Opening Santander 123 - Any incentives?

milton1970

Planning to open a Santander 123 current account after exhausting the other "high" interest current account options ... Club Lloyds, TSB, BofS, Halifax, etc


Are there any switching incentives or joining bonuses out there to be had or are they a thing of the past ?


Also - is there any "welcome" period with no charge whilst you sort direct debits out etc ?


And finally - say I wished to transfer DDs from FD but not close my FD account - is that possible through the automate service ? or do I need to do that myself ?


All help appreciated


Thanks

colsten

Just £36 on imutual.

colsten

milton1970 wrote: »

And finally - say I wished to transfer DDs from FD but not close my FD account - is that possible through the automate service ? or do I need to do that myself ?

Set up a second FD account, and switch that one.
Although there are very few reasons for keeping an FD current account.

[Deleted User]

The only reason to keep an FD current account is the 6% linked Regular Saver.

bristolleedsfan

milton1970 wrote: »

And finally - say I wished to transfer DDs from FD but not close my FD account - is that possible through the automate service ? or do I need to do that myself ?

For avoidance of doubt, whilst not very clear in Imutual listing, a full switch needs to be done including closure of account that is being switched, nothing in particular needs to be in account being switched, I would leave a small balance.

milton1970

Thanks all

Apologies - I wasn't being clear - I wish to retain FD as primary account with S123 primarily for interest on savings. Plan is to transfer DDs to offset £5 charge so looking to understand if automated process is just transfer AND close or you can transfer DDs and keep open

Disagree that there is no value in keeping FD btw ... Has been a great service over 20 years so why would I not value that??

TIA

john1002

You can use the automated service but just choose partial switch rather than full switch the 123 account does not offer an incentive that is dependant on full switch.

John

bristolleedsfan

john1002 wrote: »

the 123 account does not offer an incentive that is dependant on full switch.

Whilst a full switch requirement is not stated - It is the case as with all incentivised Bank Account switches that I have ever been aware of.

http://www.imutual.co.uk/santander-123-current-account ( Doesnt say partial or full switch)

YorkshireBoy

Do Santander even offer a partial switch service? I don't think all banks do?

OP, be aware that with a partial switch you have no guarantee like you have with a full switch (against fees and credit file reporting issues for example). For that reason you may wish to move your DDs manually at a time to suit your respective billing cycles.

pardal51

Apologies to hijack this thread, but I am on the same boat willing to open a Santander123 account. Looking at imitual page it does not state that you need to switch from another bank account, i.e., you can simply open a fresh new account. Is this correct?

Had not heard of imutual before, suppose it is like Quidco, TCB, etc. Are they reliable?

Apologies again for this hijack.

YorkshireBoy

pardal51 wrote: »

Looking at imitual page it does not state that you need to switch from another bank account, i.e., you can simply open a fresh new account. Is this correct?

From the link provided above...

...cashback will only be issued once your account is successfully opened and you have switched from your existing bank.