A 'stupid' question

Gers

Apologies in advance - but I have never had to / needed to do this before and am a little baffled by the exact process.

I've had the Santander 123 accountn for ages now but haven't been using it to the best advantage i.e. having standing orders coming from it. Now I want to do this.

I have done some internet searching but can't find this process.

How do I arrange for the SOs to be moved from my Lloyds account to the Santander one? I know how to set them up from scratch - do I have to cancel the existing ones and then tell the companies and immediately set up new ones?

I feel so idiotic asking this simple question...

grumbler

Standing Orders or Direct Debits?
If the latter, you contact the company that takes the payments by a DD and ask them to change the DD. Some companies allow changing DD details online.

p00hsticks

Assuming that by "using it ot the best advantage" you are referrin to the cashback offered, note that to qualify for the cashback you need to use direct debits,. not standing orders.

From the Santander website
For cashback household bills must be paid by Direct Debit to organisations within eligible categories.

I'm also going to assume that you genuinely do have standing orders (i.e. you have your bank account set up to pay an organisation a set amount on a regular basis) rather than direct debits (i.e.e you have given the organisation permission to ask your bank for variable amounts when they want to, providing they give you at least ten days notice of how much they will take and when).

If this is the case, and you're happy to switch to direct debit to get the cashback, I think the simplest way would simply be to complete and post a direct debit mandate for each of the organisations in question with the Santander details, and then cancel the corresponding standing order on the Lloyds account when the DD is acknowledged by the organisation.

bengal-stripe

Gers wrote: »

I've had the Santander 123 accountn for ages now but haven't been using it to the best advantage i.e. having standing orders coming from it. Now I want to do this.

You need at least two Direct Debits (not Standing Orders) in place to use a 123 account at his full financial advantage.

If you want to change a DD from Lloyds to Santander, contact the beneficiary and ask them to change it.

Archi_Bald

If you switch your entire Lloyds account to your 123, Santander will do everything for you, incl all the SOs and DDs. An account switch involves closing the old account.

http://www.santander.co.uk/uk/current-accounts/guide-to-switching-your-current-account

Gers

Yes - DDs and not SOs. Sorry.. trying to have too much in my head about stuff!

I already have two DDs set up to ensure the 3% interest and now want to maximise the benefits by having DDs paid for utilities, phone, mobile etc.

Not doing a switch as the Lloyds accounts are Vantage and Club ones, it just feels daft paying out DD from Lloyds.

Thanks folks, I still feel stupid for not knowing so thanks for clearing it up for me.

Can I claim 'old age' or 'mid week crisis' or 'the wrong rain falling on my head'?

:beer:

Dird

Gers wrote: »

Not doing a switch as the Lloyds accounts are Vantage and Club ones, it just feels daft paying out DD from Lloyds.

Remember that Club also needs 2 DDs. You can't get cashback for TV license and another (can't remember what) so I'd keep that + 1 other as your Club DDs

Gers

Dird wrote: »

Remember that Club also needs 2 DDs. You can't get cashback for TV license and another (can't remember what) so I'd keep that + 1 other as your Club DDs

Yes - I have. I meant the mobile, BT and utilities.

Thanks.

badger09

Gers wrote: »

Yes - I have. I meant the mobile, BT and utilities.

Thanks.

Many companies will allow you to change DD details online. Have a look at the utility/BT/mobile company's websites. If not online, most will do it by phone

Gers

badger09 wrote: »

Many companies will allow you to change DD details online. Have a look at the utility/BT/mobile company's websites. If not online, most will do it by phone

Thanks too.

I've done utilities and BT already, just waiting to do mobile change.

Funnily enough nPower website wouldn't let me put in more than 18 characters for my name - said that BACS only allows 18 characters. As every other DD (and nPowers) has my name correctly registered it seemed odd. The nPower website asked me to try to shorten my name whilst still putting it in correctly. Had to do the 'live chat' which was much smoother.

Archi_Bald

The name is just for your reference, it is not used in any processing. As long as the sort code and account number are correct, your DD will be set up and work as expected.