Santander 123 interest - Direct Debits

OnlyMe_08

I, like many here, use direct debits such as a Tesco account to earn interest on the Santander account.

How long does the direct debit last? Do I need to pull funds from my Tesco account on a regukar basis? How long does it usually take before it becomes inactive?

Could I link one Tesco account with two Santander accounts?

I understand that these DD's just needs to be active rather than paying out?

Any other suggestions for DD set up?

enthusiasticsaver

It only needs to be active but I don't think you can link one Tesco internet to 2 Santander so you would need to open another internet saver to use it on 2 separate accounts.


Personally I tend to use the direct debits which attract cashback to offset the fee on the Santander 123 which is due to rise from 11 January to £5 per month. Do you not have any phone, tv, internet package ones or gas, electric, water or council tax, tv licence ones?

YorkshireBoy

OnlyMe_08 wrote: »

How long does the direct debit last?

For ever, if you use it.

Do I need to pull funds from my Tesco account on a regukar basis?

Think you mean use the DDI to pull funds TO Tesco (from Santander).

How long does it usually take before it becomes inactive?

Usually, but not exclusively, 13 months.

Could I link one Tesco account with two Santander accounts?

You could, and some on here have reported success doing so, but I wouldn't risk it when it's very easy to get another Tesco account.

I understand that these DD's just needs to be active rather than paying out?

Nice to see you've read the T&Cs. Why the question mark?

Any other suggestions for DD set up?

Cashback generating utilities DDs.
Other savings accounts.
Charitable donations.
Magazine subscriptions.

Kernel_Sanders

YorkshireBoy wrote: »

Other savings accounts.

What others are there?

J

colsten

Kernel_Sanders wrote: »

What others are there?
J

There's a whole thread on that somewhere on this forum. Not sure how current it is.

KGriff

Post office online saver is one account that can be linked to a 123 current account and a Direct Debit set up to transfer a regular small monthly amount to the saver.

You could also set up a national lottery subscription if you play that on a regular basis.

Just a couple of examples... I'm sure there are many other ways to create direct debits.

Just ensure you don't get confused with standing orders which are obviously a different thing altogether.

eskbanker

colsten wrote: »

There's a whole thread on that somewhere on this forum. Not sure how current it is.

You're probably referring to this one, which was created just over a year ago but based largely on an older one. It's had a few updates but not particularly regularly so may indeed be out of date....

MuffinTops

I use my paypal account to move £5 out of a bank account and then I move it straight back from paypal to that account again. I use that to earn the Halifax reward, but it's the same principle as you need for the Santander.

It's worth noting the cashback you get for paying certain DD's from there though. I generally earn just over £5 getting my mobile phone, council tax and utilities through my Santander 123 account. That will refund the monthly account fee and so the interest is fee free.

Kernel_Sanders

colsten wrote: »

There's a whole thread on that somewhere on this forum. Not sure how current it is.

It mentions the Cheshire Building society, debranded by Nationwide maybe a year ago.

Am I right in thinking that none of these is capable of setting one up today to be paid tomorrow?

Archi_Bald

The only one that might possibly work within 24 hours could be Paypal. I am not sure it will be that quick but worth giving it a try if you are in a pickle.

No other DD that I know of will be processed within 24 hours. They all take at least a few working days to be fully set up.

OnlyMe_08

Thanks for the answers and suggestions.

Would an inactive direct debit be closed by Tesco or Santnader?

And if it has been 'de-linked', can it just be reinstated?