Thinking of opening a Santander preferred account

Mikki

Yes I know, I've read all the horror stories, which has made me wary!:eek:

However, I'd still like to open one of these accounts to get the £100 plus quidco cashback, but I don't really want to switch my main current account (currently Nationwide Flexaccount) and all my direct debits etc. as I can see it all being more hassle than it's worth!

Can I "switch" but just transfer 2 direct debits, and simply move £1000 in and out each month? If I apply and give them my current Nationwide details, won't they want to switch everything and close my Nationwide account? Is there a way around this - can I say which DDs I want changed or is that against the spirit of the switch?? Would I need to open up a "dummy" current account somewhere and switch that?

Also, could I also open a Halifax Reward account and move £1000 in and out each month and get the £5? It all seems too simple!

ses6jwg

you must move all dds to qualify for the £100 you cannot pick and choose

YorkshireBoy

Mikki wrote: »

Would I need to open up a "dummy" current account somewhere and switch that?

That would be my approach, yes. Indeed, I have a few dormant current accounts ready for just such a switching incentive.

And just set up a pair of standing orders (DDs not necessary for the £100 offer), let them go once, then switch.

You have plenty of time as the Santander offer runs until 6th November (but could of course be pulled earlier).

Also, could I also open a Halifax Reward account and move £1000 in and out each month and get the £5? It all seems too simple!

Yes.

Mikki

Thanks. Think I will set up a "dummy" account, then "switch" this to Santander.

I'm just wondering though - if I'm going to apply for 3 accounts soon (i.e. dummy, Santander and Halifax rewards), will this affect my credit rating / look odd and perhaps some/all of the applications be refused? Should I space out the applications?

hermante

Mikki wrote: »

I'm just wondering though - if I'm going to apply for 3 accounts soon (i.e. dummy, Santander and Halifax rewards), will this affect my credit rating / look odd and perhaps some/all of the applications be refused? Should I space out the applications?

No. As long as your credit rating is normal (no missed payments etc) it's fine. Also, you'll get credit checked for each one, so if you space them out then it takes longer to recover from having lots of credit searches.

10_66

YorkshireBoy wrote: »

...And just set up a pair of standing orders (DDs not necessary for the £100 offer), let them go once, then switch...

Do the standing orders definitely have to have gone out of the "old" account before switching?

As I mentioned on another thread (when someone else asked this question), I just didn't acknowledge the word "active" when opening the account, and when I re-read next day and wondered about it, it was too late as I'd requested that the "switch" be carried out straightaway and it'd had gone through immediately (without the so having been used under the "dummy" account). I rang CS to check, and was told that "active" just meant that they should already be set up, and that they just had to go out of the new account at least once (although I've left them in place). It's only been 2 months' since I opened the account, so I'm still hoping that I get the £100 + TCB.

YorkshireBoy

10_66 wrote: »

Do the standing orders definitely have to have gone out of the "old" account before switching?

I don't know for sure, but I always try and take a 'belt and braces' approach just in case there's some kind of flag passed over relating to the SOs, ie when they were set up, how many have been paid, etc.

For example, with many SOs you can put a 'last payment on xx/xx/xx' date marker on them when you set them up. This flag must be passed over?

Possibly overkill on my part?

10_66

YorkshireBoy wrote: »

...Possibly overkill on my part?

I think you're right to do belt and braces, I would certainly do this in future, if there's another opportunity.