Santander 123 Pay in £500 per month

verntern

Feeling old and thick
Have opened a Santander 123 account on April 6. Can't fathom what the following means:

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.

Monthly anniversary? Means I need to pay in the £500 exactly on, in my case, the 6th of each month? How should I interpret this please?

Alter_ego

You can pay in at any time but it must always be between 6th of month and 6th of next month.

Not eg 7th of month then 1st of next month

verntern

Many thanks Alter Ego. I'm happy to set up a standing order from another bank. If I make this on the 6th of each month that will satisfy the t&c?

CLAPTON

verntern wrote: »

Many thanks Alter Ego. I'm happy to set up a standing order from another bank. If I make this on the 6th of each month that will satisfy the t&c?

yes it would need to be between the 6th on (say) May and the 5th of June to count as a monthly payment for that month

LXdaddy

verntern wrote: »

Many thanks Alter Ego. I'm happy to set up a standing order from another bank. If I make this on the 6th of each month that will satisfy the t&c?

I make my standing order at a point part way through the "period". So if my anniversary day was the 6th Id set my standing order for the 16th perhaps. That way it stays clear of any of the public holidays and any delay by weekends will still be sure to land will inside the period from the 6th to the 5th.


I've been told that standing orders never get paid early because of non-work days but I'd rather avoid any risk like that and pick a date in the middle of the period.


What you can't do is make a deposit on the 3rd of May and the next on the 10th of June - no interest would be paid for the period 6th May to 5th June