santander Preferred In-Credit Bank Account - 5%

carpy

is this worthwhile to get 5% or are there any negatives?

partlydave

carpy wrote: »

is this worthwhile to get 5% or are there any negatives?

The negative word is ........Santander.

Its worth it if they pay you the correct interest, but the chances of that are less than certain.

scottishblondie

Try doing a search on the forums for Santander - there are an awful lot of complaints about customer services, and the account does have some limitations, such as the £1000 funding requirement and (as far as I know) they do not offer Faster Payments.

However, I have the A&L Premier Direct, which only has a funding requirement of £500 a month and allows FPs up to £250. I have so far found that it makes an excellent account to keep savings in. I wouldn't use it as my main current account tho.

carpy

it can't be any worse than A&L (who obviously have now been swallowed up by Santander) whose online banking + customer service is shockingly awful...

just attracted by the 5% >£2.5k....

don't really want to shift everything (DD's, salary etc.) from Halifax as i'm happy with them.

this would just be a £2.5k savings pot @5%

jfke

After previously championing Santander I've slowly come around to how crappy a bank they actually are. It's not the customer services centre people in so much as I never , ever, receive anything I request from them. Replacement cheque books, pin, cards, telephone banking codes, internet banking codes. It's ball ache after ball ache chasing these people over and over for things most other bank customers take for granted.

My intention is to keep my savings up to 2.5k in this account and also keep it as my salary account. Once the wages clear each month I'll transfer them out immediately to my Halifax reward account network to get my fivers then on to my new main account which will either be with Co-Operative (even though they hate me) or First Direct. Lots of people seem to love First Direct and I'm keen to see what the difference is between Santander and "Everyone Else".

Personally as long as you keep 2.5k and keep hitting that 1k deposit requirement I can't see that you will run into difficulty as your contact with them is none existant. It's worth bearing in my mind that it's a one year deal currently.

carpy

jfke wrote: »

my Halifax reward account network to get my fivers

how do you get more than one reward account? i've tried opening a 2nd and got declined!!!

jfke

Sorry, I always forget to clarify that. One in my name, one in my partner's name and a joint account.

Stormy

Hi,

I applied for this account a few weeks ago and its working now, however no paperwork anywhere tells me I have the Preferred In-Credit account? Non of the confirmation emails mention the account by name, internet banking calls it "Bank Account" and there is no way to see what interest its attracting so how can I tell if I am getting the 5% as I put my money in there?

Bonkers.

Can anyone help please?

ses6jwg

You need to credit £1000 to qualify for 5%

You should see interest being paid into the account on a monthly basis

kemo_2002

jfke wrote: »

Sorry, I always forget to clarify that. One in my name, one in my partner's name and a joint account.

Can you still do this? ive got one in mine and one in partners but not a joint, can i get a joint also to qualify?