Santander Current Account: £1k a month?

Sackagold

Hey,

I've been looking at the 'best buys' for regular savings accounts, Santander is ranked top with 4% but apparently offers 6% if you open a current account too. I've just read the details of the current accounts and they all seem to require a monthly deposit of £1000. Unfortunately I can't afford to do this but my question is this:

If I set-up a monthly direct debit of £1000 between two accounts one being the Santander account and the other Barclays for example, with the one £1000 sum being exchanged between the two each month, would this be considered a monthly deposit of £1000 for Santander?

A long shot I know .

rotate

I do exactly this.I have a SO from Nationwide to Santander for £1k on 1st of each month.
As it is a fast transfer it is there in a few hours,I then transfer it straight away to Halifax.
So far (6mths) there has been no problem and I get the high interest on 2.5k in the Santander a/c.

blinko

why not go for halifax they give you £5 a month ?

Sackagold

rotate wrote: »

I do exactly this.I have a SO from Nationwide to Santander for £1k on 1st of each month.
As it is a fast transfer it is there in a few hours,I then transfer it straight away to Halifax.
So far (6mths) there has been no problem and I get the high interest on 2.5k in the Santander a/c.

Interesting. Would I be earning interest on the £1k even though it doesn't stay there permanently? Plus there's a £100 reward for opening a current account, as well as the extra 2% on the regular savings account. I'd also plan on opening two savings accounts...sounds worthwhile. I wonder if they'd give me the 6% on both regular savings accounts....

They also offer a basic account but I'm not sure if that'll qualify one for the extra 2%. I'd ask them if only I could get through on the phone. :cool:

Sackagold

blinko wrote: »

why not go for halifax they give you £5 a month ?

What kind of account is that?

The Santander is on the grounds that I'd get an extra 2% on my regular savings account.

darkblue_2

Get a linked savings account and then just switch it on online banking. I do it and it says on my statement that the money I transfer back and forth is income in to the account.

I use their current account and eSaver. Get their £100 sign up bonus too.

blinko

its on there website

adindas

Dear darkblue

I was told that we could only get bonus £100.00 if we area using Santander Ac as the main a/c. and switching our bank ac using transfering services. This will mean that we need to give them all SO, DD which also include our monthly salary.

Do you use transfer services to get your £100.00 ? If not please tell me the secret. I also want to get £100.00 :-)))

darkblue wrote: »

Get a linked savings account and then just switch it on online banking. I do it and it says on my statement that the money I transfer back and forth is income in to the account.

I use their current account and eSaver. Get their £100 sign up bonus too.

Rob_192

blinko wrote: »

why not go for halifax they give you £5 a month ?

Why not do both;) - you don't need any money in a Halifax Account, just by paying £1,000 in and then straight out again, they pay you £5/month.

This is exactly what we do, my wife and I each have a Santander Account and a Halifax Account and a single £1,000 just bounces around all 4 accounts. We're now going to open a couple of Lloyds Vantage accounts and use the same £1,000 to meet their conditions.

Rob

adindas

I agree with Rob for the following Reasons:
- If we already have have £1,000 with the same or another bank we do not need any extra money. Just juggling between 1,2,3 a/c internally bounce it out to other ac in other bank bounce back to the first bank. All we need to play with £1,000. This has been mentioned by Rob.

- I am aware that with £7,000 Vantage a/c will give higher than return £5.00 from Halifax. However with Halifax the minimum balance is £1 (not £2500, or £6000) so £1 give £5 a month interest rate ,which is equivalent to 6000% APR. I could not name any bank in the world which could give such return.
- Vantage a/c require 500-500 to get 4%, it is variable and therefore could drop any time they want to.

ADINDAS

Rob_192 wrote: »

Why not do both;) - you don't need any money in a Halifax Account, just by paying £1,000 in and then straight out again, they pay you £5/month.

This is exactly what we do, my wife and I each have a Santander Account and a Halifax Account and a single £1,000 just bounces around all 4 accounts. We're now going to open a couple of Lloyds Vantage accounts and use the same £1,000 to meet their conditions.

Rob

Sackagold

Rob_192 wrote: »

Why not do both;) - you don't need any money in a Halifax Account, just by paying £1,000 in and then straight out again, they pay you £5/month.

This is exactly what we do, my wife and I each have a Santander Account and a Halifax Account and a single £1,000 just bounces around all 4 accounts. We're now going to open a couple of Lloyds Vantage accounts and use the same £1,000 to meet their conditions.

Rob

This is exactly what I was considering. But to receive the offer doesn't the current account have to be opened as a transfer? So, if you only have one account elsewhere, you'll be unable to have both the Santander account and the Halifax account.