Multi Santander 123 accounts??

sutton_lane

Hi, Is it possible and how would we open multiple 123 accounts. My wife and I already have a Santander personal account each plus a joint, house keeping account also with Santander.
Can we convert all three to 123 and benefit from the interest on offer. What would we need to do each month to qualify?

[Deleted User]

Hi,

the basics are, pay in £500 pm from an external account, and have 2 active Direct Debits.

Vortigern

There are other current accounts that pay more interest than Santander's 1.5% but not on such a large amount as the £60,000 you must have to be considering this.

You can have one sole account each and one joint account between you. You'll need 2 direct debits on each account, but they need not be monthly DDs. You'll need to pay £500 into each account every month, either from an external account, or from a Santander account which is not in your own name.

ColdIron

1 joint and 2 sole each so I don't see why not. Regarding qualifications, have you read the 123 Account page at Santander?

[Deleted User]

Hi,

ColdIron wrote: »

1 joint and 2 sole each so I don't see why not.

think Santander put the hems on that some time ago, and only allowed 1 sole account each now.

bigfreddiel

Don't forget the £60 annual fee brings the interest of 1.5% down to about 1.2% if the accounts are maxed out. You may be better off with a NS and I income bond.

Cheers fj

ColdIron

Badly expressed, 2 sole (or 1 each) for a couple

Speculator

[Deleted User] wrote:

Hi,



think Santander put the hems on that some time ago, and only allowed 1 sole account each now.

Allowed me to open 2nd account (2 x sole) online in April and paid full 3% each month until I closed it last month.

bigfreddiel

So a couple could have five accounts between them? Not that I'm going to now because of the reduction in interest rates.

Cheers fj

Speculator

bigfreddiel wrote: »

So a couple could have five accounts between them? Not that I'm going to now because of the reduction in interest rates.

Cheers fj

Yes. When I opened my second sole a/c, I wasn't aware that they reduced the number of sole a/cs allowed to 1 per person.

soulsaver

bigfreddiel wrote: »

Don't forget the £60 annual fee brings the interest of 1.5% down to about 1.2% if the accounts are maxed out. You may be better off with a NS and I income bond.

Cheers fj

Eh?
Their webby says 1% variable? No cash back (obviously).
Other than unlimited protection, how would NS&I be better vs Santander's 123 at 1.2%?
Am I missing something?