Satander 123 interest.

tanith

I'm puzzled by the information here and on Santander website which all says you can't fund the 123 Acc from internal transfers, but we do every month to our J/A from our individual Accs and are still gaining interest every month on it. Anyone enlighten me as to how its happening or should I expect Santander to 'wake up' one day and demand the interest we've earned back.

YorkshireBoy

They won't demand a back payment, but if the account is full you'll forfeit £50 for the current month if/when they realise.


In your shoes, I'd be bouncing the joint account funds out and back again from now on.

PeacefulWaters

I've been getting away with it too, through ignorance. Just changed to external to ensure I comply!

tanith

It isn't full we've only got a couple of K in there and its just used for bills , but I was planning on topping it up soon hence my question. We don't have any other bank accs to 'bounce' the money to maybe I should open one for just this purpose will they let me do that? thanks for the info.

NectarCollector

tanith wrote: »

It isn't full we've only got a couple of K in there and its just used for bills , but I was planning on topping it up soon hence my question. We don't have any other bank accs to 'bounce' the money to maybe I should open one for just this purpose will they let me do that? thanks for the info.

if you only have a couple of grand in there, you must have pretty massive household bills to have any net gain with the new £5/month charge.

I have a Halifax reward account for my bills (no monthly fee, free £5 paid to me - more than the cashback I'd earn in a 123 account)

tanith

We certainly don't have massive bills and it earns more than the £5 fee each month most months its more than double .

YorkshireBoy

Are all 3 accounts (2 sole and the joint) 123 accounts, or are the others just Everyday accounts?

tanith

They are all 123 accounts.