Multiple Santander 5% accounts?

slush

pawnbroker wrote: »

This issue is covered in today's Sunday Telegraph money section. Based on what is there you can do transfers between accounts, and it appears to imply you don't need external money.

You've got newspapers! All we've got is snow. And more than enough for a whole winter.

Did the article give a limit to the number of accounts you can hold?

pawnbroker_2

slush wrote: »

You've got newspapers! All we've got is snow. And more than enough for a whole winter.

Did the article give a limit to the number of accounts you can hold?

I fetched the paper even though we have over a foot of snow, benefits of a 4x4.

In reading the article again the instance quoted took money from a savings account into 2 of the 5% accounts and then put it back each month.

Hasty1991

The money doesn't need to come from an external account or cheque. I have a 6% account (from a little while ago) and I receive the full rate making use of a transfer from another Santander acc.

mcdaly

Money does not have to come from an external account. Simply need a £1000 turnover in the account. Technically speaking you can actually only have one of what they call the preferred in credit rate (5% AER for 12 months) BUT you can also have a zero account and a reward account as well which is the same offer.

slush

mcdaly wrote: »

Technically speaking you can actually only have one of what they call the preferred in credit rate (5% AER for 12 months).

More than one account is fine by Santander. We've certanly got more!
I suggest you take a look at page 4 of Santanders "Current Accounts User Guide" available online.

Nothanks

Also keep in mind that banks will often close loopholes for rewards internally, which will stop staff encouraging that use, but not you from doing it.

For example - Every current account = sales points. If i see you and open 4 of them, I get 4 times as many points (Probably more when they're activated by live funds.) Now head office looks at this and says "This isn;t really new money, so we'll stop rewarding 2nd curretn account openings, or internal transfers." You then can still do it, but the staff won't be rewarded for it, hence the disparity between what one member of staff tells you and another. It's all sales-based always.

Just to clarify I'm suggesting this as a possibility, not presenting it as fact by any means. The Santander staff on the boards can probably point out how close I am to the case.

IrishGypsy

Nothanks wrote: »

Also keep in mind that banks will often close loopholes for rewards internally, which will stop staff encouraging that use, but not you from doing it.

For example - Every current account = sales points. If i see you and open 4 of them, I get 4 times as many points (Probably more when they're activated by live funds.) Now head office looks at this and says "This isn;t really new money, so we'll stop rewarding 2nd curretn account openings, or internal transfers." You then can still do it, but the staff won't be rewarded for it, hence the disparity between what one member of staff tells you and another. It's all sales-based always.

Just to clarify I'm suggesting this as a possibility, not presenting it as fact by any means. The Santander staff on the boards can probably point out how close I am to the case.

You're surprisngly close with that actually! :T

In a nut-shell, whilst Santander are currently paying the interest on these multiple accounts (with funds cycled internally), the T&C's DO state you're only allowed 1 PICR (aka: 5%) account. So they are well within their rights to pay the nominal 0.1% interest on the extra accounts.

But as has also been noted, there's nothing wrong with also having a Zero account (also at 5%) AND a reward account (also at 5%) as long as you qualify for the zero and/or pay the £10 monthly fee for the Reward account.

And as Nothanks has pointed out, you'll find very few staff willing to open up multiple regular 5% accounts anymore as they do not recieve any points credit after the first one (and they may in fact get into trouble for doing multiple PICR accounts).

So if you wish to chance it then by all means carry on, but you'll have a fight on your hands if they decide to invoke the '1 5% account per person' rule.

slush

IrishGypsy wrote: »

the T&C's DO state you're only allowed 1 PICR (aka: 5%) account. So they are well within their rights to pay the nominal 0.1% interest on the extra accounts.

Could you please tell me where in the T&Cs that it says that you are allowed only one?

I can find references to openning more that one account! Not just one (see message #16 above).

metrobus

ses6jwg wrote: »

Your friend will be in for a shock when they find out that the £1,000 funding must come from either an external account or a cheque.

Source: Santander member of staff.

It does not,I had my £100 bonus today and also receved the full 5% interest for last month and I have just paid cash into the account.

IrishGypsy

slush wrote: »

Could you please tell me where in the T&Cs that it says that you are allowed only one?

I can find references to openning more that one account! Not just one (see message #16 above).

It's littered all over their promotional posters in the fine print at the bottom. Not exactly sure where in the main T&C's that'll be (can't check just now) but it's DEFINITELY in the promo posters!

metrobus wrote: »

It does not,I had my £100 bonus today and also receved the full 5% interest for last month and I have just paid cash into the account.

It doesn't HAVE to be a Cheque or an external transfer, cash will work just as well. A credit is a credit, but internal transfers may not get counted at some point. As it stands they currently do, but I doubt that loophole will stay open forever for customers to take advantage of.