Santander 123 eligibility

Sabriski

Both my boyfriend and I have Santander accounts plus a joint account. We each put money from our own accounts to the joint account from which all the bills go out. I have recently received a lump sum of money so need to put it where I can earn a good interest rate. I have been looking at the Santander 123 but it is unclear if the £500 that needs to go in each month has to be from another bank or if our own transfers will count. Does anyone know which it is? Thanks.

molerat

The £500 has to come from an outside account or a Santander account not in your name. Neither of your payments from your single Santander accounts into the joint account will count.

xylophone

Open a high interest current account with another provider and fund the 123 from that.

Sabriski

Thought that was going to be too easy!

I didn't really want the hassle of getting another account but I had a feeling that would be the way to go.

badger09

Sabriski wrote: »

Thought that was going to be too easy!

I didn't really want the hassle of getting another account but I had a feeling that would be the way to go.

It is the way to go. It is not a good idea to have all your accounts with one bank. What happens if their systems go down and neither you nor your boyfriend can access your money?:eek:

Depending on the size of your lump sum, there are probably more lucrative accounts anyway;)

Sabriski

I never thought about that! Luckily there have been no such mishaps (yet!) I was just going for the easy option really.

My lump sum is just under 6k and have a bit more to come so total will come to about 10-11k. I also hope to add to this monthly too.

Not sure on what is available and it gives me a headache just looking!

colsten

Sabriski wrote: »

My lump sum is just under 6k and have a bit more to come so total will come to about 10-11k. I also hope to add to this monthly too.

WOW. A 123 is really not the best solution for this amount of money. In fact, it's almost the worst of all options.
Check out this thread: https://forums.moneysavingexpert.com/discussion/5374614

Sabriski

Really? I was under the impression that if you had 10k plus then the 123 wasn't a bad choice.

I'm not sure I can be bothered to spread my money out too much to be honest. I know that this will mean less interest income but I suppose it's down to the individual and what works best for them. I am still thinking about it though - it is a minefield!

YorkshireBoy

Are you prepared to 'share' the £10-11K with your boyfriend? Or is the money to be held in an account in your sole name?

YorkshireBoy

Sabriski wrote: »

Really? I was under the impression that if you had 10k plus then the 123 wasn't a bad choice.

You'd be throwing a five pound note on the fire every month...unless you could cover it with some DD cashback.

Sabriski

YorkshireBoy wrote: »

Are you prepared to 'share' the £10-11K with your boyfriend? Or is the money to be held in an account in your sole name?

Yes that is not a problem at all. I consider this money to be ours rather than just mine