Earn Up To 3% Interest on £40k at Santander - Open 2 x 1-2-3 Current Accounts
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Earn Up To 3% Interest on £40k at Santander - Open 2 x 1-2-3 Current Accounts

246
Found 5th Feb 2014
One for savers with £20k - £40k to save.... (please don't just vote cold if that doesn't apply to you, find a better savings deal instead)....

The Santander 1-2-3 account offers benefits such as those below for £2 per month:

* 3% interest on balance up to £20k
* Cashback on many house hold direct debits

What I didn't realise until today, is that you're entitled to open 2 x Santander 1-2-3 accounts. This is good news for savers who have £20k - £40k to save. E.g. potentially earn 3% on £40k.

You do need to fund both accounts with a minimum £500 a month and have 2 x Direct Debits setup on each.

Also, right now you can get ~£35 cashback from both Quidco and TopCashBack for opening an account when you switch another bank account over.

OR as LordPlops111 mentions, you could look into the refer a friend method (if you have a friend with an existing account t to refer you) for a £20 Amazon voucher -
refer.santander.co.uk/san…spx

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Credit to HUKD user redhot999 for pointing it out to me today that an individual can have two accounts. I wasn't aware, it might be common knowledge, or maybe this post will help a few people.

246 Comments

Original Poster

Being entitled to two accounts per person is mentioned on the Santander website at the bottom under notes section santander-products.co.uk/ban…tml ....

Limit of two 123 Current Accounts per person in either joint or single … Limit of two 123 Current Accounts per person in either joint or single names.



For those wanting cashback, please remember you have to provide an account you wish to switch (think the same applies at TCB)...

http://i.imgbox.com/NErODcIA.png


Edited by: "morgie" 5th Feb 2014

monthly fee of £2 applies. Shouldn't be too much of an issue if you have between 20 and 40K :0)

Original Poster

jonnyclewlow

monthly fee of £2 applies. Shouldn't be too much of an issue if you have … monthly fee of £2 applies. Shouldn't be too much of an issue if you have between 20 and 40K :0)



Yup, that's why I said "The Santander 1-2-3 account offers benefits such as those below for £2 per month" in the post. Sorry if it wasn't clear. I think if you're paying house hold bills via Direct Debits you'll typically cover this fee through them.
Edited by: "morgie" 5th Feb 2014

Eeeek!! serves me right for multitasking!! Apologies morgie.

Don't forget you also need TWO direct debits set up too. ( if desperate £2 for cancer research etc) Be warned if they're not set up by the time your first statement is produced (a month after account created) you won't get interest. They can take a while to show up.

Original Poster

redhot999

Don't forget you also need TWO direct debits set up too.



Thanks - was just editing the original post to make that clear too.

Original Poster

jonnyclewlow

Eeeek!! serves me right for multitasking!! Apologies morgie.



No worries

the 123 is great. Earned over £150 cashback in a matter of months.

If you have two full accounts you might get chosen to join the SELECT club. Means you get a personal account manager and access to special offers and a special Gold card instead of a red one that has contactless ability...whooooo. Just need a spare £40k.

Am up to 300 odd quid month 11.

Thanks to DD cashback
Interest
And mortgage cashback

Edited by: "bagga212" 5th Feb 2014

I got decline for this account (joint with my partner) despite credit ratings of 968 and 999, shame it sounded good.

Is this a deal or what?
I think it's a what?

Original Poster

Trishul007

Is this a deal or what? ;)I think it's a what?



I've seen worse here .....for me this is a deal on a savings account, £4 a month (with two accounts) for the returned benefits listed above.

Trishul007

Is this a deal or what? ;)I think it's a what?

Is a £30 Very code Xbox deal that got superhot a deal or is it a what? It's a what...so what.

Cheers for the heads up, OP.

What if you don't want to switch your one and only current account to them ?? - Does it matter ? - Do they actually arrange a 'switch over' ?

Don't forget if you need to spend a £20k and want to close it, switch to First Direct get their £100 CashBack and excellent service and open the 6% regular saver account.

Is that right? You can only have two 123 accounts with them? I could have sworn that I read a few months ago on Money Saving Expert that you were allowed 3? I have 2 now (joint and single) that we opened last year and was thinking of opening a third for the overspill that's not earning any interest but just haven't got around to it yet. So does that mean I'll get rejected if I try and open a 3rd?


Edited by: "jans" 5th Feb 2014

happymanuk

What if you don't want to switch your one and only current account to … What if you don't want to switch your one and only current account to them ?? - Does it matter ? - Do they actually arrange a 'switch over' ?

You can set one up with no switch but you get no CashBack.

jans

Is that right? You can only have two 123 accounts with them? I could have … Is that right? You can only have two 123 accounts with them? I could have sworn that I read a few months ago on Money Saving Expert that you were allowed 3? I have 2 now (joint and single) that we opened last year and was thinking of opening a third for the overspill that's not earning any interest but juist haven't got around to it yet. So does that mean I'll get rejected if I try and open a 3rd?

Limited to 2 wef June 2013.

redhot999

Limited to 2 wef June 2013.


Ahh, just my luck for them to change the regs a month after we opened the second one Suppose he'll just have to open another one in his name instead. Thanks for the info. Saved me from some embarrassment. I would have been mortified if I'd applied online and got rejected.

Done...apply for another one and see what happen.....thanks

Thanks OP was just looking at this account this morning. Think i'll be signing up via quidco.

these accounts are amazing. £81 interest per month (two accounts, post tax). After you max the £40k you can open 3x Lloyds Vantage accounts but max is £5k each, alternatively nationwide offer 5% but only on £2.5k
Edited by: "Chet" 5th Feb 2014

Brilliant account this, none better.
Excellent website and good service.
Santander much, much improved.

Agreed. It's incredible what a difference a few years makes, Santander's service actually matches their interest rates now

can you put shillings in these accounts? that's how current this deal is!

Where do I put the other £960,000 ?

How does one open the second one? Just fill in the online form again?

benjai

How does one open the second one? Just fill in the online form again?



this. anyone advise?

Seriously? 20-40K and you are happy to get 3%. Of all the myriad ways in which one could fruitfully use such money, start a little business, or invest in one, help a relative get on the property ladder, allow a youngster to follow their dreams, etc etc.....and sticking into a Spanish account giving you 3% is most attractive? There's nowt so queer as folk...

A1M

Where do I put the other £960,000 ?



I have a Nigerian uncle who would gladly invest that money for you, details incoming via PM.

You don't need to switch. I haven't. I just run all relevant DDs through the account, plus I have a standing order going from my current account for the minimum amount.

For primarily saving... How would this work for paying for in a balance requirement. could you just pay in 500 a month and transfer it back to the main account straight after ? Would this work?

coolstar

For primarily saving... How would this work for paying for in a balance … For primarily saving... How would this work for paying for in a balance requirement. could you just pay in 500 a month and transfer it back to the main account straight after ? Would this work?



Yes as long as you have an average balance during the month of (I think) £3k

benjai

How does one open the second one? Just fill in the online form again?


I opened the second account online, yes. But we had initially opened the first account (joint) in branch a few months prior to opening the second.

Move just turned 40k into 565k in a matter of hours on the pokerist iphone app.

Ive**

bagga212

Am up to 300 odd quid month 11. Thanks to DD cashback Interest And … Am up to 300 odd quid month 11. Thanks to DD cashback Interest And mortgage cashback



does the mortgage have to be a Santander one?

Jonnyblock

does the mortgage have to be a Santander one?



yes
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