Santander123 account limits and min monthly deposits

Strikeman

Hi, I have a couple of questions on the Santander123 account, particularly their account limits and minimum deposits.

My wife and I have an account each, can we open a third account as a joint account between us as I know that a second account is possible but it has to be a joint, so wasn't sure if it could be joint between 2 existing holders

Also to preserve the £500 input each month, can we transfer £500 to each others single accounts, does that count or does the £500 have to be coming in from an external bank source and not between 2 Santander123 accounts, irrespective of whether they are completely seperate or not

xylophone

You can have a joint account but re funding see http://www.santander-products.co.uk/banking/media/123.html?gclid=CMWBsf-XgMcCFQoYwwod82oFRg

"To benefit from cashback and interest you must fund the account with £500 each month. This is not a calendar month, it is the month from the date you opened your account. Any interest and payments between Santander personal accounts you are named on won’t count towards the monthly funding amount. If you did not meet the minimum monthly funding requirement - you will not receive any cashback (or interest) for that statement month, however your monthly account fee will still be charged/due."

Strikeman

Ok thanks for clarity on the joint account, effectively between us we would have 3 accounts

So in that case I can fund my wifes personal single named account with £500 and she can fund my personal single named account with £500 to qualify?

AndyPK

The £500 needs to come from an account which ISN'T Santander.

If you don't have a non Santander account get a

TSB (5% on upto £2K) or
Bank of Scotland vantage. (same 3% at S123 on amounts £3K-5K)

to switch the money between

Strikeman

The note from xylophone states named Santander accounts which would suggest unnamed accounts qualify??

eskbanker

AndyPK wrote: »

The £500 needs to come from an account which ISN'T Santander.

Strikeman wrote: »

The note from xylophone states named Santander accounts which would suggest unnamed accounts qualify??

The key facts document for the account (access via http://www.santander.co.uk/uk/current-accounts/current-account-important-information/) states:

The £500 minimum monthly payment does not include refunded amounts from your Visa Debit card or 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.

so based on that, transferring funds between two differently-named sole Santander accounts is OK.

Strikeman

Super! sounds like I can bounce the cash around between ourselves via standing orders without too much effort then! Thanks guys!

LXdaddy

Strikeman wrote: »

Super! sounds like I can bounce the cash around between ourselves via standing orders without too much effort then! Thanks guys!

Yes but...

You can't meet the funding requirement on the JOINT account by transfers from either SOLE account.

Realistically, as long as you have a non-Santander account you can bounce money out and in to meet the funding requirement for the joint account quite simply.