Santander Preferred In-Credit Current Account - Quick Question

jr_xyz

Does the £1,000 a month transferred in have to come from a different bank to quialify for the high interest, or can I just transfer the money from my santander e-savings account?

noh

Yes it has to be funded from an external source.

jr_xyz

nice one noh :-)

hermante

jr_xyz wrote: »

Does the £1,000 a month transferred in have to come from a different bank to quialify for the high interest, or can I just transfer the money from my santander e-savings account?

In my experience it does not need to come from a different bank. However our PIC account is a joint account, and the 1000 comes from our sole name accounts (also with Santander - we put in 500 each on every Xth of the month)

adindas

I could also confirm this based on my personal experience.
I have Santander eSaver i3 and I transfer £1000.00 to my PICR and my Zero account and then transfer it back to may eSaver i3 I still get interest of 5%.

hermante wrote: »

In my experience it does not need to come from a different bank. However our PIC account is a joint account, and the 1000 comes from our sole name accounts (also with Santander - we put in 500 each on every Xth of the month)

noh

adindas wrote: »

I could also confirm this based on my personal experience.
I have Santander eSaver i3 and I transfer £1000.00 to my PICR and my Zero account and then transfer it back to may eSaver i3 I still get interest of 5%.

You expose yourself to the possibility of being charged the £2 a month underfunding fee.
See L3.3 on page 10 of the account conditions:-

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223411953599&cachecontrol=immediate&ssbinary=true&maxage=3600

"L3.2 If you do not pay the agreed amount into your account each
month you may incur an underfunding fee, which can be
found in our Interest Rates and Fees Information leaflet.

L3.3 Transfers into the account from another Santander account
will not count towards your monthly amount."


Also see note 4 on page 4 of the Interest and Fees information which appears to apply to the Preferred Current Account

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223412341387&cachecontrol=immediate&ssbinary=true&maxage=3600

Note 4: We will not pay credit interest if you pay in less than £1,000 each month. You will also have to pay an Underfunding Fee on our
Preferred Current Account. See page 6 for more details on the Underfunding Fee. The £1,000 does not include interest or refunded amounts
from using your Visa Debit card. Transfers and interest into the account from another Santander account will not count towards your
monthly amount.

Edit:-
The above applies to the current offering, the Preferred Current Account. I am unable to find the T+Cs for the no longer available PIC current account and made the assumption that they would be similar which may be incorrect. If that is the case I apologise.

ponbeam

It's a 2 pounds underfunding fee ! Best to set a standing order from your existing bank account or faster payment

adindas

Oooh, Thank you for let us know ....

noh wrote: »

You expose yourself to the possibility of being charged the £2 a month underfunding fee.
See L3.3 on page 10 of the account conditions:-

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223411953599&cachecontrol=immediate&ssbinary=true&maxage=3600

"L3.2 If you do not pay the agreed amount into your account each
month you may incur an underfunding fee, which can be
found in our Interest Rates and Fees Information leaflet.

L3.3 Transfers into the account from another Santander account
will not count towards your monthly amount."


Also see note 4 on page 4 of the Interest and Fees information which appears to apply to the Preferred Current Account

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223412341387&cachecontrol=immediate&ssbinary=true&maxage=3600

Note 4: We will not pay credit interest if you pay in less than £1,000 each month. You will also have to pay an Underfunding Fee on our
Preferred Current Account. See page 6 for more details on the Underfunding Fee. The £1,000 does not include interest or refunded amounts
from using your Visa Debit card. Transfers and interest into the account from another Santander account will not count towards your
monthly amount.

Edit:-
The above applies to the current offering, the Preferred Current Account. I am unable to find the T+Cs for the no longer available PIC current account and made the assumption that they would be similar which may be incorrect. If that is the case I apologise.

Toe-Jam

noh wrote: »

Edit:-
The above applies to the current offering, the Preferred Current Account. I am unable to find the T+Cs for the no longer available PIC current account and made the assumption that they would be similar which may be incorrect. If that is the case I apologise.

The older PICR account doesn't have an underfunding fee. Its just the newer versions of the accounts.