Santander 123 Question

JGUK

Hi Guys,

Just signed up for a Santander 123 Account, got all my stuff through, took a while.

Anyway does the money have to go in the main current account to get the 3% interest rate or can it be in an attached saver, how does it work ?

Also the card they sent me isn't contactless, is that because of my credit score ? Or is that also internal score ? Would have liked a contactless one tbh - I'm guessing asking won't get me very far . . .

Thanks
JG

eskbanker

JGUK wrote: »

Anyway does the money have to go in the main current account to get the 3% interest rate or can it be in an attached saver, how does it work ?

The 123 account itself needs to be funded with the minimum £500 monthly pay-in, not sure how any other model could work!

colsten

JGUK wrote: »

Anyway does the money have to go in the main current account to get the 3% interest rate or can it be in an attached saver, how does it work ?

To get a sensible answer, you need to explain why you would want any money in an attached saver

JGUK

Sorry maybe I didn't explain the question right.

Beyond my wages going into the account, I wanted to put some savings over from another provider.

To get the 3% interest on the 10,000 I am transferring over, do I have to have that sat in the current account, or can I have it in a savings account ?

Also regarding the debit card, is it worth asking or not ?

colsten

JGUK wrote: »

To get the 3% interest on the 10,000 I am transferring over, do I have to have that sat in the current account, or can I have it in a savings account ?

which savings account will pay you 3% AER? How much did you intend to keep in the 123?

JGUK wrote: »

Also regarding the debit card, is it worth asking or not ?

The 123 current account comes with a debit card automatically.

xylophone

You need to have the £10,000 in the current account to earn interest on it!

You say that your wages will be credited to the account - have you sorted out the Direct Debits required?

Remember that you get cash back on certain direct debits.

Santander also offer a regular monthly saver.

LXdaddy

JGUK wrote: »

Hi Guys,

Just signed up for a Santander 123 Account, got all my stuff through, took a while.

Anyway does the money have to go in the main current account to get the 3% interest rate or can it be in an attached saver, how does it work ?

<snip>
Thanks
JG

To get the 3% interest on the 123 account the money needs to be in the 123 account. (and you need to meet the other T&Cs like the minimum monthly deposit and the direct debits)


Money in any other account will get what ever that other account pays as interest.


You might be thinking of the Santander monthly saver account paying 5%... anything that you have in that account does not count towards your balance in the 123 account.

john1002

To answer the question over the befit card yes your score means you don't yet qualify for contactless but you will be able to register for Apple Pay so if you have an apple device then you don't need to worry. You can ask after say 6 months to see if your internal score will allow an upgrade.

It's a good account for people with savings

John

JGUK

Thanks for the replies guys !