Santander 123 current account statement date - when is it?

arthur22

The santander website says that the 123 current account statements do not run on a calendar month basis but instead run from "the date the account was opened/transferred".

This matters because you have to pay in your £500 each statement period. So my question is...

If I open the account on 17th may and then the transfer from my old current account completes (using the switching service) on, say, 29th May, does my statement period run from the 17 May or from the 29th?

In other words, does the transfer date over-rule the account opening date?

ceredigion

17th
......

arthur22

Thanks ceredigion. I'm confused by santanders' wording in that case - in what situation would your statement date start from the date you account was transferred? Why don't they just write that it will start from the date your account is opened?

[Deleted User]

Not sure....

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.


What does "transferred" mean here?

I think you should ask for month dates to be given to you in writing.

ceredigion

If you up graded from a Everyday account, or , you get up graded to select. it would be "transferred"

Missy79

Send them a secure message from online banking asking them to confirm what dates constitute the monthly period.
I recently upgraded an old account on the 26th Feb and it appeared upgraded immediately on online banking, received a 'welcome to your new account' on 1st March and so requested the exact dates which turned out to be 28th to the 27th.

arthur22

In case anyone else has this query, I sent santander a secure message as suggested by Missy and this was their reply (I had said the account would be opened on the 21 April in my message to them but the switch from my old current account would not be completed until the 1 May):

"The account will have to be credited with £500 from an external source each month and your statement period will run from the date that you opened the account. Therefore, from your example, the statement period will run from the 21st of April to the 20th of May.

It is possible to change your statement period once the account is open, by calling us."

No_6

Just like most of the posts on this forum, it is much quicker and
more reliable to ask your bank the questions first.
Rather than a host of internet know.it.alls.or.not
but then again we don't want to seem like idiots,
so we put a post here ?

[Deleted User]

No_6 wrote: »

Just like most of the posts on this forum, it is much quicker and
more reliable to ask your bank the questions first.
Rather than a host of internet know.it.alls.or.not
but then again we don't want to seem like idiots,
so we put a post here ?

To be fair, I did say I wasn't sure and recommended to the poster that s/he seek the information from Santander.

Westie983

Transfer account date is if you changed product, so from 123 to everyday current account or premium account, whereas the opening date is the day the account is opened, monthversary would be the opening date in this situation.

arthur22

"Just like most of the posts on this forum, it is much quicker and
more reliable to ask your bank the questions first.
Rather than a host of internet know.it.alls.or.not "

There speaks a person who has never tried to ring Santander...