Santander's 123 account

anoncol

What's with the agro here between regulars?

ceredigion

Sevenonine


You have implied that your savings are 3k plus other investments, and you are obviously new to this game. The link will give you an idea as how best to optimise you cash assets.
http://www.bankaccountsavings.co.uk/

BobQ

OP If you have £3000 in cash and put it into the new 123 account (to meet the minimum to get the 3%) you need to credit the account with £500 each month. It can be £500 in one go or £125 a week. Once you have paid it in you can take it out again the next day. (You will get the interest as long as you have two DDs set up - they do not even need to be monthly ones)

You can do the same with say a Tesco Current Account. If you have money in it you can move it to the Santander Acccount and back in whatever sums you want as long as you meet the minimum funding amount over the month.

The trick is you need the capital in the account to get the interest and then you can move it as needed to play their silly games.

YorkshireBoy

BobQ wrote: »

Once you have paid it in you can take it out again the next same day.

........

ioscorpio

I applied online via TCB and got £35.35 cashback, but you have to switch from another bank account with 2 DD. If you don't get a positive response, you can appeal their decision in writing. I had to do that with my 123 credit card application, which was approved after I wrote in, as going into branch was unsuccessful as I applied online, I was told that they could not help me.

Stompa

YorkshireBoy wrote: »

Once you have paid it in you can take it out again the [STRIKE]next[/STRIKE] same day.

Indeed, for me it gets taken out a few minutes after it's been deposited.

colsten

Stompa wrote: »

Indeed, for me it gets taken out a few minutes after it's been deposited.

For me, the money gets taken out of my 123 before the monthly £500 gets deposited . All on the same day.

BobQ

Stompa wrote: »

Indeed, for me it gets taken out a few minutes after it's been deposited.

If you want to be pedantic, you are actually removing different money from the account as the first has not actually cleared at that point!

colsten

BobQ wrote: »

If you want to be pedantic, you are actually removing different money from the account as the first has not actually cleared at that point!

A faster payment will have cleared by the time you see it in your account.

sevenonine

Just to give a postscript. I did a calculation on the website of all my DDs (I have no mortgage) and the total amount I'd get in cashback is £185 per annum, ie £15 per month, less £2= £13 paid gross (T&Cs refer). Of course if I get the 1% interest rate on my esaver, that would be extra incentive to go ahead.


I'm waiting to see what response I get from Santander to my messages.