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Santander 123
BeansOnToast_2
Posts: 93 Forumite
I've just opened a Santander 123 account. It isn't active yet as I haven't got my account number yet, though I did receive my PIN this morning.
I have one query on the T&Cs which state:
"Interest is paid on the whole account balance once the balance is at least £1,000. No interest is earned when your balance is below £1,000 or over £20,000. We work out interest on your daily balance on the first £20,000 only and pay interest every month."
That statement isn't very clear on what happens if you balance is over £20000. Do you get no interest at all or do you get interest on the £20000?
I intend to keep my account very close to £20,000, so there's a possibility it might occasionally creep over, such as when they add the cashback or interest. I'll withdraw any excess quickly, but it might not always be immediately.
I have one query on the T&Cs which state:
"Interest is paid on the whole account balance once the balance is at least £1,000. No interest is earned when your balance is below £1,000 or over £20,000. We work out interest on your daily balance on the first £20,000 only and pay interest every month."
That statement isn't very clear on what happens if you balance is over £20000. Do you get no interest at all or do you get interest on the £20000?
I intend to keep my account very close to £20,000, so there's a possibility it might occasionally creep over, such as when they add the cashback or interest. I'll withdraw any excess quickly, but it might not always be immediately.
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Comments
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I've been confused about this before. It's fine to go over 20k. If your balance is £20,100 you get interest on £20,000 but not on the extra £100.0
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I got my account number as soon as I applied for an account.
Are you sure you didnt get an email to tell you?
I'm surprised you have a PIN before your account details.0 -
savingsomemore wrote: »I got my account number as soon as I applied for an account.
Are you sure you didnt get an email to tell you?
I'm surprised you have a PIN before your account details.
agree with this.0 -
I applied on Wednesday and got an immediate email saying that my application was successful and:"So, what happens next?Within the next 5-7 days we'll send you your account details, bank card and PIN."
The PIN came first - today.
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I am considering opening this account, question I can't find an answer to is - does it pay interest if you do not have two direct debits set up?
The two direct debits seem to relate to household bill cashback but its not clear from the way Santander site describes it -which is typical of Santandar.0 -
Front page !
To get cashback on your household bills and interest on your balance, just follow these steps:- Pay a monthly account fee of £2.
- Fund the account with £500 a month (excludes internal transfers). A minimum balance of £1,000 is needed to receive interest.
- Set up at least 2 Direct Debits. You'll get monthly cashback on selected household bills you pay by Direct Debit
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Really? From the "at a glance" tab......its not clear from the way Santander site describes it -which is typical of Santandar.
They also confirm this in the T&Cs (also available on their website) in section 5.To get cashback on your household bills and interest on your balance, just follow these steps:- Pay a monthly account fee of £2.
- Fund the account with £500 a month (excludes internal transfers). A minimum balance of £1,000 is needed to receive interest.
- Set up at least 2 Direct Debits. You'll get monthly cashback on selected household bills you pay by Direct Debit
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YorkshireBoy wrote: »Really? From the "at a glance" tab...They also confirm this in the T&Cs (also available on their website) in section 5.
What does that actually mean - you get household bill cashback and interest if you do all those things - that is clear. But what if you do not set up the two direct debits and do not pay in £500 a month - do you still get the interest by paying monthly fee?
The full text from their site is below
The current account that pays you cashback on your household bills and interest on your balance for £2 a month.
What you get- Monthly cashback on selected household bills.
- Monthly interest of 3% AER (variable) payable on your entire balance up to £20,000, when you have at least £3,000 in your account.
To get cashback on your household bills and interest on your balance, just follow these steps:- Pay a monthly account fee of £2.
- Fund the account with £500 a month (excludes internal transfers). A minimum balance of £1,000 is needed to receive interest.
- Set up at least 2 Direct Debits. You'll get monthly cashback on selected household bills you pay by Direct Debit
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OneADay, ceredigion and Yorkshire Boy have aready answered your question but yes meet all the criteria and you'll earn interest and cash back.0
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You seem to be reading all the words (and getting confused!), despite me only bolding the important ones. So let me try again with the unimportant words deleted (so you can't read them!)...
"To get...interest on your balance...set up at least 2 Direct Debits"
How's that?
Still struggling?...open the T&Cs and read section 5.0
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