123 Santander Current Account

welshgirlmel

Brilliant news thank you both

ColdIron

Alter_ego wrote: »

No, one of mine is annual, has never paid out but still OK.

Be careful of this, many DDs lapse after 13 months of disuse

bigfreddiel

agent69 wrote: »

I've just set up a 123 account and need to make the monthly payment from my account at Lloyds.

If I set up a standing order will it arrive at Santander on the same day that it leaves Lloyds?

Does it matter?

fj

bigfreddiel

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.

We didn't set up the rules, just make your Dads as low as you can!

fj

Pincher

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.

Ridiculous is the word, but in a different sense.


The Tesco current account pays 3%, same as Santander 123, so you might as well keep some money in it.


I also got the Tesco Fee Free deal for the 0% Balance Transfer credit card. So now I owe the credit card over £3,600 , at 0%, for about 19 months. Minimum monthly payment is £36.


You need a balance to transfer in the first place, of course.


The £3,000 in the Tesco current account generates £7.09 a month, after tax.


£85 a year, for FREE! Now that's ridiculous.


Just for irony, the minimum monthly direct debit is paid from the Tesco current account. I'm a sick puppy. :rotfl:

robin58

agent69 wrote: »

I've just set up a 123 account and need to make the monthly payment from my account at Lloyds.

If I set up a standing order will it arrive at Santander on the same day that it leaves Lloyds?

Most banks now pay Standing Orders by the Faster Payment method.

This makes a payment to another bank which should show up on the account within 2 hours of being sent. In real life it is usually instantaneous between the accounts.

The Faster Payment will go out of your account on the day the standing order is set up for.

robin58

Also one other point to mention.

The day you signed up is the 'account month'.

Say you opened the account on 18th of the month, then you must pay in the monthly £500 between the 18th of the month and 17th of the next month, every month..

DD Cashback is still payed on/by last day of month. £2 account fee will be taken at the end of the month.

colsten

Pincher wrote: »

Just for irony, the minimum monthly direct debit is paid from the Tesco current account. I'm a sick puppy. :rotfl:

The monthly direct debit that is being discussed in this thread is not paid from the Tesco current account but from a Tesco savings account.

You can, of course, independently, keep some money in one or two Tesco current accounts for their 3% AER. But that has nothing to do with Direct Debits.

YorkshireBoy

robin58 wrote: »

DD Cashback is still payed on/by last day of month. £2 account fee will be taken at the end of the month.

I assume you're still talking about the 'account month' here?...because that's the case for my 1-2-3 interest, cashback, and fee.

Eco_Miser

bigfreddiel wrote: »

Originally Posted by Eco Miser
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.

We didn't set up the rules, just make your Dads as low as you can!

Tesco didn't make the rules either, and it's them who are being abused.
A lot of banks and building societies have stopped the DD facility, probably because of mis-use. If Tesco get fed up of processing lots of DDs for tiny amounts, supposedly for regular savings, a LOT of people are going to have to use real DDs for their savings current accounts. It's not like using miniscule amounts produces any real saving.