Santander 123

Notfarfromtheborder

Hi All


Wondered if anyone has a quick answer to the following?


Would my son be able to have a Student 123 acct running alongside a normal 123 account?


Thanks

ceredigion

I think not. As a student he is ineligible for a normal 123. You may have wangled one by declaring a separate employment , but expecting both is pushing it.

colsten

He should just apply. The worst that can happen is that the application gets turned down.

Notfarfromtheborder

Thanks both


He has neither at present but has £9K cash that was earning 1.8%, being reduced in a couple of weeks to 0.8%.


Was thinking 2 Tesco @ 3% and student 123 acct at 3% with benefits like railcard etc.


The reason behind a full fat 123 is that he is due a £20K inheritance soon.

xylophone

Has he opened a help to buy ISA, and from next year https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508117/Lifetime_ISA_explained.pdf

Might he be better off trying for a full 123 and a student account elsewhere?

Interest on the full 123 for a couple of months would cover the cost of a three year railcard.

http://www.savethestudent.org/money/student-banking/student-bank-accounts.html

http://www.nus.org.uk/en/nus-extra/discounts/exclusive-11-discount-on-your-16-25-railcard/

djpailo

ceredigion wrote: »

As a student he is ineligible for a normal 123.

That is not true. My partner and I are both students and we opened up 123 accounts. We told them we were students and there were no issues.

ceredigion

djpailo wrote: »

That is not true. My partner and I are both students and we opened up 123 accounts. We told them we were students and there were no issues.

You pay's your money and take the chance
Taken from the application page.

123 Current Account application
Before you apply, make sure you are:

• at least 18 years old;
• living permanently in the UK;
• are not a student or in full term education

It is not my fault they don't know their own rules

LXdaddy

ceredigion wrote: »

You pay's your money and take the chance
Taken from the application page.

123 Current Account application
Before you apply, make sure you are:

• at least 18 years old;
• living permanently in the UK;
• are not a student or in full term education

It is not my fault they don't know their own rules

"full term education" is an odd phrase, would normally be described as "full time education" - maybe it's just a typo


But when I look at http://www.santander.co.uk/uk/current-accounts/123-current-account I see

You can apply for a new 1|2|3 Current Account online in just 10 minutes if you:

• are 18 years of age or over
• live in the UK permanently

If you apply for an overdraft and the amount we can give you is lower than your request, we’ll contact you to let you know what we can offer. We will ask you to confirm that you’re happy to go ahead before we open your account.

And when I search the 1|2|3 Current Account Key Facts Document and the General Terms & Conditions I can't find the reference excluding students or those in education.


The first sentence under eligibility in the Key Facts Document is

To be eligible to open this account you must be 18 years old or over and live in the UK for tax purposes.