Opening a Santander account just for reward

Probi

Hi,

Just wondering if anyone could help with a few questions.

I'm looking at opening a santander account mainly to get the cashback and apply for the Zero credit card as a back up for my clarity card.

I already have a halifax reward account and a natwest account which i only opened last month.

If i was to open the santander account and only used their switching service to move my salary accross and then at a later date set up a standing order to move £1000 over to my halifax account to get the reward, would this be acceptable to claim the reward money?

Also how long does the £1000 need to stay in both the Santander and Halifax accounts, is it just that it needs to go in or that it needs to stay in overnight so the system registers that its in there?

Many thanks

pcyam

To claimthe cashback its for switching at least 2 DD or SO, the salary/credit has to be done by yourself either by changing your salay over/quick transfer or simply by setting up a SO for £1000,

The £1000 doesnt need to stay in the account for more than a second really, ditto for the Halifax account.

HTH

Probi

Thanks for the reply,

I've just applied and decided to use the switching service to transfer everything across from Halifax then all i'll do is every month transfer £1000 from Santander to Halifax to Natwest to get the best from all three!

YorkshireBoy

Probi wrote: »

...decided to use the switching service to transfer everything across from Halifax...

Oh dear! Here's the complaints procedure, which you'll almost certainly require in a month or two...

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210607166846&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2

then all i'll do is every month transfer £1000 from Santander to Halifax

Unless Santander's FP limits have changed recently, this will either mean 4 FP payments (one a day over a 4 day period) or a 3-5 day wait for your cash by BACS...each and every month.

exel1966

........................Or set up a S/O from Santander to Halifax for an initial £1 ! Once that's been sent you can then amend it to £1K and it [STRIKE]will[/STRIKE] should be sent via FP therafter.

pcyam

its not a bad rate of interest for the first £2500 at 5% either, they have FP online now, so if you dont want to setup SO for the £1000 jus transfer manually yourself each month, but its not calender months, the £1000 has to reach the santander account from day of opening, eg opened (account no issued) on 22 july 2011 then the £1000 needs to be credited into account between 22nd-22nd of the following month otherwise you miss out on your £100 cashback.

Probi

YorkshireBoy wrote: »

Unless Santander's FP limits have changed recently, this will either mean 4 FP payments (one a day over a 4 day period) or a 3-5 day wait for your cash by BACS...each and every month.

pcyam wrote:

they have FP online now, so if you dont want to setup SO for the £1000 jus transfer manually yourself each month

According to ukpayments.org.uk/faster_payments_service/value_limits/ faster payments are only up to £300 unless done by standing order, has this changed? Or am i better off setting up a standing order?

Santander have sent me a form to change my salary over, after thinking about it do you think i will be better off leaving my salary where it is then just transfering £1000 to santander every month?

Im only planning on keeping this account for around 6 months just to get this bonus so trying to figure out the easiest way to do this and hoping santander dont give me too many issues!

exel1966

Probi wrote: »

According to ukpayments.org.uk/faster_payments_service/value_limits/ faster payments are only up to £300 unless done by standing order, has this changed? Or am i better off setting up a standing order?

Santander have sent me a form to change my salary over, after thinking about it do you think i will be better off leaving my salary where it is then just transfering £1000 to santander every month?

Im only planning on keeping this account for around 6 months just to get this bonus so trying to figure out the easiest way to do this and hoping santander dont give me too many issues!

1. No it hasn't changed, set up the S/O as advised earlier.
2. Bin the form,Just transfer the £1K manually

10_66

Probi wrote: »

...Santander have sent me a form to change my salary over, after thinking about it do you think i will be better off leaving my salary where it is then just transfering £1000 to santander every month?...

Personally, I'd leave your salary where it is if you're not planning on keeping the account, and just transfer the £1k each month.

jungle_jane

I've just opened one of these - they wait until 3 monthly transfers of £1000 have been made before they give you the reward.

I've used their switching service too - its all been very quick and easy

Probi

I think i'll leave my salary where it is then just to be safe, this might be a stupid question but will santander allow faster payments inward of £1000??

Thanks everyone for your advise.