123 Santander Current Account

connors07

Hi, I was wondering if someone could assist me with a query please! I currently have 'my mortgage deposit' in my 123 Current Account, I closed down my ISA's to get the money 'ready' although nothing is moving in terms of buying a house right now. Leaving the excess of 20k+ earning nothing.

I'm aware I can open a second 123 Santander Current Account providing I meet the requirements.

In the event of doing so; but then needing the money available again. How quickly can I close a 123 Santander Current Account?

I've tried their FAQ's but can't find a clear answer.

Archi_Bald

You have to go into a branch to close your account, and they will likely try to sell you some other account but you just have to be firm. http://www.santander.co.uk/uk/current-accounts/123-current-account

It should be an immediate closure, provided you don't have any outstanding debts with them.

NoMore

Your second account will have to be a joint one.

How much is the excess ? You may be better advised to open a different account(s) to get a better interest rate than another 123.

connors07

Is there no way round of avoiding a joint account? I thought I'd read of individuals managing to have two 123 Current Accounts?

The excess is enough to fill another account.

Archi_Bald

connors07 wrote: »

I thought I'd read of individuals managing to have two 123 Current Accounts?

They'll have them from when it was still possible to open more than one sole account.

mgdavid

why are you worrying about actually closing an account? Just move / transfer the money to wherever it needs to go, when you buy the house. The account will remain open even with zero balance; you can close it at your leisure, later.

noh

mgdavid wrote: »

why are you worrying about actually closing an account? Just move / transfer the money to wherever it needs to go, when you buy the house. The account will remain open even with zero balance; you can close it at your leisure, later.

The Santander 123 account has a £2 monthly fee.

NoMore

123 account has a £2 monthly fee, guess he doesn't want to pay that longer than necessary.

If he can't get to a branch to close it, he could just switch it to any other account in seven days using the switching service.