santander current account

merlin8

Santander offer the following current account if you switch from another bank:_
£100 cash (which you obviously get 3 months later)
5% on balances between £1000 and £2500 per month.
What is the maximum amount you could make on this account in one year with a detailed explanation of how to do it, I hope this provokes some good realistic possibilities, and finally-Is there abetter alternative( I'm in the TSB and I know about the 4% up to £7000)

DocProc

I was thinking about that too.

Years ago as kids playing marbles (into a hole), we used to say, "Foggy!", "Seggy!", "Laggy!", "Seggy Laggy!". Generally speaking and depending on who you were playing and also how far away the hole was to get the marbles into it, being either 'foggy' or 'laggy' gave the marble player the best advantage to win all the marbles from the rest of the players.

In this case, you be 'foggy' and I bags 'seggy'.

nzseries1

Quick calculation gives me

£2,500 * 0.05 * 0.8 (for basic rate tax) = £100. Plus the £100 you get for switching gives an expected "maximum amount you could make" of £200.

Of course, you have to subtract the misery you will get by joining Santander. It's hard to put a figure on that misery, but it is definitely more than £200.

juicyjude

Totally agree with the "misery" bit!

Catamarca

Misery is right. The account was not explained well by the advisor I spoke to, and the interest I still don't understand... I have already received some, but it wasn't 5%, leaving me wondering when that kicks in.

I would call them to ask, but I don't think I could face ringing the call centre again! It took weeks of hassling them to get internet banking set up and I nearly cried after the last sarcastic sod hung up on me!

However, I have stuck with the switching process and it seems to have come right now.

The other benefits are: 6% 13-month saving account for max. £250/month (this was what decided me) and the 3.2% ISA.

juicyjude

And the complaints just go on and on and on. Hubby written to them today returning their cheque and telling them he is now escalating his loss of date complaint to the Information Commisioner and Financial Ombudsman! He told them where to stick their cheque OW