council care where the money comes from. At the time my surname was the same as my parents as I wasn't married.

I mean do Santander have a problem with paying out cashback when they are my parent's bills rather than my own.

I know Santander wouldn't allow business bills to go through the 123 account but what about allowing my parent's house bills?