MSE News: Santander launches cashback current account

Arthurian

Two years ago I switched my ISA from Santander to Halifax. Santander made a total mess of the transfer, lost papers, etc, but thank goodness Halifax promised to pay the interest from the day I started the transfer process, so I was none the worse financially.

Nevertheless, their new ISA tempted me. In the branch, the reception desk was empty as usual. Despite asking around, I was finally seen about 45 minutes after my appointment time. The assistant had to re-write the application forms twice, and tried to sell me the bank account. At this point, I thought "Seems like a good deal, but I really don't think this lot can look after my day-to-day banking." Another customer, after remarking on the pace of service, asked me what I thought the balloons dotted around the place were for. I said it must be something to do with clowns.....

Acremead

innovate wrote: »

Really funny, all those people with 1 or just a couple of posts, trumpeting the advantages of Santander :rotfl:

I was thinking the same thing. It seems they continue to be as reliable as ever:
https://forums.moneysavingexpert.com/discussion/3835165

eira

Anyone got thoughts on whether best to stay on Zero account or switch to 123 -reckon I'd get about £5 cashback monthly after fees but somewhat put off by the other associated fees. Wont probably qualify for the interest-have a savings account linked to Zero account anyway

robken

Ok let me first start by stating I work at Santander so you may think I am biased, however the 123 account is fantastic for people that can manage their money(i.e not use overdraft facilty), firstly to get cashback on your direct debits which bank offers that? second to get interest on your savings at a top rate of 3% up to 20k, only today saw a customer with 20k in barclays current account, 600 gross interest difference there. yes £2 per month fee but this is easily paid for by the direct debits with plenty of spare cash on top for cashback.

wiseonesomeofthetime

Sceptic001 wrote: »

Three questions:
1) Do bill payments have to be by Direct Debit? I prefer standing order for council tax;

2) Is the 3% a permanent rate or a one-year offer? Are they going to lure us in then cut it to 0.5% after a year?

3) If switching from an existing current account can you keep your existing a/c number, debit card etc. ?

1) Yes and to companies recognised by Santander, e.g. Virgin, BT, NPower, etc.

2) Site claims: "What's more this is NOT just an introductory offer!"

3) Site states: "If you already hold a Santander current account and want to transfer to the 123 Current Account rather than apply for a new account, you will soon be able to use our easy online transfer service. Not only will you get the same great benefits as new customers you also get to keep your existing account number, PINs and payment instructions."

Hope this helps.

Oh, and I have been with A&L / Santander for over 7 years with no Customer Service issues.

BobQ

Are Santander trying to encourage those with a Reward account to give it up and move to the new account? The website does not seem to advertise it any more.

KTF

Other accounts - Reward, Zero, etc - have been discontinued with the launch of the 123 account.

stewil18

BobQ wrote: »

Are Santander trying to encourage those with a Reward account to give it up and move to the new account? The website does not seem to advertise it any more.

I have the reward account and won't be closing it down any time soon, the £10 a month fee is more than offset by the joint breakdown cover i no longer pay for (saving £5 a month), then there is the 5% interest for the first year, which is also helping off set the account fee,

I will likely run the 123 account along side the reward account, get everything i can from them.

emeraldbugle

I have two different direct debits to my council, one for council tax, one for school dinners. As it debits the account with the council's name, would cashback be paid on all, or does it recognise which is 'council tax'?

Also remember that the £500 that is paid in must come from somewhere else.

Fund the account with £500 a month (a minimum balance of £1,000 is required to receive interest). This is not a calendar month, it is the month from the date you opened your account. Interest and transfers from any other Santander accounts do not count towards the monthly funding amount.

What happens with credits, if a refund is given from one of the 'Eligible Originators Classification Listing'? Would it deduct from the total payable, I can't find it mentioned?

Handy link for checking if the company is eligible http://www.santander-products.co.uk/123/search/

Arthurian

emeraldbugle wrote: »

Handy link for checking if the company is eligible http://www.santander-products.co.uk/123/search/

Thanks for the link. I see under "comunications" (sic) the communications provider I was assured was eligible just yesterday by Santander is not, in fact, eligible.