Original Santander Direct Debit requirements

thor

I have quite a few current accounts and am guilty of not checking all of them properly every month. So it was that I decided to have a good look at my Santander 123 account and have discovered that I have not been getting any interest since January. When I queried them via messaging I got a generic reply saying that you need to fund the account with £500 every month and have two dds setup up.
I have been getting interest ever since I opened up my account years ago when the top rate was still 3% and nothing has changed as far as I am concerned.

What I want to know is were there any dd requirements when this account was originally introduced?

YorkshireBoy

For as long as I can remember (back to the 3% rate), the account had to have at least 2 DDs set up, not necessary to pay out, just be 'active', in addition to £500/month funding.

londoninvestor

YorkshireBoy wrote: »

For as long as I can remember (back to the 3% rate), the account had to have at least 2 DDs set up, not necessary to pay out, just be 'active', in addition to £500/month funding.

Certainly the case in 2015 when I opened one.

Stompa

Bear in mind that an active but unused DD will eventually expire (IIRC after 13 months of non-use).

Wheres_My_Cashback

thor wrote: »

What I want to know is were there any dd requirements when this account was originally introduced?

The requirement was there in June 2013 when I put my first £20K in, along with a £2pm fee, but may have been there in 2012 when I opened the account for the DD cashback.

thor

That's interesting because I have been paid interest for many years despite only having 1 direct debit setup. Could it be they made a mistake all these years and only recently have discovered their error?

ceredigion

The account was launched on May the fifth 2012 With requirement of two DD's and £500 through put in order to receive 3% interest.

Fan_Of_2018

Stompa wrote: »

Bear in mind that an active but unused DD will eventually expire (IIRC after 13 months of non-use).

Of course you can always just make it again... just need to stay on top of things.

soulsaver

thor wrote: »

That's interesting because I have been paid interest for many years despite only having 1 direct debit setup. Could it be they made a mistake all these years and only recently have discovered their error?

Go 123 Lite (if you want to keep the account at all) and move the money..

You're only getting 1.2% interest if you do qualify assuming the active DD isn't a cashbacker... there are accounts that pay 1.5% with no DD required, Marcus for example.

badger09

soulsaver wrote: »

Go 123 Lite (if you want to keep the account at all) and move the money..

You're only getting 1.2% interest if you do qualify assuming the active DD isn't a cashbacker... there are accounts that pay 1.5% with no DD required, Marcus for example.

If OP has no DDs set up, there is absolutely no point looking at the Santander 123 Lite.

The whole point of that account is cashback on selected DDs for a £1 pm fee.

It also gives access to the pref rates for regular saver but OP didn't mention that, and that's not worth paying £12 pa for;)

Stompa

Fan_Of_2018 wrote: »

Of course you can always just make it again... just need to stay on top of things.

Indeed, but if one were to expire through lack of use that might account for the sudden unexpected cessation of interest.