MSE News: Santander launches cashback current account

Scrounger

leoncub wrote: »

If you are an existing Santander customer and wanting to switch to the new 123 account (like me)...

If you switch you may miss out on £55 Quidco cashback (so maybe better to open a new account).

Scrounger

oscarhugo

Scrounger wrote: »

If you switch you may miss out on £55 Quidco cashback (so maybe better to open a new account).

Scrounger

Can you do that, then? Will Santander let you open up a new current a/c thru quidco if you already have an existing Santander current a/c? I was thinking I'd make an appointment with the nice young lady at the local branch & switch my a/c but...if there's a chance of getting £55 cashback via quidco a la Scrounger mode...then she may just have to pine for me instead! (And if it DID work, I guess I could keep my Preferred a/c paying 5% interest as well!). But I'll be surprised if it's possible. However, I'll be happy to have you stand me corrected, Scrounger!

Crixus00

I'm actually quite suprised at how many people are jumping at this offer, i know a lot of people are happy with santander but i also know lots more that aren't, and that doesnt include people on this site. Besides, do people really believe that santander are going to get this right?

Scrounger

oscarhugo wrote: »

Can you do that, then? Will Santander let you open up a new current a/c thru quidco if you already have an existing Santander current a/c?

Yes it works; I now have 3 Santander current account (Premier Direct, Premier and 123) but will be closing two of these. In fact its better as you are already a Santander customer.

Of course, each current account needs to be sourced with >£500/month from an external source to avoid charges.

Scrounger

Scrappydoo

Applied via topcashback on Monday to switch my existing ancient A&L account with its paltry interest and free travel insurance that I never used anyway. Accepted almost immediately and £55 cashback tracked. Even though its internal Santander will still do all the switching for you.

Now just waiting for the monthly fee to start going up.;)

ses6jwg

Scrappydoo wrote: »

Applied via topcashback on Monday to switch my existing ancient A&L account with its paltry interest and free travel insurance that I never used anyway. Accepted almost immediately and £55 cashback tracked. Even though its internal Santander will still do all the switching for you.

Now just waiting for the monthly fee to start going up.;)

erm, if youve opened a new account with a new sort code and account number then they WILL NOT move the direct debits for you from another Santander account.

N9eav

My wife opened one of these and has a credit card with it that pays 3% cash back on fuel, 2% on supermarkets, etc.... Has this been figured in to the calcualtion? I did not see it in Martins' write up about the potential earnings?

KTF

The credit card hasnt been factored in to the calculations. Although it has a fee itself it is apparently waived for one year if you open the 123 account at the same time.

oscarhugo

Scrounger wrote: »

Yes it works; I now have 3 Santander current account (Premier Direct, Premier and 123) but will be closing two of these. In fact its better as you are already a Santander customer.

Of course, each current account needs to be sourced with >£500/month from an external source to avoid charges.

Scrounger

OK, Scrounger -- I will have a look at doing this thru my Quidco a/c, then. Ta - if it works, there's a pint in it for you! N.Y.Lady at branch maybe "appointed" for my application [again] for 1-2-3 credit card only...

oscarhugo

Scrounger wrote: »

Of course, each current account needs to be sourced with >£500/month from an external source to avoid charges.

Scrounger

In fact, my existing Preferred a/c has to be funded with £1,000 p.m. in order to get the 5% interest. (Or was that just to get the £100 incentive...? (which I've already had)). But anyway the £1k comes straight out again leaving just the £2500 balance that earns the 5%.