Is Santander 123 still a good current account?

MDMD

You can have 2 tesco accounts (at the moment at least)

[Deleted User]

I'm thinking of getting one as an easy access savings account for £15-£20k. If I set up two monthly DDs for £250 into my Lloyds current a/c, and then a transfer of £500 back again the next day, will this merry-go-round comply with their T&Cs?

bsms1147

You'll be hard-pressed to set up direct debits from your Santander to your Lloyds accounts - you're thinking of standing orders, and they wouldn't qualify.

The £500 in and out you describe would satisfy that point. It can go back out immediately. Just remember it needs to come from an account that isn't another Santander account in your own name.

[Deleted User]

Thanks, why wouldn't I be able to set up DDs? I think my old ING savings account used to use DDs.

colsten

Because you cannot set up a DD to transfer money between current accounts. No bank offers this.

debbieme

I heard that if you have a Santander isa and close your 123 account you loss your high interest in the isa as they reduce it.


Does anyone know if this is true?


D

grumbler

Well, they have different ISAs. Theoretically it's possible that for some ISA(s) T&C stipulate having 123 account, but I don't see anything like this on the surface.

Regardless, I don't remember seeing Santander in the best buy tables for ISAs.

Ballard

1-2-3 world customers do get slightly better ISA rates. I have a 2 year ISA paying 2.30% against their standard 2.00% (or possibly 2.10%) at the time.

Having checked I can see that it's now 1.35%/1.10% for two years. With the advent of interest paying current accounts these aren't exactly mouthwatering.

http://www.santander.co.uk/uk/isas/2-year-fixed-rate-isa