123 Santander Current Account

Legacy_user

Hi,

A few questions about the Santander 123 Current Account and its rules:


1. Pay in £500 per month: Can this be transferred in from another account? As far as I'm aware it can't be transferred in from another of your Santander accounts?, but can it be transferred in from a different Bank account like HSBC, Lloyds etc?


2. 2 Direct Debits: Do these have to be specific to bills? I don't pay bills like electric, gas, water as I don't own a house. I pay rent monthly and I have a mobile phone gifgaf 'goodybag' which I pay for monthly......would these both be ok as covering these 2 direct debits needed for this account?


Cheers.

molerat

Money can be transferred in from a Santander account not in your name, jointly or singly. Any DD will do, they do not have to be taken each month.

oldfella

and can be transferred from another bank

tigerspill

I wasn't aware you could transfer from a Santander a/c. When I signed up it specifically said I couldn't do that.

Cornucopia

Have a look at a DD-fed savings accounts, like Tesco savings. You can set up a DD with a token amount of £10, which qualifies for one of the DDs. Also minimum payment DD on a credit card (even one with Santander).

System

So any direct debit is fine.

+

Transferring in £500 per month from another bank like Lloyds or Barclays qualifies.

?

What happens if say one month you don't do one of these things.....does that month not get any interest, but you still pay the £2 fee? would the account be able to continue on to the next month even though you failed to provide one of the direct debits or forgot to pay in the £500?

YorkshireBoy

tigerspill wrote: »

I wasn't aware you could transfer from a Santander a/c. When I signed up it specifically said I couldn't do that.

Where did you read that? The general advertising bumph still says...

(excludes internal transfers)

But I believe the official account T&Cs have always said...

The £500 minimum monthly payment does not include...amounts transferred into the account from another Santander account in your name (including any joint accounts). Transfers in from a Santander Business Account do count towards the minimum £500 payment.

YorkshireBoy

dburford9 wrote: »

So any direct debit is fine.

+

Transferring in £500 per month from another bank like Lloyds or Barclays qualifies.

?

What happens if say one month you don't do one of these things.....does that month not get any interest, but you still pay the £2 fee? would the account be able to continue on to the next month even though you failed to provide one of the direct debits or forgot to pay in the £500?

You just lose the interest and any cashback (from qualifying DDs), but still pay the fee, according to the information on their website. If you're considering the account you really ought to read some of it.

System

Cornucopia wrote: »

Your rent is unlikely to be a DD (more likely a Standing order, which does not count).

Have a look at a DD-fed savings account, like Tesco savings. You can set up a DD with a token amount of £10, which qualifies for one of the DDs. Also minimum payment DD on a credit card (even one with Santander).

oh ok..

I'm no good with these finance terms...standing orders and direct debits....just looked up the definitions of both....

So a direct debit is set-up by a company and a standing order is set up by you....ok.....

Maybe I could just find some really cheap memberships to something? maybe something that costs £1 per month?

Would this be ok? as I don't have any household bills - so not sure how else to qualify/set up 2 direct debit payments?

YorkshireBoy

dburford9 wrote: »

not sure how else to qualify/set up 2 direct debit payments?

The post you've quoted provides a solution. Read the second paragraph (again?).

Cornucopia

dburford9 wrote: »

oh ok..

I'm no good with these finance terms...standing orders and direct debits....just looked up the definitions of both....

So a direct debit is set-up by a company and a standing order is set up by you....ok.....

Just gave you the benefit of the doubt on that, and took out my comment on Standing Orders. But, yes, that's the basic definition.

Maybe I could just find some really cheap memberships to something? maybe something that costs £1 per month?

Would this be ok? as I don't have any household bills - so not sure how else to qualify/set up 2 direct debit payments?

Yep, charity donations (£1-2 per month) are possible. Obviously the savings account thing works well, because the money is still yours.