Where Is My Santander 1-2-3 Interest?

rosieraspberry

On 25th of each month my Santander account automatically pays my monthly account fee of £5, receives cashback for my direct debits (approx £5.50) and receives my monthly interest on £20k of savings (around £25).
This month I have paid my account fee and received my cashback (on 26th as 25th was Sat) but my interest payment of £25 has not been received.
I have checked and can't see that this account needs to have a minimum payment in each month to receive interest and I have paid in approx the same as every other month.
Anyone had late interest payments from Santander's 1-2-3 account? In the past I have always had the money go in the same day as the account fee is taken and the cashback is paid!

rosieraspberry

Sorry meant to post in bank accounts not credit cards section. Don't think I can move the post.

eskbanker

rosieraspberry wrote: »

I have checked and can't see that this account needs to have a minimum payment in each month to receive interest and I have paid in approx the same as every other month.

Sounds like you didn't check very thoroughly, the Santander 123 account has always had a minimum monthly funding requirement of £500, which is prominently shown all over the product info, e.g. at https://www.santander.co.uk/uk/current-accounts/123-current-account

To earn cashback and interest

You’ll need to pay in at least £500 each month (transfers between Santander accounts you’re named on won’t count)

As with everything else relating to this account, 'month' isn't calendar month but is based on the anniversary of the account being opened, sounds like the 25th or 26th in your case.

Nebulous2

My 1-2-3 lite pays my cashback one day and then deducts the £1 fee the following day.

Helvetica_Van_Buren

Ask Santander.

You're welcome.

molerat

To get the cash back you would have complied with the requirements for interest so message them and ask. I often get them across 2 days but never more than that.

vacheron

Most likely your payment of £500+ may have missed the monthly window, or a direct debit has been canceled (you need 2) or the DD date moved.

I've had a month or two when I have forgotten to move funds into my second 123 account to keep me eligible and they have been very efficient in (rightly) not paying the interest but strangely I have received the cashback.

ValiantSon

You have to pay in £500 every month to earn the interest.