MSE News: Santander launches cashback current account

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

I notice the Quidco site states "New customers" can get £55 cashback...which makes me even less optimistic that any cashback will eventually be forthcoming... But I'm ready-and-willing to be proved wrong! Santander has e-mailed me acknowledging receipt of my appli & says they'll get back to me with further info.

cptncanary

oscarhugo wrote: »

I notice the Quidco site states "New customers" can get £55 cashback...which makes me even less optimistic that any cashback will eventually be forthcoming... But I'm ready-and-willing to be proved wrong! Santander has e-mailed me acknowledging receipt of my appli & says they'll get back to me with further info.

TopCashBack are offering the same deal, and this from their notes: -

"Cashback on the Santander 123 Current Account is open to NEW and EXISTING Santander customers aged 18 and above (must be UK resident)"

http://www.topcashback.co.uk/santander/

doug63

I am a bit concerned about this. I have an account with Santander where the higher interest offer has ended. So, the 123 account will benefit me. The website shows existing customers will "soon" be able to upgrade and the call centre was vague when I asked (where has the 12th March date come from, Martin?) When going through Topcashbank you are directed to a Santander website where you have to complete a new application, albeit that you can state you are an existing customer. What I am concerned about is that a whole new account may be created, following which I will need to transfer my DDs and SOs. When I opened the original account with Santander I found I had to set up at least 2 of my DDs myself. On top of that I have contacted Tesco to get my account moved to DD to benefit from the cashback, but they say my sort code relates to a closed branch - Santander say Tesco have not updated thier database...what a pallaver!

emeraldbugle

doug63 wrote: »

I am a bit concerned about this. I have an account with Santander where the higher interest offer has ended. So, the 123 account will benefit me. The website shows existing customers will "soon" be able to upgrade and the call centre was vague when I asked (where has the 12th March date come from, Martin?) When going through Topcashbank you are directed to a Santander website where you have to complete a new application, albeit that you can state you are an existing customer. What I am concerned about is that a whole new account may be created, following which I will need to transfer my DDs and SOs. When I opened the original account with Santander I found I had to set up at least 2 of my DDs myself. On top of that I have contacted Tesco to get my account moved to DD to benefit from the cashback, but they say my sort code relates to a closed branch - Santander say Tesco have not updated thier database...what a pallaver!

Santander's website said the 12th March last week, they must have had an issue as it now says 'coming soon'.

If you want to keep the same account number, debit cards and PINs, you should wait. From their website..

Soon, existing customers will be able to transfer to the 123 Current Account using our straightforward and easy to use online transfer service. By transferring it means you benefit from all the product features but also get to keep your account number, cards, PINs etc.
Please note: If you are transferring from an account which is no longer available to new customers, once you have transferred, you will not be able to revert back to your old account.

Maybe they are waiting for the cashback deal to expire!

doug63

And of course the quidco and topcashback sites will likely not direct you to the easy online transfer for existing customers, but will continue to go to the new account/new customer application page......

pqrdef

oscarhugo wrote: »

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)).

It's to avoid the £2/month underfunding fee. So you still have to do it after the benefits run out.

Scrounger

pqrdef wrote: »

It's to avoid the £2/month underfunding fee. So you still have to do it after the benefits run out.

After the benefits run out you might as well close it.

I agree it's a bit of a faf transferring the DD's manually but as I'm only moving those that can earn the 123 cashback it has to be done manually, by myself - just 4 Orange mobile contracts left to move over now!

Most can be done electronically (online), some need a phone call (eg Orange) and a couple needed paper mandates (eg council tax).
Don't let this small hurdle put you off. :beer:
Scrounger

carolinabirichina

I went along to my local Santander branch today and the assistant upgraded my ordinary current account to the 123 account - it took approx 15 minutes and when I got home I checked online and it was showing as a 123 account immediately.

I kept the same sort code and account number so no need to change any of my Direct Debits - fingers crossed it now starts working properly!

Mk14:37

It'd take a hell of a lot more money than that to bring me back to Santander...

innovate

emeraldbugle wrote: »

Santander's website said the 12th March last week, they must have had an issue as it now says 'coming soon'.

May be they have sent their programmer on holidays.......

You can upgrade in branch, or - like I did - on the phone. You'll have to listen to loads of T&Cs being read out to you, but it can all be done in 15 minutes.

They'll try to sell you the 123 credit card as well, but lay off quickly if you say you have no use for the card.