Santander 123

OneADay

piker1957 wrote: »

OneADay, ceredigion and Yorkshire Boy have aready answered your question but yes meet all the criteria and you'll earn interest and cash back.

I just wanted confirmation, my point stands though. The wording of the Santander wording is confusing - split into two little paragraphs.

The moneysupermarket web site mentions nothing about two direct debits but headlines it as an account to open.

colsten

OneADay wrote: »

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?

No you do not.

It's perfectly clear from the information available on their website what you need to do to earn cashback and interest.

YorkshireBoy

Condition 5.1 clearly states...

Interest will not be paid for any month where you fail to meet the eligibility requirements as detailed in Section 5.

Section 5 lists said eligibility requirements as:


Pay in £500
Have 2 DDs set up
Pay a £2 fee
Have at least £1K in there

colsten

OneADay wrote: »

I just wanted confirmation, my point stands though. The wording of the Santander wording is confusing - split into two little paragraphs.

The moneysupermarket web site mentions nothing about two direct debits but headlines it as an account to open.

It is not relevant what the moneysupermarket website or other non-Santander website says. It is not their product.

Seems you are getting very easily confused if you find the 123 terms confusing. They are one of the very simplest terms in the market.

OneADay

colsten wrote: »

No you do not.

It's perfectly clear from the information available on their website what you need to do to earn cashback and interest.

It wasn't clear to me especially as I saw the moneysupermarket website mention no direct debit setup.

Will stay clear of it.

YorkshireBoy

OneADay wrote: »

The wording of the Santander wording is confusing - split into two little paragraphs.

It's the "at a glance" information.


What's your opinion of the wording in section 5 of the account T&Cs?

ceredigion

OneADay wrote: »

It wasn't clear to me especially as I saw the moneysupermarket website mention no direct debit setup.

Will stay clear of it.

why.......

piker1957

My question too ceredigion. We obviously don't know OneADay's domestic circumstances but can assume he / she has access to broadband other than via WiFi in coffee shops and probably a mobile phone. Both of which cost less if the bill is paid by DD.
OneADay doesn't even need to be a household bill in your name. We have opened a 123 account in Mrs piker's name because she is a non-taxpayer and I pay at 40%, our council tax is in my name and all we've had to do is download a DD mandate from the council website, my wife has completed the details and signed and our £214 monthly council tax bill will now be paid from the 123 account, cash back on that alone will pay the monthly fee. I've called Vodafone on 191 and they're sending a mandate so my VF bill can be paid from the 123, they changed my wife's when she called without posting a mandate because both accounts in her name.

bengal-stripe

OneADay wrote: »

.....I saw the moneysupermarket website mention no direct debit setup.

Will stay clear of it.

You will stay clear of what, Moneysupermarket or Santander 123?

Always get your information from the horse's mouth!

piker1957

OneADay can I make a further recommendation if you do decide to go for a 123 account. Open a donor account first - I've personally found members of Lloyds Bank group the easiest, then clear your cookies and click through via Topcashback or Quidco to open the 123 and quote the donor account and Debit Card details as a switch account during the online 123 application, there will be a delay but TCB / Quidco will pay another £35, so a small but welcome additional benefit to opening the 123