ChatterBank1 min ago
123 Current Account
7 Answers
Have signed up for this with Santander and hope I have done the right thing - they said as I had so much in the account and direct debits I would get a better interest rate. Now looking on the Santander site I am thinking is there credit card in there - Now I never had a credit card in my life and I don't want one now - just want direct debits to come out immediately out of the account. Can anybody tell me it will be direct debits and an option if I want to use it as a credit card - would that be correct. Thanks in advance.
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Looks that way to me Conn, scroll down to extra offers available and it says "open a credit card too", that suggests that the credit card is seperate fom the account but will offers benefits because you have the 123.
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Connemmara-I have a 123 Santander account-my direct debits are taken from it. The credit card is a separate card. I was given one but like you I've never had a credit card nor do I want to start using one. Santander phoned me a few times and encouraged me to activate the card, I was told of its benefits etc but I had to be very firm in stating I did not want the card!!! The card was then cancelled!
The account (without the credit card) can be good for some people because of the cashback it offers on some payments (council tax and utility bills etc) and the 3% interest it offers on balances over £3000.
However, there is a fee of £2 a month (£24 a year) which is greater than the interest you'll get on balances under £2000. The interest rate is nil up to £1000, it then rises to 1% on balances between £1000 and £2000, and only reaches 3% on balances over £3000.
I t seems like smoke and mirrors to me, but it may suit you
However, there is a fee of £2 a month (£24 a year) which is greater than the interest you'll get on balances under £2000. The interest rate is nil up to £1000, it then rises to 1% on balances between £1000 and £2000, and only reaches 3% on balances over £3000.
I t seems like smoke and mirrors to me, but it may suit you
thanks all for your answers - I do know about £24 per year but will give it a go - I had been transferring any spare money from the current account online to an ISA online and when I was with Santander they informed ISA was giving 0.5% compared to surely it should be better staying in the current account.
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