Santander's 123 account

sevenonine

YorkshireBoy wrote: »

You're making far too many assumptions about funding requirements for current accounts. The requirement for both Santander and TSB is to "credit £500 per month", not "be earning salary/receiving benefits/receiving pension* of more than £500 per month".


My advice, either call into branch to upgrade or do it online.



* Delete as appropriate.

So why don't the Santander staff whom I message with my details of pension (when I access my account online) tell me that the account must be funded by £500 per month? I might try as you suggest online and if not successful, in branch. I did think the 123 account is for new customers! Thanks for your suggestion. I want to add that the esaver account pays 0.70% not 1% - the latter is if I had a 123 account.

Archi_Bald

sevenonine wrote: »

As I explained, I don't get the minimum amount of £500 per month - my state pension is only £464.80 per month, so I don't qualify for the 123 account nor would I with TSB. I just feel the minimum (with Santander) should not apply as I have been their customer for well over 40 years and can easily fund the account with £3,000+from other savings.

If you have more than £3,000, then you very easily

1. pay £500 once a month from Santander to your TSB
2. pay the very same £500 back from TSB into Santander

You do not need to ask TSB or Santander whether this is ok because you can look at their T&Cs which do not prohibit this.

You can also check the T&Cs for any minimum income requirements - and you will find that there are none at either TSB or Santander.

YorkshireBoy

sevenonine wrote: »

So why don't the Santander staff whom I message with my details of pension (when I access my account online) tell me that the account must be funded by £500 per month?

The T&Cs tell you to fund with £500. What they don't tell you is where it has to come from!

Archi_Bald

grumbler wrote: »

Are you sure?

yes I am sure. It's been like that from day one.

grumbler wrote: »

I CBA to check the full T&C

may be don't comment then?

grumbler

Archi_Bald wrote: »

may be don't comment then?

Why?
Firstly, it was a question not a statement.
Secondly, it was supported by the information from the website that seemed to be pretty clear.

YorkshireBoy

grumbler wrote: »

Secondly, it was supported by a pretty clear information from the website.

Maybe the words "and interest on your balance" should have been in purple too?

Archi_Bald

grumbler wrote: »

Why?
Firstly, it was a question not a statement.
Secondly, it was supported by a pretty clear information from the website.

It would all be much easier if you "CBA" to check your facts before you query those that could be bothered to make the effort.

grumbler

YorkshireBoy wrote: »

Maybe the words "and interest on your balance" should have been in purple too?

...............

grumbler

Archi_Bald wrote: »

It would all be much easier if you "CBA" to check your facts

What 'facts'? The 'facts' I posted were correct.
The rest was with a question mark.

(Text removed by MSE Forum Team)

sevenonine

Archi_Bald wrote: »

If you have more than £3,000, then you very easily

1. pay £500 once a month from Santander to your TSB
2. pay the very same £500 back from TSB into Santander

You do not need to ask TSB or Santander whether this is ok because you can look at their T&Cs which do not prohibit this.

You can also check the T&Cs for any minimum income requirements - and you will find that there are none at either TSB or Santander.

I took the minimum of £500 to be income - perhaps I should try applying and see what happens. I already have £1,000 in the e-saver and can transfer further amounts from another BS. Thanks for your advice.