Santander 123

djpailo

Forgive me for not knowing the correct terminology here, but to open the Santander 123 account, it says you need to "Set up at least 2 Direct Debits"

http://www.santander.co.uk/uk/current-accounts/123-current-account

As I understand it, I need two direct debits to start earning interest on the account. Does the the automatic payment from where I work into the bank account count as one direct debit? Like I am aware outbound direct debits to pay phone/ utility bills count but do "inbound" ones count or internal ones from another bank account?

Sorry if that didn't make sense

NoMore

No a Direct Debit is a Debit from the account not a credit to the account.

Also note there are other ways of debiting an account (SO, CPA, etc.) and they don't count either, it has to be a Direct Debit

If you don't/can't setup any DD, usual advice is to open a couple of tesco internet savings accounts and they all you to set a DD to pull money from the 123 account.

ToriP

That's also how I read it. Two debits from your account

alexanderalexander

Lots of charities now take regular donations as direct debits, so setting up two small (or large if you're feeling generous) charitable donations a month is probably the easiest way of meeting the 123 account's criteria.

colsten

There literally gazillions of posts now on this forum regarding DDs needed for some current accounts. A short while of browsing / searching existing thread will reveal it can all easily be done with Tesco savings accounts..................

colsten

djpailo wrote: »

Does the the automatic payment from where I work into the bank account count as one direct debit?

Are your employers debiting your account? No. So an incoming payment cannot be a debit, never mind a direct debit.

djpailo wrote: »

Like I am aware outbound direct debits to pay phone/ utility bills count but do "inbound" ones count or internal ones from another bank account?

Money coming into your account: credit.
Money going out of your account: debit.

If you are unfamiliar with what Direct Debits are, you should read through this: http://www.directdebit.co.uk/Pages/Home.aspx

djpailo

colsten wrote: »

Are your employers debiting your account? No. So an incoming payment cannot be a debit, never mind a direct debit.



Money coming into your account: credit.
Money going out of your account: debit.

If you are unfamiliar with what Direct Debits are, you should read through this: http://www.directdebit.co.uk/Pages/Home.aspx

Thanks for the link.