Santander 123: number of accounts

robotrobo

Harveys wrote: »

Hi has anyone got more than 2 single accounts?

yes!, We have 4x 123 accounts, we changed the joint account for a solo.

YorkshireBoy

robotrobo wrote: »

yes!, We have 4x 123 accounts, we changed the joint account for a solo.

I think the question was more...does any single, ie sole, account holder here have more than 2 sole accounts?

So, do you have 4 sole accounts each or did you misunderstand the question?

lejog2003

teamgb wrote: »

My wife and I have held two sole 123 accounts each and one joint for a couple of years.

In August I needed a better home for money held in our Newcastle Home Saver. I logged into my Santander accounts and applied for another Joint 123 a/c.

To my surprise the account was opened instantly, I set up direct debits and payments into the account and I am getting the 3% interest..

You should note what Santander say about this in the current version of their 123 Key Facts document (need to open as a pdf)

You may only hold a maximum of two 1I2I3 Current Accounts, one in your name and one in joint names. ..... If you open or hold any additional 1I2I3 Current Account(s), we may change them to another current account. We will give you at least two months’ personal notice if we decide to change the account.

RG2015

teamgb wrote: »

My wife and I have held two sole 123 accounts each and one joint for a couple of years.

To my surprise the account was opened instantly, I set up direct debits and payments into the account and I am getting the 3% interest.

Hi teamgb,

Do your three accounts all appear on the front page of online banking?


I think you will find that Santander convert your 123 account and claim back all of the interest you have earned on it as it clearly breaches their rules.

eskbanker

RG2015 wrote: »

I think you will find that Santander convert your 123 account and claim back all of the interest you have earned on it as it clearly breaches their rules.

Even if the number of accounts causes them to invoke their account conversion process, what makes you think they'd have the right to claim back any interest?

RG2015

eskbanker wrote: »

Even if the number of accounts causes them to invoke their account conversion process, what makes you think they'd have the right to claim back any interest?

Hi eskbanker,

It is just my opinion but I see your point. I personally would not choose to break a bank's rules as I see this as dishonest.

Nevertheless, the onus is on Santander to pick up this sort of breach. Therefore, if they have already paid 3% interest then they cannot really reclaim it retrospectively.

TheNewGuy_2

How can you convert a joint Santander account into a single one?

YorkshireBoy

TheNewGuy wrote: »

How can you convert a joint Santander account into a single one?

You need not to be in dispute with the other account holder and be able, in their opinion, to run the account on your own. And then you ask them! But first read their General Current Account T&Cs, sections 2A(3) and 3C.

Joe_Bloggs

You may only hold a maximum of two 1I2I3 Current Accounts, one in your name and one in joint names. ..... If you open or hold any additional 1I2I3 Current Account(s), we may change them to another current account. We will give you at least two months’ personal notice if we decide to change the account.

If you 'interpret the word 'You' to mean 'one person' then it
it possible for two people to hold an individual account each and a joint account together.

The word' 'you' can also be applied in a plural sense to a group of people. This could be interpreted as a group may only have two accounts with one of them held jointly.

The bottom line is it will cost 3 x £5 x 12, for three accounts when they increase the account charge on 11/1/2016.
J_B.

lejog2003

Joe_Bloggs wrote: »

If you 'interpret the word 'You' to mean 'one person' then it
it possible for two people to hold an individual account each and a joint account together.

The word' 'you' can also be applied in a plural sense to a group of people. This could be interpreted as a group may only have two accounts with one of them held jointly.
J_B.

If you read the quote in the context it occurs, it is obvious that the former interpretation is correct.

So two people may have an individual account each and one joint account. Those who claim to have more accounts than this are in breach of the ts&cs and Santander may close the extra accounts.