Santander 123 - Which cheap direct debit to use?

Kernel_Sanders

Eco_Miser wrote: »

I take it you're already using all the higher than 3% current accounts?

OP did you know that you can fund accounts paying 3%APR or more with £50K. That's just for one person with no joint accounts, and doesn't include the thousands you could have in regular savers.

Courgette92

Hi, I'm currently going through a similar situation myself, what did you end up doing? do you recommend doing what you did?



Can you set up a DD to pay into another account with a different bank or does this only process as a standing order?

Thanks

alternate

Kernel_Sanders wrote: »

OP did you know that you can fund accounts paying 3%APR or more with £50K. That's just for one person with no joint accounts, and doesn't include the thousands you could have in regular savers.

Saving accounts? I don't see any paying 3%

xylophone

Saving accounts? I don't see any paying 3%

Some regular savers linked to a current account pay over 3%.

xylophone

Can you set up a DD to pay into another account with a different bank or does this only process as a standing order?

If you need DDs to satisfy the conditions on a high interest current account, you can set these up on either or both of the Tesco Savings accounts to "pull" money from the current account.

Eco_Miser

alternate wrote: »

Saving accounts? I don't see any paying 3%

FD pays 6%.
But you don't have to save in accounts with Saving in their name.

https://forums.moneysavingexpert.com/discussion/5374614

jimjames

alternate wrote: »

Saving accounts? I don't see any paying 3%

Who mentioned anything about savings accounts? This thread is about current accounts.

Katiehound

Courgette92 wrote: »

Can you set up a DD to pay into another account with a different bank or does this only process as a standing order?

Thanks

with tesco savings a/c it is a DD not a SO- handy little thing to have in these days of needing DDs!

Midnight_Tboy

Great help.

Just set up a Tesco Instant Saver to sort out my next switch from FirstDirect, probably to Yorkshire as it needs 2 dds.

Are there any other instant saver like accounts that can also be setup?

And does anyone know if you could have more than 1 Tesco Instant Saver account as a DD? for example, a seperate Instant Saver, for myself and my partner, a DD on each going to the 1 bank account (assuming bank account being in my name only wouldn't cause a problem with that too).

downhillfast

Midnight_Tboy wrote: »

Great help.

Just set up a Tesco Instant Saver to sort out my next switch from FirstDirect, probably to Yorkshire as it needs 2 dds.

Are there any other instant saver like accounts that can also be setup?

And does anyone know if you could have more than 1 Tesco Instant Saver account as a DD? for example, a seperate Instant Saver, for myself and my partner, a DD on each going to the 1 bank account (assuming bank account being in my name only wouldn't cause a problem with that too).

It might be worth checking but it is the INTERNET SAVER account that most people use for creating DDs... I'm not sure whether the INSTANT Saver offers the same option. With the internet saver you can also have multiple accounts... again not sure whther you can with teh instant saver.