123 account without a job?

eDicky

6397 wrote: »

I'm 18 years old and have £28,000~ in ssvings.

I receive over £500 a month as gifts from my dad and fiance, usually £600-900,

Also, I don't pay bills, so I have no direct debits.

What could I do to create 2 direct debits?,

You appear to be amazingly fortunate financially for an 18 year old, so you might share a little with those in less favourable circumstances and fulfil the DD requirements by donating a fiver or so per month to worthwhile charities such as 'Practical Acton', 'Freedom from Torture' etc. This would provide additional fulfillment to the rewards of interest and possible cashbacks to be earned.

colsten

You don't even know how the OP came into their money, and even if you did, it's a bit out of order to tell others that they should be making donations.

It is down to each individual whether they wish to make any donations. If they do, it's their decision which good cause they want to give how much of their money to.

srisport

Interestingly enough me and my partner have just opened a joint 123 account with santander and intend to move all our savings from our cash isa's into it (total= 20K, me= 12k partner= 8k)

she currently banks with santander and my ISA is with natwest both earning an awful 1% interest.....

my question is,

can we both just transfer our monies into this new current account and reap the rewards or will we have to fill forms in etc.....

FYI - we have already fulfilled the requirements that come with the 123 current account so this part isn't a problem. I simple need guidance on whether or not moving money from easy access isa's to a current account will be a simple transaction or not?

Kind Regards.

KJSmith

Mrs_Ryan wrote: »

Halifax tried to claim to me that anyone not working would only be eligible for an EasyCash to which I said to them how come my parents whose only incomes are State Pension and DLA have a Reward account.... Funny enough they had no reply to that (both of them were retired when they opened the account, they didn't have employment income)
...
I think some banks are fussier than others- Lloyds are the only one I've found that will give me a proper account.

This is (partially) true but perhaps wasn't explained to you properly.
Under certain circumstances (one example being unemployed with no source of income) you would only be eligible for an EasyCash account. Fyi, Lloyds operate a similar policy with their Cash account.

Eco_Miser

srisport wrote: »

Interestingly enough me and my partner have just opened a joint 123 account with santander and intend to move all our savings from our cash isa's into it (total= 20K, me= 12k partner= 8k)

she currently banks with santander and my ISA is with natwest both earning an awful 1% interest.....

my question is,

can we both just transfer our monies into this new current account and reap the rewards or will we have to fill forms in etc.....

That depends on whether you need to fill in a form to withdraw from your ISA (see T&Cs for the account). If they are instant online access then you can probably transfer internally from Santander, and by faster payment from NatWest.

eDicky

colsten wrote: »

You don't even know how the OP came into their money, and even if you did, it's a bit out of order to tell others that they should be making donations.

It is down to each individual whether they wish to make any donations. If they do, it's their decision which good cause they want to give how much of their money to.

I would never tell someone that they 'should be making donations' and I am not doing so now. I am suggesting a possible solution to the OP's question about direct debit requirements and potential recipients that they may not be aware of but might find suitable in their circumstances. Is that so inappropriate, some kind of taboo?

colsten

eDicky wrote: »

I would never tell someone that they 'should be making donations' and I am not doing so now. I am suggesting a possible solution to the OP's question about direct debit requirements and potential recipients that they may not be aware of but might find suitable in their circumstances. Is that so inappropriate, some kind of taboo?

If so, you could have just said that donations can be made by DD and left it at that.

There is no need to suggest that "this would provide additional fulfillment" or to suggest they "might share a little with those in less favourable circumstances" which is what you did.

6397

I applied online and received an email within 24 hours saying,

"Thanks for applying to transfer your account to a 1|2|3 Current Account.
Unfortunately, your existing account isn’t eligible for a transfer to the 1|2|3 Current Account."

I'm confused as to why, as I could set up 2 DD's in the first week, and have put £500+ in for over 2 years, which would continue. I'd fulfil all the requirements, so I'm stumped as to why I'm not eligible. Should I go see them at my local branch, will they have a different opinion in person than online, why?

lufc7

Was it a bank current account you were trying to switch? You can't switch a savings account to a current account. Was the account you were trying to switch a joint account to which your new one wasn't or vice versa?

eDicky

colsten wrote: »

If so, you could have just said that donations can be made by DD and left it at that.

There is no need to suggest that "this would provide additional fulfillment" or to suggest they "might share a little with those in less favourable circumstances" which is what you did.

That's true, and I take your point, thanks. I was introducing the idea to a young person that meritorious principles can be equally fulfilling in life to those of simple personal gain, and could add the dual purpose opportunity to the DDs. But using the word "might" not "should". In future I shall take more into account the modern sensibilities off 'correctness'.