123 Santander Current Account

colsten

agent69 wrote: »

I think any 2 direct debits are OK, irrespective of how often they get used,

The problem is that the account doesn't qualify for the 3% interest rate until the 2 DD's have been used. So if they are monthly DD's the longest you have to wait for the 3% is a month. If it's an annual DD you could be waiting for a year.

Incorrect. The DDs do not have to have paid out before you receive interest. You just have to have the DDs in place (and pay in at least £500 each month) to receive your monthly interest.

YorkshireBoy

agent69 wrote: »

The problem is that the account doesn't qualify for the 3% interest rate until the 2 DD's have been used set up.

.........

Eco_Miser

dburford9 wrote: »

Santander will be fine with all this?

1. Setting a Direct Debit from a Tesco account for £0.50

That's ridiculously low, Tesco might start objecting, make it £1 at least. Remember these transfers do cost the banks something, and you get them for free.

YorkshireBoy

Eco_Miser wrote: »

That's ridiculously low, Tesco might start objecting, make it £1 at least. Remember these transfers do cost the banks something, and you get them for free.

Agreed. Tesco take £3 from each of my Halifax Reward accounts (and YBS take the other £2 from the same accounts, which 'cleanses' the accounts).


Similarly, Tesco take DDs for £6 and a £7 from Club Lloyds, which gets rid of the circa £13 interest the account pays each month.

macman

dburford9 wrote: »

Santander will be fine with all this?

1. Setting a Direct Debit from a Tesco account for £0.50

+

2. Transferring £500 into the 123 account from a rival bank and then transferring it back again.

Santander won't be funny about all this?

If you just do that you will earn no interest-you must have two DD's active on the account, not one.
What would they be 'funny' about? All you need to do is comply with the terms .

System

Of course -

yes I would set up 2 separate direct debits with a Tesco account.

YorkshireBoy

dburford9 wrote: »

Of course -

yes I would set up 2 separate direct debits with a Tesco account.

2 Tesco accounts will be required.

agent69

colsten wrote: »

Incorrect. The DDs do not have to have paid out before you receive interest. You just have to have the DDs in place (and pay in at least £500 each month) to receive your monthly interest.

In that case I'll go back to the branch of Santander where I was told this and ask what the f*** they are talking about.

xylophone

In that case I'll go back to the branch of Santander where I was told this and ask what the f*** they are talking about.

And we can be sure that with so courteous and reasonable an attitude they will be delighted to have you as a customer?

colsten

agent69 wrote: »

In that case I'll go back to the branch of Santander where I was told this and ask what the f*** they are talking about.

You might have misunderstood what they said, or not remember exactly what they said. You can check terms online.

I wouldn't do what you suggested as it is unlikely they would appreciate it.