Funding Santander with a £500 a cheque.

booklover

Hello everyone

I deposited a cheque of £500 into my Santander 123 account yesterday, but it won't clear for another 5 days. Will it still count as the £500 needed to fund this account, from the date it was deposited into Santander? (in a Santander Bank).

Many thanks :T

singhini

I'm no expert but I think the answer is yes. On my 123 account I've often noticed the "account balance" and the "available balance" are sometimes different i.e account balance £4,567.00p and available is slightly lower at say £4,067.00p for the reason you point out.


Also not sure if you or others know this but the interest is paid monthly from when the account was opened i.e. if you opened the account on say 22nd day of the month, then the interest will be paid into your account on the 22nd the following month (so as long as you pay your £500 into the account between the 22nd and 21st day of the subsequent month then everything should be OK I think).


Hopefully a more experienced person can correct me if im wrong

colsten

That's right, it depends entirely on what booklover's account month is.

If there is a danger that the cheque will not clear within the account month, I'd just withdraw and re-deposit £500.