The Top Easy Access Savings Discussion Area

innovate

socrates wrote: »

One other thing is that with 123 Account if you have Council Tax as one of your DD's they only take 10 payments not 12 - so you need another DD anyway

No you do not.

Santander do not have any requirement on how often your DD gets paid.

If your DD pays never, you just never get any cashback for it. (you need to watch it, though - - a DD that hasn't paid for 13 months might automatically get deleted).

If your DD pays once a year, and it's a qualifying DD, you just get cashback for that one month.

If it pays every month, and it's a qualifying DD, you get cashback every month.

And anything in between

socrates

innovate wrote: »

No you do not.

Santander do not have any requirement on how often your DD gets paid.

If your DD pays never, you just never get any cashback for it. (you need to watch it, though - - a DD that hasn't paid for 13 months might automatically get deleted).

If your DD pays once a year, and it's a qualifying DD, you just get cashback for that once month.

If it pays every month, and it's a qualifying DD, you get cashback every month.

And anything in between

I will check it because as usual the person I spoke to told me that if you did not have two DD's that money actually went out per month you would not get the interest that month - I am not so much worried about the cashback - its more the interest as I have all 3 accounts fully loaded

Otherwise I can move one of those to Halifax and then I am done

AlwaysLearnin

As an aside, you might want to check if your council allows payment over 12 months now, if that's preferable.

Our council previously only allowed up front, biannual or over 10 months, but last year when transfering DD's to the 123 acct I noticed 12 months had been added to the options at the bottom of the form I downloaded from their site (in the "office use only" section)

eildon

Did you manage to open3 BofS Vantage accounts Socrates?

Asked in my branch and was told I could have one sole name and one joint only. Wanted to be sure before I went back to ask if that was right as tHeir does not seem to be any DD required so family could use this to get better interest.

thanks

socrates

eildon wrote: »

Did you manage to open3 BofS Vantage accounts Socrates?

Asked in my branch and was told I could have one sole name and one joint only. Wanted to be sure before I went back to ask if that was right as tHeir does not seem to be any DD required so family could use this to get better interest.

thanks

Opened the last one today over the phone

Call this number 0131 549 8041

Takes 15-20 minutes

Then you open one up every 48 hours

Once they are all open load them up and then circulate £1000 around

a to b - b to c and from c to a

eildon

Great. Will get on to this now. Thanks for the advice Socrates

innovate

socrates wrote: »

I will check it because as usual the person I spoke to told me that if you did not have two DD's that money actually went out per month....

You are not mixing up Santander with Halifax?

As I have said before, Santander has no monthly requirement for the DDs:

A4 Earning cashback and credit interest using your 123 Current Account
To earn cashback and credit interest on your 123 Current Account, you must:
a) pay the monthly account fee; and
b) pay in a minimum amount into your account each month; and
c) have at least two Direct Debits set up on your account; and
d) for earning credit interest only, you also need a minimum
current account balance.
For information on minimum amount and minimum account balance requirements, interest rates and fees, please refer to the Interest Rates and Fees Information leaflet.

Source: http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158785&cachecontrol=immediate&ssbinary=true&maxage=3600

To save you looking for the Fees leaflet: http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158824&cachecontrol=immediate&ssbinary=true&maxage=3600

socrates

innovate wrote: »

You are not mixing up Santander with Halifax?

Santander has no monthly requirement:

Source: http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158785&cachecontrol=immediate&ssbinary=true&maxage=3600

I think its my interpretation that is wrong - I assumed the DD's need to operate monthly rather than say just a one off or other frequency

innovate

Anyway, this discussion should be a bit academic, really - - because to get the best out of your 123 current account, you'd want as many of your DDs as possible/sensible on your 123. No point keeping them where you don't get cashback for them.

socrates

innovate wrote: »

Anyway, this discussion should be a bit academic, really - - because to get the best out of your 123 current account, you'd want as many of your DDs as possible/sensible on your 123. No point keeping them where you don't get cashback for them.

Yes but I also needed 4 for Halifax - so it was a case of covering all the bases - which is now done

So where next?
All accounts opened and loaded

Santander
BoS
Lloyds
Halifax
FD Regular Saver

Not interested in Nationwide