Santander account questions

glensmen

I have a couple of questions about the Santander Preferred In-Credit Rate account. I have tried to look in the T&Cs without success, although it is very possible that I have missed something.

a) I know that I have to "switch" from another current account in the sense that direct debits / standing orders will transfer across, but do I actually need to close the old account?

b) The £1000 per month that must come into my Santander account presumably can come from one of my other accounts, eg my current account that I "switched" away from?

c) I noticed in the small print that "£100 will be paid into your new account within 3 months of account opening providing you have at least one active direct debit (paid at least once) set up on the account within 11 weeks". As I don't currently have any direct debits set up on my current account, is it okay to perform the "switch" like this and then set up a direct debit once my Santander account is active? Or does the direct debit have to come from the transfer process?

Thanks in advance for any responses.

W40K

glensmen wrote: »

I have a couple of questions about the Santander Preferred In-Credit Rate account. I have tried to look in the T&Cs without success, although it is very possible that I have missed something.

a) I know that I have to "switch" from another current account in the sense that direct debits / standing orders will transfer across, but do I actually need to close the old account?

b) The £1000 per month that must come into my Santander account presumably can come from one of my other accounts, eg my current account that I "switched" away from?

c) I noticed in the small print that "£100 will be paid into your new account within 3 months of account opening providing you have at least one active direct debit (paid at least once) set up on the account within 11 weeks". As I don't currently have any direct debits set up on my current account, is it okay to perform the "switch" like this and then set up a direct debit once my Santander account is active? Or does the direct debit have to come from the transfer process?

Thanks in advance for any responses.

Hey

1. Switching is not required in order to get the account. If you do switch then no you do not have to close the account, it is an option that Santander can do it for you by filling in the second form on the transfer booklet.

2. £1000 must credit the account each month from a source that is not aleady held with santander. E.g. you cant put 1k in a Santander savings account and back again.

3. I believe that the DD must be set up already in order to qualify for the £100.

glensmen

Thanks for the answers. Just to check that I have understood correctly on point b - so I could transfer £1000 back and forwards between a BOS account held in my name and that'd be fine?

Consumerist

Yes, that's ok. Any external (non-Santander group) account will do.

W40K

glensmen wrote: »

Thanks for the answers. Just to check that I have understood correctly on point b - so I could transfer £1000 back and forwards between a BOS account held in my name and that'd be fine?

Yep totally fine