Santander 123 Current Account & Trasfering Funds From Santander Isa

D4G4

Hi Everyone. I'm new to this posting so please bear with me.
Have just switched my everyday Santander current account to the 123 current account. My £1700 salary gets paid in directly every month and I have a few eligible direct debits so will definitely be better off. I also hold an easy access Santander isa account which currently has over £4000 in it. I know (hope ! ) that this money would be far better off earning 3% interest if I transferred it into my current account as opposed to the 0.5 % in the Isa. My only worry is that it states that you cannot fund or transfer the required monthly amount from any Santander personal accounts. Will this apply to the one off transfer? I am confused and would really appreciate any advise and help.
Thanks for reading & please reply.

System

You say your salary gets paid in to your 123 account every month, so that is successfully funding it. Why, then, should transferring a further 4K be concerning? The 'cannot transfer from another acct' issue is relevant to the minimum amount you need to have coming in to your 123 every month to fund your account to get interest (although I've read in other threads that many users have transferred from another personal Santander account to the 123 to get the interest, but that's by the way).
That sounds much more complicated than I meant it to!
When in doubt, if you can wait a day or two, ask them a question by secure message.

YorkshireBoy

D4G4 wrote: »

I know (hope ! ) that this money would be far better off earning 3% interest

It'd be better still if you were making 5% AER, ie nearly twice as much, on it.


Open TSB Plus and Nationwide FlexDirect current accounts.
Deposit £1,700 in TSB, and £2,300 in Nationwide.
Set up a pair of monthly cross-funding £1K standing orders.
Do nothing else for 12 months.


Easy?

D4G4

Thanks for your quick response although still unsure, why are matters to do with money so confusing, well to me anyway !!

ceredigion

D4G4 wrote: »

Thanks for your quick response although still unsure, why are matters to do with money so confusing, well to me anyway !!

Why.
The account has a monthly funding requirement.
You have your salary paid in. FUNDING REQUIREMENT FORFILLED.


Transfer your ISA in. job done

(Internal transfers do not count towards the funding requirement that is all. )

CLAPTON

D4G4 wrote: »

Thanks for your quick response although still unsure, why are matters to do with money so confusing, well to me anyway !!

you must 'fund' the account with at least 500 per month from an external (non santander a/c) to qualify for the benefits

however you can ALSO add more money to the a/c to benefit from the 3% interest from any a/c (i.e.both external or from other santander a/cs)

No_6

Late again Clap, you should read the latest post before replying
but I suppose it adds to your post count !
are SUPER users reply's becoming BORING


6
but better than nothing ?

saintalan

CLAPTON wrote: »

you must 'fund' the account with at least 500 per month from an external (non santander a/c) to qualify for the benefits...

I think 'funding' can come from Santander accounts just not your own!

System

If it's not your own account then surely it's an 'external' account ..... ah, sorry, that must have been a joke. Apologies, it's seeing my words in post 2 above paraphrased - or translated!- that has thrown me (I blame old age). Whatever the case, I'm sure D4G4 got the message...I hope!

CLAPTON

No_6 wrote: »

Late again Clap, you should read the latest post before replying
but I suppose it adds to your post count !
are SUPER users reply's becoming BORING


6
but better than nothing ?

bizarre................ and a p

CLAPTON

saintalan wrote: »

I think 'funding' can come from Santander accounts just not your own!

yes that is so: