"Switching" to Santander's Preferred Current Account?

10_66

Not that I'd keep the account, or even use it, I've been thinking about "switching" to Santander's Preferred Current account, to benefit from the £100 and going through TopCashBack to get a further £45 (although reading TCBs customer reviews, not a lot of people are being paid the £45 TCB cashback).

However, Martin says in his article on best bank accounts that you have to pay your salary in to cover the £1,000 condition. Looking at Santanders "overview" of the account on their website, it only says that £1,000 has to be paid into the account every month, I can't see that it says it has to be a salary.

So my first question is, does it have to be your salary, and although I don't earn Martin's stated £14,200, OH could apply, but I still don't really want to faff about changing the salary to Santander? I wondered whether it's like Halifax Reward, where I could just pay in £1,000 each month and then transfer out again (I rotate £1,000 around each of my 3 Rewards, OH's 2, and 1 joint, to get the £5 x 6 rewards each month).

Second question, is there a minimum amount of time that the account has to be kept open to qualify for the £100 cashback (apart from the 3 months by which time they say they should credit you with the £100)?

Third question, do you have to close your old bank account to qualify for the £100, as Santander suggest doing in their "3 steps process" to switching?
...........

Jennifer_Jane

Hi

I'm going through this now and you do not have to put in 'salary' - it's 2 direct debits and £1000 a month (which can be rotating, as you say). I am on pension and do not have an income of £14,200.

I also understand that it has to be 3 months for the £100 cashback.

You do not need to close your old bank account, and in fact, I keep a 'spare' current account with a couple of low-level direct debits just for any 'switching'. It's always worked well.

I went through Quidco for the £45. It didn't track, so I raised a claim, and it then tracked almost immediately, and has now been confirmed (payment sent to Quidco) and I will get that within the next payment run. Timing was Account opened on 18th June; claim raised 8th July; Confirmed for payment on 17th July.

I also did this with Alliance & Leicester and closed that account, waited three months, and have now opened this. I had no problems with their own cashback or Quidco. I will keep this Santander account, however, with about £2,500 in it, as it has a 5% savings rate for £2,500 or below.

It all seems fine, although I had to phone for the online registration details to be sent, and that was a bit frustrating. But all in order and working OK, it seems.

10_66

Many thanks for your reply. I'll go ahead and set up a couple standing orders on a N'wide Flex Account that I don't use so that this can be used as the "switching" account.

10_66

Knew I shouldn't have hoped a Santander application would go through smoothly . I had a confirmation email telling me they'd opened the account, but my details don't match those that they have for me as an existing customer - not surprisingly really, as I'm not one. Would I complete the attached "change of details" form. Had an ISA with Abbey a few years' ago, and a Cahoot current account which was closed well over 12 months ago. I rang them and they told me to ignore the email as they didn't understand it - the email clearly says they won't proceed without the requested information. I haven't get the energy to pursue it, as 3 different departments this morning hadn't a clue what it was about. Typical.

Naf

Doesn't surprise me either, and I used to work there.
The £1000 could be just £100 going back and forth between accounts 10 times and it'd still count as the £1000 deposit. You need two DD/SOs to transfer from existing account (both of which have to be paid at least once within the first 3 months), and you can't have held any other Santander current account within the last 3 months. The £100 is automatic sometime after the 3rd £1000 completes, but you could close it anytime after you get the £100. Don't forget you'll be getting 5% on the first £2500 in the account too, so you could pop some savings in and it makes around another £7 per month that way too. Can't speak for any cashback you get anywhere else. There is no requirement to close the account you're switching from;they'd love you to as the entire point of this offer is to get more people to have their primary bank account with them; most people tend to go to their primary account bank for other products and services first, so they intend to make money out of you in the future.

10_66

Many thanks for your reply. I don't think it'll get as far as being opened though, as I don't intend to go through the change of details palaver, as they clearly seem to think I'm still an existing customer (when I'm not), so to go through all the fuss only for them them to tell me I won't get the £100 as their records tell them I'm an existing customer, is too much trouble.

Naf

10_66 wrote: »

Many thanks for your reply. I don't think it'll get as far as being opened though, as I don't intend to go through the change of details palaver, as they clearly seem to think I'm still an existing customer (when I'm not), so to go through all the fuss only for them them to tell me I won't get the £100 as their records tell them I'm an existing customer, is too much trouble.

I assume you were at a different address when you had the other accounts - the ISA particularly as the cahoot wouldn't show.
Basically what it'll be is that they've linked your name and DOB to your existing customer profile as a former customer. Although the accounts are closed, it'll be roughly 6 years before your personal details will be removed from the system. So your new account still needs to be linked across to the profile you had on the old ISA, which requires the address on the profile to be changed. Either return the change of address form, or pop into branch who'll do it much faster (as long as someone's available to see you of course).

10_66

Naf wrote: »

I assume you were at a different address when you had the other accounts...

No, the address has been the same for well in excess of 6 years.

Naf

Did they not specify which details don't match? I didn't read clearly enough and assumed it was address (most likely in most cases).

10_66

No, they didn't say, just that they didn't understand the email. OH has had exactly the same email (we've made individual applications to benefit from £100 x 2), and had same type of accounts with Abbey and the current account with Cahoot was joint. All over 12 months' ago.

Naf

Very odd I guess it's up to you. If a visit to branch is worth £200+ to you. They'd sort it quickly enough.