Santander123 Account

The_Realist

Hi,

I have a reasonable amount of savings (currently in a fixed rate ISA for two years) and have a joint 123 account with my partner in order to get 3% on 20k.

I'm in the very fortunate position of being able to have my own Santander123 Account with about 15k savings but just wanted to check:

a) is this allowed? It appears so.
b) Conditions are two D.D and fund with 750 a month.

two D.D is relatively straightforward as I already have two in my personal account (the joint account is where our salary goes and most of our D.Ds are).

My issue is on the 750 a month as it can;t be for an internal transfer - the way our accounts work is we both get paid into our Joint 123 account and then Transfer out to our Personal Current Account (the one I want to make 123).

What do people think the best way around this is? I could open a separate current account elsewhere and transfer 750 there from Joint123, and then back into Personal123 each month? Any recommendations?

Many Thanks

ceredigion

You and your wife cross fund.

The_Realist

How do you mean cross fund?

ceredigion

You transfer money to her and vice versa

ceredigion

I might suggest you re visit the T&C's

YorkshireBoy

Its not clear whether your wife has her own sole account?

If the only accounts are the Joint 123 and a sole 'ordinary' Santander account, then an account with another provider is required to fund the new sole 123 account. And if you're going to open another account you may as well make it TSB Plus and shift £2K of the Santander cash in there.

And finally...

...fund with 750 a month.
My issue is on the 750 a month...
transfer 750

...did I miss a change to the T&Cs?

ceredigion

YorkshireBoy wrote: »

Its not clear whether your wife has her own sole account?

I got fixated on

The_Realist wrote: »

Hi,

I have a reasonable amount of savings (currently in a fixed rate ISA for two years) and have a joint 123 account with my partner in order to get 3% on 20k.

I'm in the very fortunate position of being able to have my own Santander123 Account with about 15k savings but just wanted to check:

a) is this allowed? It appears so.
b) Conditions are two D.D and fund with 750 a month.

two D.D is relatively straightforward as I already have two in my personal account (the joint account is where our salary goes and most of our D.Ds are).

My issue is on the 750 a month as it can;t be for an internal transfer - the way our accounts work is we both get paid into our Joint 123 account and then Transfer out to our Personal Current Account (the one I want to make 123).

What do people think the best way around this is? I could open a separate current account elsewhere and transfer 750 there from Joint123, and then back into Personal123 each month? Any recommendations?

Many Thanks

However, after re-reading, may have miss read. If so apologies to you.

The_Realist

ceredigion wrote: »

I got fixated on

However, after re-reading, may have miss read. If so apologies to you.

I mean we have the Joint 123 Account where we pay our joint bills, get paid our salary. We then both have an individual standard current account where we transfer money out for our own personal spending. Thanks

The_Realist

YorkshireBoy wrote: »

Its not clear whether your wife has her own sole account?

If the only accounts are the Joint 123 and a sole 'ordinary' Santander account, then an account with another provider is required to fund the new sole 123 account. And if you're going to open another account you may as well make it TSB Plus and shift £2K of the Santander cash in there.

And finally......did I miss a change to the T&Cs?

Yes, we both have our own standard account. Does this mean the cross-funding is valid?

Thanks

ceredigion

"
4. MonthlyFundingrequirements 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.
"

LXdaddy

ceredigion wrote: »

"
4. MonthlyFundingrequirements 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.
"

So if you end up with

• 123 in His and Her names
• 123 in His name
• another bank in Her name

To meet the £500 per month funding requirement to "123 in His name" the money needs to come from "another bank in Her name" or from outside these three accounts.