Question re Santander account paying 5%

slopemaster

grrr Santander – their customer service IS as bad as everyone says, just wasted about 40 minutes calling them

Does anyone know whether the 5% interest is dependent upon switching from another account – ie transferring DDs? (I know the £100 is)
Or is the 5% for any new a/c as long as you pay in £1000/month?
The web site is ambiguous or contradictory, and I don’t want to waste another 40 minutes trying to get through on the phone, only to speak to someone who doesn’t know.


(I was trying to switch a joint a/c but it proved impossible after 2 attempts, because someone else has same name AND DoB as my OH –scary -, and Santander don’t seem to be able to sort it out. So maybe I’ll open an a/c just in my name, so I can get the 5%, and also open a savings a/c with them because their rates still seem to be the best. Hence the question…)

Thanks

YorkshireBoy

I don't have a Santander current account (managing their Zero card is enough for me!), but my understanding of their website wording is that the 5% AER interest is paid regardless of whether you switch or not...providing you make the necessary monthly funding of £1,000.

The £100 cashback and the 0% EAR overdraft for 4 months are the only things dependant on switching.

slopemaster

Thanks for that.
Maybe I'll give it a go then...

heloid

It is not dependant on switching, only the £100 bonus is. I have 3 5% accounts all giving me interest.

Although funding them without fasterpayments is getting more and more annoying so might go down the Lloyds Vantage route now.

slopemaster

heloid wrote: »

It is not dependant on switching, only the £100 bonus is. I have 3 5% accounts all giving me interest.

Although funding them without fasterpayments is getting more and more annoying so might go down the Lloyds Vantage route now.

OH!
That's interesting!
I've already got 3 Vantage accounts.
Do you know how many Santander accounts they will let you have???

slopemaster

So I could have the same £1000 circulating around the three Vantage accounts AND multiple Santander accounts, but it would take 3 days to get from Santander to Lloyds if no faster payments.
Presumably the transfers between the Santander accounts are instant?