Santander UK - 123 Bank Account, doubts.

Mark1987

Oh, big disappointment. It seemed too easy. I thought it was monthly.
Same for all the other accounts? Like Club Lloyds?

YorkshireBoy

Mark1987 wrote: »

Oh, big disappointment. It seemed too easy. I thought it was monthly.

You seriously thought you were going to get a return on your cash in excess of 25% after a year?!

Same for all the other accounts? Like Club Lloyds?

Why not spend a few moments looking at their respective websites?

Mark1987

I'm totally ignorant about that, I'm not from the UK. Maybe here you have different interests, much higher who knows. It seemed very weird to be honest, that's why I asked "where is the trick?" Anyway it's still good if you can open various of these accounts.

colsten

Mark1987 wrote: »

I'm totally ignorant about that, I'm not from the UK. Maybe here you have different interests, much higher who knows. It seemed very weird to be honest, that's why I asked "where is the trick?"

Percentage, and AER, works the same all around the world. So unless you are extra-terrestrial, you shouldn't be surprised. If you are indeed from another planet, please tell us more - how did you get here, how can we get to your planet, where best to book , which hotels are best, where to exchange currency, what are the must see spots etc.

Eco_Miser

Mark1987 wrote: »

All the accounts you mentioned give monthly interests?

Yes, approximately one twelfth of the annual sum.

Mark1987 wrote: »

Could you just confirm me that with 20k on Santander 123 I will receive at least £450 each month?

No, you'll get a twelfth of that each month.

Mark1987 wrote: »

Because I had a look at this calculator on their website and it's written "Annual total". Why?

Because that's the annual total. Remember the interest rate is 3% Annual Equivalent Rate

Mark1987 wrote: »

Next step now This Saturday I want to open two accounts. Which ones? I would say one is Santander, the other one?

(I currently have TSB Classic Plus with 2k on it)

Thanks again guys!

Club Lloyds.

But why just two?

Why wait until Saturday?
You can apply for each of these accounts on-line in about half an hour each.

Mark1987 wrote: »

Yes, I will open accounts there as well but I want to give the priority to Santander since they consider amounts up to 20k.

No need to prioritize, open them all on the same day.

takesyourchances

I have just moved my second direct debit over to my newly opened 123 account today and also set a couple of faster payments up between accounts for the £500 per month and tested all and they are working.

My first direct debit has appeared on the 123 account and is due to come out around March 2nd. The second direct debit I changed over today and is next due to come out around March 16th.

My question if anyone can kindly help me is, when should I shift a large balance into the 123 account to start earning the 3% interest? ......would I need to wait until both direct debits come out for the first time, or can I do it now? ....I don't want to shift money in too soon before interest would start to earn and I just bounced £500 in and out today as well.

Many thanks.

NoMore

Put it in as soon as you can, the interest is calculated daily. You don't have to wait until you have done the £500 transfer and two DD, that will be checked at the end of the month when they pay the interest.

colsten

There's no reason for not moving your money into the 123 as soon as the two DDs show in your Santander account.

takesyourchances

Thanks very much for your replies, most helpful! I will move the money over to the 123 account now. No time like the present with it calculated daily. Thanks for explaining how it works.

I am sure the second direct debit will show soon and well before the end of the month,

Thanks again.

takesyourchances

That is it done, moved over from my Santander ISA which is up soon as well. Pleased to get this in now.

Thanks!