Santander Cash Back Current Accounts

wacko2k

Does anyone have any experience of the Santander cash back accounts?

I've had a letter saying that as I have a mortgage with them I am entitled to £200 cash back if I switch my current account to them... sounds tempting:beer:

But you have to set it up through their change over system and I don't want to close my Lloyds account completely.

Is it possible to keep my existing current account and just open the new one as my main one?

ses6jwg

Yes, Santander will not close your old Lloyds account or move any money from it.

The process is:

1) Open new Santander account (Preferred, Reward or Premium to qualify for incentive).
2) Use switching service. This will move ALL your direct debits or standing orders from Lloyds you cannot pick or choose. You can delay the start of the switch by up to 60 days. You must move a minimum of 2 direct debits or standing orders (they must be active and collected within 14 weeks of account opening).
3) You must fund the account with £1000 for 3 consecutive months.

Your cashback will then be paid after about 3 months.

If you move 10k savings you will get an additional £100 making it £300.

They will match your Lloyds OD at 0% for 12 months subject to approval.

Top tips to avoid switching problems:
1) Do it in branch as you have a face to face contact if errors occur (unlikely under current process).
2) Opt to delay the switch by at least 14 days to allow you to get your cards etc
3) If you able to, put £2500 in the account as soon as it is open to benefit from 5%.
4) Re-arrange wages or pay a SO on day after payday into the Santander account
5) Check to make sure you do not have any old Abbey or A&L bank accounts still open as these will mean you are not eligible.


Switching customers also get access to a 5% loyalty regular saver up to £250pcm.

MoneySaverLog

From what I have seen on these forums, they try to wiggle their way out of paying it

https://forums.moneysavingexpert.com/discussion/3507999

Their customer service leaves a lot to be desired.

10_66

Also, if you apply through TopCashBack you'll get another £55 from TCB. I recently applied for a Preferred Current account through them, the transaction has tracked (but not yet been paid), and I've just had my £100 "switching" cashback from Santander. I opened my Preferred current account mid July.

IrishGypsy

10_66 wrote: »

Also, if you apply through TopCashBack you'll get another £55 from TCB. I recently applied for a Preferred Current account through them, the transaction has tracked (but not yet been paid), and I've just had my £100 "switching" cashback from Santander. I opened my Preferred current account mid July.

Be careful here as whilst there's more money on offer, my colleague ses6jwg is spot-on with recommending that you open it in-branch. The account will be open straight away, make sure you SIGN the switcher mandate form (to authorise the switch - it's a unique sheet to the application itself). You can also arrange for a defferred start to make sure you get your biggest bills switched at the right time. So if say, your mortgage is due tomorrow, you can switch NOW knowing it'll take at least 7 - 14 days to get anywhere with DD's.

Also be aware that when we/any bank switch the mandates across (DD's/SO's, Bill Payments etc), the bank itself DOESN'T do the switch. they will inform all the companies collecting the mandates on your behalf. So THEY are the ones responsible for updating the bank details. NOT the bank!

As long as you pick a sensible date and - ideally - can drop £2.5k in at the start (5% from day one and more than enough cash to cover the bills), it's not difficult.

Jennifer_Jane

I did this switch and received my £100 (didn't see about the £10,000 into savings for another £100, so miffed about that) well within the 3 months they mentioned. Also I did it via Quidco (yes, should have been TCB for the extra amount), and that was paid out very fast too.

I had no problems except one (of the two little direct debits) didn't go through, so added in a different dd and was paid as soon as that had gone on to Santander. It was all done happily online and was not a switch from my main bank account and has not become my main bank account (I keep a 'spare' current account for such offers).

10_66

Jennifer_Jane wrote: »

...(didn't see about the £10,000 into savings for another £100, so miffed about that)...

You'd only get that if you're mortgage is with them.

Jennifer_Jane

10_66 wrote: »

You'd only get that if you're mortgage is with them.

Thank you. It was this phrase from an earlier post (ses6jwg):
'If you move 10k savings you will get an additional £100 making it £300.'

Glad that I hadn't wasted an opportunity to get more incentive!

Thank you

wacko2k

Thanks for the info everyone. Has anyone signed up and just switched back after they've got the cashback? Bit cheeky but I guess it's possible...

10_66

wacko2k wrote: »

Thanks for the info everyone. Has anyone signed up and just switched back after they've got the cashback? Bit cheeky but I guess it's possible...

You can do so if you want to. When I "swiched", I just switched from an old account I keep for this sort of thing that I set up a couple of small standing orders to another of my accounts. After you've had your £100, you can close the account if you want to, I decided to keep if open for the 12 months to benefit from the 5% interest.