Changing Bank

viv0147

A few questions I am with Santander 123, and I invested the maximum £200 a month at 5% another 2 payments and that will be the end of the 5%. So I intend to put the money back into my current account which will give me a total of £4000 in the account, so I thought about changing to another bank to get the incentives and also the 5% on savings for a year so when changing bank I know they will sort out my direct debits but do they also transfer the £4000 automatically? I only qualify for over £750 a month but under £1000 so advice welcome! Also if I try for a new bank and for some reason they don't approve will Santander be aware I tried to change banks. Thanks

YorkshireBoy

viv0147 wrote: »

A few questions I am with Santander 123, and I invested the maximum £200 a month at 5% another 2 payments and that will be the end of the 5%. So I intend to put the money back into my current account which will give me a total of £4000 in the account, so I thought about changing to another bank to get the incentives and also the 5% on savings for a year so when changing bank I know they will sort out my direct debits but do they also transfer the £4000 automatically?

Yes. All payment instructions are transferred, along with any credit balance, if you use the CASS.

I only qualify for over £750 a month but under £1000 so advice welcome!

Shouldn't impair your Nationwide application.

Also if I try for a new bank and for some reason they don't approve will Santander be aware I tried to change banks.

No, but it wouldn't matter anyway.

viv0147

Thank you for the speedy replies

retrieverjc

I would recommend switching the main account that has DDs set up to a Nationwide FlexDirect. Before doing so, open a spare everyday account with Santander (can be done very quickly through online banking) so that you can transfer £250 out of the Nationwide account and back in every month - this will qualify you for the requirement to pay in £1,000 p/m on the FlexDirect account.

Zanderman

The Santander 5% saver can just be re-opened again can't it? If that's the case your reasons for changing bank might be reduced.

viv0147

I don't believe so I will have to re-check

YorkshireBoy

viv0147 wrote: »

I don't believe so I will have to re-check

I'm on my second, and hopefully in 3 months will be starting my 3rd 5% Santander regular saver.

But...Nationwide will give you the same rate on £250 a month, and pay you 5% on £2.5K for the first year.

And...pay you (and a friend who recommends you) £100 to switch.

And...unless you've enough cashback generating DDs you're making not a lot on the 123 account in terms of net return.

Westie983

I am on my 2nd Santander Regular Saver I just reopen a new one when it matures.

Wont know what the interest rate will be till it does, but is been 5% since I have had it.

Westie983

viv0147

I have been in touch with Santander and they sent me this information so I will probably remain with them
Thank you for your email.

When your account matures it will then revert to an Everyday Saver. Once your account has matured and becomes an Everyday Saver account you will then be able to open a new Regular eSaver.

Upon maturity of your account you can transfer your funds and interest payments to another account and, once the balance of your account is reduced to zero you can request closure of this account via this messaging service and we will be happy to assist you.

In order to set up a new Regular eSaver once your current account matures you will need to apply online or by visiting your local branch.

You will also receive the higher interest rate of 5% if you are a 123 World Customer at the time of account opening.

A 123 World customer is someone who holds one of the following products:

123 Current Account, 123 Lite Current Account, 123 Student Current Account, 123 Graduate Current Account, 123 Postgraduate Current Account, 123 Credit Card, 123 Mini Accounts.