123 money

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123 money limited

Summary

123 money limited was set up on tuesday the 14th of march 2000. Their current partial address is dublin, and the company status is normal. The company's current directors have been the director of 6 other irish companies between them; 3 of which are now closed. 123 money limited has 1 shareholder.

Credit score

Latest credit movement:

Date of last movement: 07/07/2020

Latest accounts filed: 23/06/2020

Report based on accounts: 31/12/2019

Next set of accounts due: 30/06/2021

Overdue: no

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Company vitals

Company name: 123 money limited

Time in business: 20 years

Company number: 323099

Size: medium company

Current status:

Registered address: rsa house ,
dundrum town centre ,
sandyford road dublin 16 ,
dublin 16,dublin,ireland

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Full company vitals, including directors & mortgages

Directors

Purchase either the standard company report or a credit report to view details on the directors of this company.

Judgments

Discover poor payment histories of any company by searching our judgment database, for court actions brought against a company for non-payment of a debt. Plus get free judgment monitoring alerts on this company for the next 12 months. Judgments are available as part of the credit report.

Judgment report:

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Documents

document	pages	effective	received
account details	26	23/06/2020	23/06/2020
B1 ANNUAL RETURN	9	23/06/2020	23/06/2020
B10 CHANGE IN DIRECTORS/SECRETARY	5	07/05/2020	19/06/2020
OTHER DIRECTORSHIP LIST	10	26/06/2019	26/06/2019
account details	28	26/06/2019	26/06/2019
constitution	30	26/08/2016	01/09/2016
B21 STATUTORY DECLARATION PURSUANT TO S. 60	3	31/05/2012	07/06/2012

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1|2|3 current account

What you can get

(for a £4 monthly fee to maintain the account. Before 12 april 2021 the monthly fee is £5)

From 12 april 2021 monthly interest of 0.30% AER/gross (variable) on balances up to £20,000. Before 12 april 2021 you’ll receive 0.60% AER/gross (variable) interest on balances up to £20,000

Arranged overdraft facility (subject to status) - learn more in the 'overdrafts and charges' section below

Up to 3% cashback on selected household bills, capped at £5 each cashback tier each month

1|2|3 world offers

Earn up to 15% cashback with retailer offers. Just switch on, choose your offers and shop with any of your santander cards

Eligibility

Account fee

From 12 april 2021 there’s a £4 monthly fee to maintain the account. It’s paid from your account automatically each month. Before 12 april 2021 the monthly fee is £5.

The fee information document (2.21 MB) details the main fees and charges on this account, including those associated with using an overdraft.

For further explanation of our main terms and services take a look at our glossary

Overdraft

An overdraft lets you borrow through your current account. It’s intended mainly for short term costs or emergencies and isn’t generally suitable for longer-term borrowing. There is a cost associated with using an overdraft. The way you manage your overdraft, for example if you don’t repay your interest and charges regularly, may affect your credit file. This could make it harder or more expensive to get credit with us or other providers in the future.

Overdrafts depend on your circumstances and you must repay any overdraft when we ask in line with our general terms and conditions. We may ask you to repay all or part of your overdraft at any time but we'll try to notify you of this in advance.

An arranged overdraft is when we let you borrow up to a pre-agreed limit – you can ask for one when you open your account or at any other time.

An unarranged overdraft occurs when your account goes overdrawn without an arranged overdraft in place or if your account goes over your arranged overdraft limit.

When you try to make a payment that would take you into an unarranged overdraft, we make the decision whether to allow or reject the payment based on your individual circumstances. If we allow a payment, it will take you into an unarranged overdraft. We don’t charge fees for allowing or refusing a payment due to lack of funds.

Is the eligibility checker right for me?
Already completed the eligibility checker? You can retrieve your previous decision

The table below shows you how you’ll be charged for using your overdraft.

How does our overdraft compare? The purpose of a representative APR is to enable customers to compare the costs associated with different credit products.

Arranged overdraft interest and charges	representative 39.94% APR/ EAR (variable)
unarranged overdraft interest and charges	representative 0% APR/ EAR (variable)

If you're switching to us there'll be no arranged overdraft interest charged for the first 4 months.

Coronavirus temporary overdraft support

You can ask for up to 3 months of temporary overdraft support if you still find yourself financially impacted by coronavirus.

To find out how we can help you and to request support, please see our faqs

If you've requested temporary overdraft support that is coming to an end and you need further support, please go to our money worries page.

Representative example

If you use an arranged overdraft of £1,200 you’ll be charged an interest rate of 39.94% APR/ EAR (variable). Actual credit limit may differ.

We offer other current accounts with different overdraft interest rates or without the option for an overdraft facility. We also have different borrowing options, such as credit cards, personal loans, and additional loans for our existing mortgage customers. Learn more about our borrowing options

There are other charges with this account, such as when you use your card abroad. Please refer to the terms and conditions for details.

Overdrafts depend on your circumstances and you must repay any overdraft when we ask in line with our general terms and conditions.

Overdraft alerts

You’ll be automatically set up to receive text alerts when:

Your account makes or may make use of an unarranged overdraft

You have regular payments due on your account and you don’t have the funds to cover them

Where a payment is refused as you don’t have enough funds.

You’ll also be automatically set up to receive an alert when your account goes further into arranged overdraft which may cause the cost to increase.

We’ll send them before your account is charged so that you have plenty of time to pay in money and either avoid or reduce overdraft charges. If we don’t have a valid mobile number for you, we might not be able to reach you.

You can also register for other account alerts to help you to stay on top of your finances. For example, alerts to advise you when your balance has fallen below a set limit, or you have had a deposit into your account greater than a set amount. For more information visit account alerts

You can manage your alerts settings at any time by using online banking, calling us on 0800 9 123 123 or visiting a branch.

If you need support with managing your money or if you’re in debt, please visit our money worries page for further support.

Revealed: santander 123 customers face DOUBLE rate drop

Santander will cut the interest rate on its popular 123 account again in august to 0.6%, moneysavingexpert.Com can reveal. This comes on top of a rate cut in may from 1.5% to 1% and should act as a clarion call for anyone still with the 123 account to switch to better payers – and there are still a few out there.

Update tuesday 20 october: this story was first published in may, but we've updated it below with the current savings account rates and the changes santander announced in the summer to its cashback and the 123 lite fee. For full details on that, see our santander 123 lite analysis.

Earlier this year, santander's 123 account paid 1.5% interest and offered 1-3% bills cashback with no caps. But in january it revealed that from 5 may this would be cut to 1% interest, and the cashback capped.

At the time we warned that santander 123 was becoming a "dead duck" account, and could be beaten by others, on savings interest and cashback. And on 5 may – the same day as these cuts came into effect – santander announced it would slash its interest rate for a second time, to 0.6%. This second rate cut came into effect on monday 3 august.

Santander has since publicised further changes – from 27 october it's adjusting the cashback offered on its 123 and 123 lite accounts and doubling the 123 lite fee from £1/month to £2/month.

See our best bank accounts guide for more info on accounts paying interest and cashback, and our coronavirus finance & bills help for more on banks' responses to the coronavirus pandemic.

Here's MSE founder martin lewis's view.

Martin: 'santander 123 is deader than a dead duck – if that's even possible!'

Martin lewis, founder of moneysavingexpert.Com, said: "when santander announced it would cut its 123 account's interest rate to 1%, I said it was a dead duck current account as there was little reason for anyone to stick to it. That cut has come into effect and it'll drop further to 0.6% – making it deader than a dead duck, if that's even possible!

"the option for santander 123 customers is simple. Shift your savings to the top easy-access account, then if you like the cashback, instead of paying £5 a month for it, shift your current account to the santander 123 lite account, where you get the same cashback (but no savings interest) and pay just £1/mth (£2/mth from october) for it.

"this is all rather a shame. When the 123 account launched in 2012, it was a true game-changer, with cracking interest of up to 3% for savers, and a cashback offer to match. It stayed a table topper for about five years, yet since then the account has suffered death by a thousand (rate) cuts. Now, it's just another has-been account."

What are the changes to the 123 account?

There have now been three sets of changes to the 123 account this year. The first were announced in january and applied to 123 account customers from 5 may, the second set applied from 3 august, and the third set will apply to 123 and 123 lite customers from 27 october.

Here's what changed on 5 may:

The interest rate was cut from 1.5% to 1%.

Cashback was capped at £15/mth. Santander introduced a £5-a-month cap on each of its cashback tiers. This meant the maximum cashback you could earn in a month was £15, though you would have needed the right combination of bills (or very high bills) to earn this much.

The account paid 3% cashback on phone, broadband, mobile and TV bills, 2% on gas and electricity, santander home insurance and life protection, and 1% on water, council tax and santander mortgages (though this is changing in october – more info below). All bills must be paid by direct debit.

And here's what changed on 3 august:

The interest rate was cut from 1% to 0.6%. Santander cut the interest it pays on balances up to £20,000 on its 123 account by a further 0.4 percentage points. The maximum interest is now just under £120 a year.

The account's monthly fee hasn't changed this year – it remains £5/mth. Santander said its interest rate changes will mean some customers no longer earn enough in interest and cashback to cover the monthly fee. If this applies to you, you should have been contacted and given alternative current account options.

Phone, TV and broadband cashback slashed, water bills cashback increased.

123 lite account fee is doubling from £1/mth to £2/mth. Again, there's no change to the £5 monthly fee on the 123 account.

I'm a santander 123 customer – how can I beat the cut?

Though easy-access savings rates have dropped since the changes to santander interest were announced in may, the 123 account is still easily beatable or matchable for savings interest and cashback.

Here's how to make your cash currently in the 123 account work for you:

Get a better interest rate with 0.96% easy-access savings.

The top 0.96% payer is from coventry building society, which can be opened online with £1, though it limits withdrawals to 2 a year. Full information and more options, including true easy-access accounts, can be found in top savings.

Get the SAME 1-3% cashback with a lower £2 monthly fee. The santander 123 lite* account offers the same rates of cashback as the main 123 account (so max £15/mth) – though doesn't pay any interest.

To get cashback, you need to pay in £500+/mth, have two active direct debits, pay your monthly fee and log in to online or mobile banking at least once every three months.

If you currently have a santander 123 account and you want to switch to the lite version, you can do this online. It's our top-pick account for bills cashback, but if you'd prefer to switch away from santander, there are a few other accounts paying smaller amounts of cashback in our best bank accounts guide.

What the * means above

If a link has an * by it, that means it is an affiliated link and therefore it helps moneysavingexpert stay free to use, as it is tracked to us. If you go through it, it can sometimes result in a payment or benefit to the site. It's worth noting this means the third party used may be named on any credit agreements.

You shouldn’t notice any difference and the link will never negatively impact the product. Plus the editorial line (the things we write) is NEVER impacted by these links. We aim to look at all available products. If it isn't possible to get an affiliate link for the top deal, it is still included in exactly the same way, just with a non-paying link. For more details, read how this site is financed.

1|2|3 mini current account

What you can get

Monthly interest of 3%AER/ 2.96%gross (variable) on the entire balance once the balance is £1,500 up to a maximum of £2,000

The choice of a santander contactless debit card or cash card (not available for accounts held in trust)

Eligibility

For children under age 13, the account must be opened in trust and managed by an adult (trustee). The trustee must be aged 18 or over, have parental responsibility for the child and have a santander personal current account. Trustees must apply in branch.

If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online.

Account fee

There’s no monthly fee to maintain the account.

The fee information document (116 KB) details the main fees and charges on this account. For further explanation of our main terms and services take a look at our glossary

Overdraft

There’s no overdraft facility available with this account.
This means we won't normally let you make a payment out of the account if there isn’t enough money in it. However, there may be times where you make a payment that we can't stop, which will take the account balance below zero. We won't charge you for this.

You’ll be automatically set up to receive text alerts when:

Your balance falls below zero

You have regular payments due on your account for which you have insufficient funds to cover, we will ask you to pay into your account to ensure these payments are made;

Where a payment is refused as you don’t have enough funds.

If we don’t have a valid mobile number for you, we might not be able to reach you.

You a can also register for other account alerts to help you to stay on top of your finances. For example, alerts to advise you when your balance has fallen below a set limit, or you have had a deposit into your account greater than a set amount.

For more information visit account alerts
you can manage your alerts settings at any time by using online banking, calling us on 0800 9 123 123 or visiting a branch.

Account balance

1.00% AER/ gross* (variable) on the entire balance

2.00% AER/ 1.98% gross (variable) on the entire balance

Once the balance is £1,000 up to £1,499.99

3.00% AER/ 2.96% gross (variable) on the entire balance

Once the balance is £1,500 up to £2,000

*rates are displayed to two decimal places. Interest is calculated daily and paid monthly based on the annual gross rate of 0.995%

Interest is paid monthly on the day the account was opened.

Children aged 0-12

For children under 13 years of age the account must be opened in trust by an adult (trustee). Trustees must be aged 18 or over, have parental responsibility for the child and have a santander personal current account. After opening the account, the trustee must manage the account on behalf of the child.

Remember, as a trustee you’ll need to bring some proof of your name and address and your child’s name. See a list of acceptable identification (1.79 MB)

When the child reaches age 11, the trustee can choose:

To hand over the account to the child

To transfer money out of the account before handing over control and ownership, so the trustee can decide how much money the child has access to

To continue to manage the account until the child is 18 years old

To remove the trust status from an existing account, the trustee must visit us in a branch with the child. For new account openings, the trust status can be removed for all children aged 11 and over the day after account opening.

Accounts cannot be opened in trust for children aged 13 or over.

Young people aged 13-18

From the age of 13 onwards, young people must open and manage a 1|2|3 mini current account themselves.

The account automatically transfers to an adult current account after the holder’s 19th birthday if it hasn’t been transferred to a different santander current account before this time.

Before transferring the account to an adult account we’ll give 2 months’ notice.

The general terms & conditions for current accounts and savings accounts will continue to apply together with any specific conditions in the key facts document for the new account (which we’ll provide to you at the time).

For accounts not held in trust, at age 16 the account holder can start to earn cashback of up to 15% at a range of major retailers using their santander debit card through retailer offers

If the trust status isn’t removed by the time the young person is 18, the interest rate on the account will change to 0.10% AER/gross (variable), unless we notify you otherwise. At this point, the account can't be transferred to another account in our range but the young person can apply for an adult current account in their own name. We’ll get in touch with more information near the young person’s 18th birthday.

Santander 123 current account interest and cashback cuts: should you switch?

The cashback and interest you can earn may no longer cover the monthly fees

The interest rate on santander’s popular 123 current account will be reduced to just 0.6% AER from tomorrow (monday 3 august).

The bank had already cut the rate from 1.5% to 1% AER in may, while introducing a £5 monthly cashback cap for each of its three tiers.

And the changes for this year aren’t over yet – last week, the bank announced further shake-ups to current account fees and cashback, which will be introduced in october.

Here, which? Explains what the account changes are and look at whether you can get a better current account deal elsewhere.

What’s changing with the santander 123 accounts?

From monday 3 august, the rate of interest on santander’s 123 account will fall to 0.6% AER, from 1% AER.

The 123 account is pretty rare in that it pays interest on up to £20,000 – at the beginning of this year, when the rate was 1.5% AER, that meant you could earn up to £302 in interest over a year.

At 1% AER, that fell to just over £200 – and it will fall again to £120 once the interest rate is reduced to 0.6% AER.

It’s also important to note what’s not changing – the monthly fee; santander 123 customers will still be charged £5 a month to hold the account.

This means you’ll either have to keep a balance of £10,000 to cover the fees with the interest you earn, or spend between £165 and £500 a month on bills – depending on which cashback category they fall into.

Find out more:best and worst banks

More changes to come later this year

Further changes have been announced for santander customers, due to come into force from 27 october 2020.

Cashback switch-up

Cashback rates for santander 123, 123 lite, private and select accounts are being changed again, boosting what you receive from paying your water bill, but reducing the cashback you earn from phone, broadband, mobile and TV packages.

1% cashback on water bills, council tax bills and on the first £1,000 towards a santander residential mortgage

2% cashback on gas and electricity bills, santander home insurance premiums and santander life insurance premiums

3% cashback on mobile and home phone bills, broadband and paid-for TV packages.

From 27 october you’ll get:

1% cashback on mobile and home phone bills, broadband and paid-for TV packages, council tax bills, and on the first £1,000 towards a santander residential mortgage

2% cashback on gas and electricity bills, santander home insurance premiums and santander life insurance premiums

3% cashback on water bills.

While you’ll be able to earn more cashback on your water bill, moving phone, broadband and TV bills to the 1% tier could have an effect on how much cashback you earn.

The maximum amount of cashback you can receive per month for each tier is still capped at £5, but it’s unlikely many people would earn more than this on bills.

Fees hike

Those who have the santander 123 lite account will see their fees doubled from the end of october. Currently, the lite account costs just £1 a month; but later this year it will go up to £2 a month.

There aren’t any additional benefits to go with the increased price.

It will still be possible to use the account’s perks to cover your costs of £24 a year, but as there’s no interest paid on the lite account, this will have to solely be from cashback.

You can make £2 in cashback by spending between £67 and £200 on bills each month, depending on their category.

Find out more:best bank accounts for cashback

Should you switch?

Santander is one of many, many providers to cut customer perks – in the last few months alone we’ve seen nationwide, TSB and tesco bank slash the rates on their high-interest current accounts.

However, there are still competitive deals out there – whether you want to switch your current account elsewhere, or opt to earn more interest on your cash with a savings account.

Despite the recent cuts, nationwide’s flexdirect account still pays 2% AER. However, this is only on the first £1,500 held in the account, and only lasts for 12 months – after that, the AER drops to just 0.25%.

Granted, you’ll only earn up to £30 in interest over the course of a year, but if you don’t have the capacity to save several thousands of pounds, it’s better than the £9 you’d earn on the same balance with santander 123 (before the fee is factored in).

If you have more cash to save, you could earn 1.16% AER with a top-rate instant-access savings account; £20,000 saved here would earn around £232 over 12 months.

Revealed: santander 123 customers face DOUBLE rate drop

Santander has since publicised further changes – from 27 october it's adjusting the cashback offered on its 123 and 123 lite accounts and doubling the 123 lite fee from £1/month to £2/month.

See our best bank accounts guide for more info on accounts paying interest and cashback, and our coronavirus finance & bills help for more on banks' responses to the coronavirus pandemic.

Here's MSE founder martin lewis's view.

Martin: 'santander 123 is deader than a dead duck – if that's even possible!'

What are the changes to the 123 account?

Here's what changed on 5 may:

The interest rate was cut from 1.5% to 1%.

And here's what changed on 3 august:

The interest rate was cut from 1% to 0.6%. Santander cut the interest it pays on balances up to £20,000 on its 123 account by a further 0.4 percentage points. The maximum interest is now just under £120 a year.

Phone, TV and broadband cashback slashed, water bills cashback increased.

123 lite account fee is doubling from £1/mth to £2/mth. Again, there's no change to the £5 monthly fee on the 123 account.

I'm a santander 123 customer – how can I beat the cut?

Though easy-access savings rates have dropped since the changes to santander interest were announced in may, the 123 account is still easily beatable or matchable for savings interest and cashback.

Here's how to make your cash currently in the 123 account work for you:

Get a better interest rate with 0.96% easy-access savings.

To get cashback, you need to pay in £500+/mth, have two active direct debits, pay your monthly fee and log in to online or mobile banking at least once every three months.

What the * means above

"1 2 3" lyrics

Moneybagg yo lyrics

"1 2 3"
(feat. Blac youngsta)

(X.O. Think he all that)
it's 2020
and I ain't got time for no fake-ass shit, nigga
I'm straight thuggin', pussy
I'm back to the basics, nigga
(zoom, zoom, twenty-one, oh, X.O., twenty-one, oh, X.O.)
don't come to me with no brother brother shit, nigga
I ain't your brother, your mama ain't had me, pussy-ass nigga
I don't know your pappy
one, two, three, let's go

Rolls royce truck but my windows ain't tinted (gang)
traphouse jumpin' like a wendy's or a denny's (woo)
he ain't stoppin' shit, I decide when I finish (nope)
racist-ass judge, he decide who get sentenced (ho)
she a bad bitch, eat the pussy like a spinach
she'll suck dick on the way to the dentist
I ain't never leavin' my bitch, she a dime (nope)
why would I switch out a dime for a penny? (go)

Trap out the drip, this a dior hoodie (sauce)
stash on full, need somewhere to put it (where?)
FN on me with the blue tip bullets (clutch)
thinkin' it's a prop 'til I up it (then), pull it (bow)
paparazzi on me and the fans keep askin' (what?)
"why you swap the bougie bitch out for a ratchet?" (why?)
championship ring like a small face patek (win it)
lambo' truck and car parked at the mansion (skrrt)
I met her in june, she let me hit soon
she ate the dick like a prune (uh-uh)
I hop in the vroom, the bass go boom
call me lil boosie, I zoom (scratch off)
I'm still on that hood shit, ridin' with a full clip (hunnid)
tank top fruity loom (right now)
I'm with some buffoons that walk up and face shit
now you a hot air balloon (go)

Rolls royce truck but my windows ain't tinted (gang)
traphouse jumpin' like a wendy's or a denny's (woo)
he ain't stoppin' shit, I decide when I finish (nope)
racist-ass judge, he decide who get sentenced (fuck 'em)
she a bad bitch, eat the pussy like a spinach
she'll suck dick on the way to the dentist
I ain't never leavin' my bitch, she a dime (dime)
why would I switch out a dime for a penny?

Woo, woo, why would I switch out a dime for a penny? (gang)
woo, woo, why would I switch out a dime for any? (gang, gang)
woo, woo, why would I switch out a dime for a penny? (gang, gang)
woo, woo, one, two, three, let's go

When I pulled up, all the bad bitches get in (what up?)
know I'm the shit 'cause the bad bitches sit in'
I can't come in 'less the choppas, they get in (brr)
I can't come in 'less the robbers, they fit in
rocks on my wrist and my ice cost two milli'
I'm a young rich nigga, stacked to the ceilin' (fact)
walk in the bank, diddy bop like I'm diddy (boppin')
one, two, three, let's go
pull through the drive-through, a killer gon' surprise you (hey)
if you kill a rap nigga, 12 gon' harass you (hey)
these niggas out here snitchin', disguise you
I'ma go and buy some more land, that's value (gang, gang)
I put my dick inside you (gang, gang)
she took a plan B and I knew (gang, gang)
she said her bitch got a lil' bitch, and her lil' bitch admire you

Rolls royce truck but my windows ain't tinted (gang)
traphouse jumpin' like a wendy's or a denny's (woo)
he ain't stoppin' shit, I decide when I finish (nope)
racist-ass judge, he decide who get sentenced (fuck 'em)
she a bad bitch, eat the pussy like a spinach
she'll suck dick on the way to the dentist
I ain't never leavin' my bitch, she a dime (dime)
why would I switch out a dime for a penny?

Woo, woo, why would I switch out a dime for a penny? (gang)
woo, woo, why would I switch out a dime for any? (gang, gang)
woo, woo, why would I switch out a dime for a penny? (gang, gang)
woo, woo

1|2|3 mini current account

What you can get

Monthly interest of 3%AER/ 2.96%gross (variable) on the entire balance once the balance is £1,500 up to a maximum of £2,000

The choice of a santander contactless debit card or cash card (not available for accounts held in trust)

Eligibility

For children under age 13, the account must be opened in trust and managed by an adult (trustee). The trustee must be aged 18 or over, have parental responsibility for the child and have a santander personal current account. Trustees must apply in branch.

If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online.

Account fee

There’s no monthly fee to maintain the account.

The fee information document (116 KB) details the main fees and charges on this account. For further explanation of our main terms and services take a look at our glossary

Overdraft

You’ll be automatically set up to receive text alerts when:

Your balance falls below zero

You have regular payments due on your account for which you have insufficient funds to cover, we will ask you to pay into your account to ensure these payments are made;

Where a payment is refused as you don’t have enough funds.

If we don’t have a valid mobile number for you, we might not be able to reach you.

For more information visit account alerts
you can manage your alerts settings at any time by using online banking, calling us on 0800 9 123 123 or visiting a branch.

Account balance

1.00% AER/ gross* (variable) on the entire balance

2.00% AER/ 1.98% gross (variable) on the entire balance

Once the balance is £1,000 up to £1,499.99

3.00% AER/ 2.96% gross (variable) on the entire balance

Once the balance is £1,500 up to £2,000

*rates are displayed to two decimal places. Interest is calculated daily and paid monthly based on the annual gross rate of 0.995%

Interest is paid monthly on the day the account was opened.

Children aged 0-12

Remember, as a trustee you’ll need to bring some proof of your name and address and your child’s name. See a list of acceptable identification (1.79 MB)

When the child reaches age 11, the trustee can choose:

To hand over the account to the child

To transfer money out of the account before handing over control and ownership, so the trustee can decide how much money the child has access to

To continue to manage the account until the child is 18 years old

Accounts cannot be opened in trust for children aged 13 or over.

Young people aged 13-18

From the age of 13 onwards, young people must open and manage a 1|2|3 mini current account themselves.

The account automatically transfers to an adult current account after the holder’s 19th birthday if it hasn’t been transferred to a different santander current account before this time.

Before transferring the account to an adult account we’ll give 2 months’ notice.

The general terms & conditions for current accounts and savings accounts will continue to apply together with any specific conditions in the key facts document for the new account (which we’ll provide to you at the time).

For accounts not held in trust, at age 16 the account holder can start to earn cashback of up to 15% at a range of major retailers using their santander debit card through retailer offers

Prop. 123 money used to hire more teachers & pay them more

Arizona school districts are using the majority of dollars they received from the settlement of a lawsuit with the state to address the teacher shortage crisis by paying teachers more and hiring more teachers, according to a recent analysis.

Ninety percent of the funds districts have received as a result of the passage of prop. 123 have gone to either teacher salaries and benefits or hiring teachers, said dr. Anabel aportela, director of research and analysis for arizona association of school business officials and arizona school boards association.

Districts are employing “1,791 more teachers and the average salary has gone up by a little over $2,000,” aportela said.

Infographic by lisa irish/azednews
click here for a larger version

Prop. 123 is the initiative approved by voters in a may 2016 special election that settled the inflation funding lawsuit between public education groups and the state over the state’s failure to provide inflation funding over a multi-year period.

Prop. 123 has generated $491.5 million in more funding for public K-12 district and charter schools since its passage, according to aportela’s research.

District schools have received $241.2 million, or 49 percent, while charter schools have received $250.3 million, or 51 percent, aportela said.

Charter schools received more funding because they have the largest number of weighted students in the state and the most growth in the number of students enrolled, aportela said.

“we know that districts have hired additional teachers, because we do have some districts with some significant student growth and also overcrowded classrooms, and they use the dollars to alleviate some of that,” aportela said.

Where the remainder went

The remaining 10 percent of the money generated by prop. 123 for district schools was used to meet other specific local needs.

Some districts used it to cover the mandated increase in the state minimum wage required by prop. 206, which impacted compensation for school staff such as crossing guards, food service workers, custodians, bus aides, and instructional and other aides, aportela said.

“there was no additional funding to school districts to cover this mandated increase in the minimum wage, so that money, prop. 123, helped cover that increase,” aportela said.

Some of the prop. 123 money also may have been used by schools for capital needs for building maintenance and renewal. Nearly $2.4 billion in capital funding for schools has been cut by the legislature since 2009, aportela said.

“teachers were not the only ones who had salary freezes during the recession and afterward,” so some districts also gave raises to employees in 22,000 instructional and teacher support positions, 2,100 principals and assistant principals, 700 district office directors and 304 superintendents and assistant superintendents, aportela said.

The percentage of prop. 123 funds that went toward teacher pay at charter schools is not known, aportela said. Charter schools are not required to provide the same level of reporting on expenditures as school districts.

Other factors that affected school funding

While prop. 123 dollars are making an impact, reductions in other areas continue to stress district budgets.

When prop. 123 took effect in fiscal year 2016, there were several other changes in public K-12 education funding that reduced the potential impact of prop.123 by at least $175 million, aportela said.

The cut in district additional assistance went from $239 million the previous year to $352 million in fiscal 2016, and the move to current year funding has cut money for district schools by $30 million, aportela said.

“rural school districts are the ones that are losing the most enrollment as a percentage of their population, so they’re being hit hardest by current year funding,” aportela said. “they’re also the ones least likely to pass a bond or an override, which is adding pressure to salaries in rural areas.”

“for districts that are not able to pass a bond, the capital needs are much greater than for a district that is able to pass a bond. That’s going to have an impact on what kind of salary increases districts can give to teachers and other staff,” aportela said.

Hear more about the impact of declining enrollment on rural schools’ budgets in next week’s podcast on azednews.

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