No frills current account

Rummikub

Would be pleased to have recommendations for a simple current account:
Purpose- to transfer in (£500) and out each month to 'jemmy' into our Santander 1,2,3 a/c.
No fees
Preferably no minimum monthly put in.
No minimum sum to keep in account.
Don't need extras
We are not ditching and switching. We have found e.g. Barclays, Nat West offer such accounts but is any one, or others, better for such a purpose. Thanks

GTR_King

Why don't you Try HSBC Or TSB Standard account??

xylophone

We are not ditching and switching.

If you have an existing bank account as well as the 123, why can't the payment go from that to 123 and back again?

A Tesco current account might suit if you do want to open another account. No minimum pay in and interest on balances of up to £3000.

littlej0hn

If you have an existing bank account as well as the 123, why can't the payment go from that to 123 and back again?

A Tesco current account might suit if you do want to open another account. No minimum pay in and interest on balances of up to £3000.

Usually the money transferred in needs to be from an outside source (not another santander account in this case).

I second the Tesco account. Very simple, no fees, good interest, no DDs needed.

Rummikub

Thanks Littlejohn. Yes you're right. We have a joint names 1,2,3 a/c and have opened another one in single name, but you cannot transfer the minimum £500 from within Santander. Must be cash or external a/c. Hadn't thought of Tesco but sounds good. Will look into it.

eskbanker

Why not a TSB Classic Plus, offering 5% on up to £2K? Yes, that's conditional on a minimum monthly payment but if you're doing this to satisfy the monthly requirement for one or two 123s then these accounts will satisfy each other's prerequisites if you bounce the funds back and forth between them as you have in mind anyway. Added bonus is that whatever you keep in the TSB earns more interest at 5% than if it was in your 123s at 3%....

colsten

littlej0hn wrote: »

Usually the money transferred in needs to be from an outside source (not another santander account in this case).

It can be another Santander account as long as this account is not in your name. Safer to just do an external one.

Rummikub

colsten wrote: »

It can be another Santander account as long as this account is not in your name. Safer to just do an external one.

Thanks for your thoughts. We were told by Santander rep in the bank that you cannot transfer between any Santander current accounts, no matter whose name it's in

ceredigion

And since when did a rep know what is in the T&Cs.

Monthly Funding requirements You must pay at least £500 into your account every month. This is not a calendar month, it is the monthly anniversary from the date you opened/transferred your account. The £500 minimum monthly payment does not include refunded amounts from your Visa Debit card or amounts transferred into the account from another Santander account in your name (including any joint accounts). Transfers in from a Santander Business Account do count towards the minimum £500 payment.

Rummikub

Thanks Ceredigion. I have read this too in the key facts document. However, online in the full details for the 123 account it states
"Fund the account with at least £500 per month - transfers between Santander personal accounts won't count towards this"
So it's very confusing.
I have just opened a 1/2/3 account in my own name and have a joint account with my husband. Are you saying if he opens his own account, he will be able to transfer from his to mine?

colsten

Rummikub wrote: »

I have just opened a 1/2/3 account in my own name and have a joint account with my husband. Are you saying if he opens his own account, he will be able to transfer from his to mine?

That would work ok but it would be an awfully expensive way to shift money about once a month. Each Santander 123 costs £60 a year. A Santander Everyday account (free) might do the trick, as would an account at any other bank. The advantage of using non-Santander accounts is that many pay much better interest, too.

Rummikub wrote: »

So it's very confusing.

It's only very confusing if you don't read the T&Cs, which are the only document that counts.