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Santander 123 current account - No need to switch ?

I've just been accepted for a Santander 123 current account WITHOUT having to switch my main account from Nationwide.
I'm assuming I can now take advantage of the 3% interest on up to £20,000 as long as I pay in a minimum of £500.00 per month and set up 2 direct debits?
Why did I think I'd have to switch accounts in order to get this deal?
Am I missing something?

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