MSE News: Santander launches cashback current account

innovate

Zandoni wrote: »

I haven't read all of this thread so apolgies if this has already been said.

I believe the whole point of this account is to get people used to a monthly fee. I bet that after a while the monthly fee will increase and the cash back etc will slowly disappear. So before you know where you are you are happily paying a monthly fee without any benefits.

There'll just be a mass-exodus if they stop paying the cashback/the interest without a replacement, and still charge the account fee. That is, if by that time we still have decent free current accounts

Scrounger

innovate wrote: »

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.

Don't dismiss the 123 credit card too quickly; there is a possible £20 to be made (even if you never use it) by applying for the card through Quidco (£20 Cashback) and then setting up the direct debit with the 123 CA within 30 days which will also get the £24 fee refunded.

For new and existing 123 Credit Card customers, we'll refund the first years annual fee if you also open a 123 Current Account. This offer is valid until 30.6.12. To qualify for this refund you must:

1) Open a 123 Current Account; and 2) set up a Direct Debit from the 123 Current Account within 30 days of opening to pay your 123 Credit Card.
The annual fee charged for the first year will be refunded to your 123 Credit Card account within 15 days from the later of (i) activating your card and/or (ii) setting up the Direct Debit from your 123 Current Account, to pay your 123 Credit Card.

Naturally, I practice what I preach and am now waiting for the £24 fee to be refunded (already had the £20 from Quidco). I only use this card for fuel - usually earning over £6/month in cashback (@3%).

Scrounger

Fuzz_2

For those of you who are wondering what cashback rates will be payed for the various DD's Santander has a search facility here:

www dot santander-products dot co dot uk / 123 / search /

(Sorry but it wont let me post links!)

emeraldbugle

It seems you can now do the transfer online.

Has anyone who has transferred kept an overdraft? I have an overdraft, but I don't use it. It is handy knowing it is there. Will this transfer or how do I reapply? Maybe it is one of the questions on application??

carolinabirichina

emeraldbugle wrote: »

It seems you can now do the transfer online.

Has anyone who has transferred kept an overdraft? I have an overdraft, but I don't use it. It is handy knowing it is there. Will this transfer or how do I reapply? Maybe it is one of the questions on application??

Yes, when I upgraded my account yesterday in the branch I kept my overdraft and it is showing online. Like you, I never use it - it is just a safety net if I need it urgently.

emeraldbugle

carolinabirichina wrote: »

Yes, when I upgraded my account yesterday in the branch I kept my overdraft and it is showing online. Like you, I never use it - it is just a safety net if I need it urgently.

Did you ask about it, or was it automatically kept? I was going to try doing the transfer online with the hope of cashback!

doug63

The account is now available to switch into online...however this is not the page that Topcashback directs you to, that is still to one for a completely new application. Of course opening in branch is simple (I already spent half an hour with an agent discussing the pros and cons last week) and now the online transfer service is available. However (and this is a big one) it looks as if you would not get your cashback, though I am asking Topcashback is this is right (and of course it would mean their claim that it is for existing customers too, to be disingenious). It looks a good account for people like me who has come to the end of the 5% interest offer, however it's a small profit over the whole year, so without the cashback not a massive deal really.

JimmyTheWig

doug63 wrote: »

and of course it would mean their claim that it is for existing customers too, to be disingenious

I would say that it's for new accounts, for new and existing customers.
Don't know, though.

oscarhugo

Scrounger wrote: »

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

Yes, I'll probably close my Preferred a/c in due course (when the 5% interest on £2500 expires) - assuming my new 1-2-3 a/c gets opened OK. (If it doesn't, I will see about switching Preferred to 1-2-3 in-branch). Cashback has tracked in Quidco, according to the e-mail they sent me, but I know there's many a slip twixt cup & lip or, in this case, twixt 'Tracking' & 'Confirmation'. And apparently it's tracking with zero cashback at the mo so that's another hurdle. (Sorry for all these mixed metaphors...)

Oh, I'm not easily put off - as evidenced by my 6 Halifax Reward accts (3 in my name & 3 in wife's) and 2 Hfx Clarity MasterCards (ditto above - 1 each) which, for 15-20 minutes fiddling about with £1k at the start of each month & keeping an eye on £300 x 2 monthly c-card spending, is making me £480 per annum! I will have another go (refused a coupla months ago) at applying for the 1-2-3 credit card via Quidco if the new current a/c gets going OK.

cptncanary

cptncanary wrote: »

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/

I applied yesterday, and the process does ask if you are an existing or new customer. So the cashback should track either way.
My TCB transaction has tracked succesfully, at £55.55 :beer: