Funding Santander 123 Account

Daydreamer2016

Is it ok to fund the £500 per month from my husbands Santander 123 account and then transfer it back to my Santander 123 account.

Thanks

YorkshireBoy

Yes, but don't take my word for it. Check out page 1 (of 9) of your account T&Cs, section 4.

LXdaddy

Always check the T&C for this kind of thing - don't just take the word of us strangers on a web forum. You should find the restrictions on where the funding comes from laid out quite clearly - all to do with the names on the accounts.

Razoo

Daydreamer2016 wrote: »

Is it ok to fund the £500 per month from my husbands Santander 123 account and then transfer it back to my Santander 123 account.

I remember when my wife and I went into our local Santander branch to convert both our standard joint current accounts to 123 joint current accounts. The assistant reminded us that both accounts would have to be funded with a minimum of £500 per month. "And you cannot fund one account from the other," she said. "That's OK," I said, "I'll send the money through my Halifax account." "That's it," she replied, "Play the game!"

The Santander website says: "Fund the account with at least £500 a month (excludes internal transfers)."

So, the £500 per month cannot come from another Santander account in your name (or joint name). It could come from a Santander account in someone else's name as a BACS or Faster Payment - it's just internal transfers that are verboten. It's a bit of a grey area, but if your 123 account and your husband's 123 account are totally independent (i.e. neither account is joint), then maybe your husband could set up a monthly standing order to pay £500 into your 123 account and that would be acceptable. Suck it and see, I guess!
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Razoo

ceredigion

Razoo wrote: »

I remember when my wife and I went into our local Santander branch to convert both our standard current accounts to 123 current accounts. The assistant reminded us that both accounts would have to be funded with a minimum of £500 per month. "And you cannot fund one account from the other," she said. "That's OK," I said, "I'll send the money through my Halifax account." "That's it," she replied, "Play the game!"

So, to answer your question, the £500 per month has to come from a non-Santander account.
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Razoo

Tosh
Go and reed the T&C's.

Razoo

ceredigion wrote: »

Tosh
Go and reed the T&C's.

You're too quick!

I have already updated my comments.

Incidentally, if you're so knowledgeable in this area, couldn't you have come up with something more helpful than "Tosh. Go and reed[sic] the T&C's" (not that 'T&Cs' is possessive)?

You could, presumably, have answered the originator's question.
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Razoo

ceredigion

Razoo wrote: »

You're too quick!

I had already updated my comments.
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Razoo

Try again
......

ceredigion

"
4. 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."

ceredigion

Razoo wrote: »

You're too quick!

I have already updated my comments.

Incidentally, if you're so knowledgeable in this area, couldn't you have come up with something more helpful than "Tosh. Go and reed[sic] the T&C's" (not that 'T&Cs' is possessive)?

You could, presumably, have answered the originator's question.
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Razoo

I did before you edited your post.
Possessive :rotfl: at least I can read and comprehend