Downgrading 123 Account - Pay In

sheffieldeagle

Hi


I'm looking at downgrading my 123 account and opening a new easy access account but I just wanted to confirm the requirements for cashback. I have the required direct debits but just want to confirm that the £500 pay in does not have to be a payroll pay in. I have a number of standing orders that cover the £500 otherwise.


Many thanks

surreysaver

A 123 Lite has the same paying-in requirements as a regular 123 account. The only differences are the Lite doesn't pay interest, and the account fee is £1 as opposed to £5.

AndyPK

it does not need to be payroll

Neil_Jones

Where does it say anywhere in the T&Cs the pay-in has to come from a payroll? All it says is "pay in £500 a month". From where is immaterial - other accounts, birthday gifts, inheritance from Uncle Fred... I dare say if there was a Santander branch on the moon you paying in there would count.

Note that when you downgrade you keep the same account and sort code, but the calendar month restarts from the downgrade date, not where you are now. So if your pay-in month runs 15th to the 14th and you downgrade tomorrow, your new month runs 23th to the 22nd.