MSE News: Santander launches cashback current account

JimmyTheWig

jobs_worth wrote: »

As a satisfied Santander Premier Direct Customer

A satisfied customer? Blimey.

As Basil Fawlty once said, they should have him stuffed!

emeraldbugle

jobs_worth wrote: »

As a satisfied Santander Premier Direct Customer, I was tempted with the new 123 account too and indeed I am in the process of switching over, the cross over has been swift and is easy for me to follow on line.

But I was disapointed to find out that cash or cheque deposits of this new account can not be carried out at my handy post office counter like I have been using for years with my Premier Direct and Commercial Account that used to be with the Alliance and Leicester before the take over.

That means that I will have to go into town to my nearest Santander Bank or deposit and transfer over from my post office freindly accounts.

Its a pity that Santander don't make this clear in their promotion of this new account!

Your comments welcome.

All the best

Tony

Can you still withdraw cash from the post office?

oscarhugo

Zandoni wrote: »

I do hope you all realise that once you all open these accounts the monthly fee will rise and the benefits will cease. I'm sure this is a clever way of getting people to pay for their accounts.

Well, once the "monthly fee rises & the benefits cease" then I'm sure that "we all" will be voting with our feet & closing our accounts in the event that that happens...!

BTW my Quidcos have now tracked again in separate entries at cashback amounts of £55 and £20 (not £15!). But, being the pessimist that I am, if they do both come to fruition & confirm at those amounts, rather than 'decline', I will be pleasantly surprised & treat them as bonuses!

Zandoni

oscarhugo wrote: »

Well, once the "monthly fee rises & the benefits cease" then I'm sure that "we all" will be voting with our feet & closing our accounts in the event that that happens...!

Sensible people will if the option is still available but most will not. Then it's a major step away from free banking.

oscarhugo

ses6jwg wrote: »

allow up to 6 weeks for £24 refund

I have this evening received an e-mail from Santander Card Services saying "Congratulations! Your £24 Annual Fee has been refunded". So that didn't take 6 weeks. Good!

jobs_worth

emeraldbugle wrote: »

Can you still withdraw cash from the post office?

Hi Emeraldbugle

I expect you can make cash withdrawals at your post office using your debit card in the same way as any link machine, but I had better check that one too.

Hi Jimmy the Wig

Iv'e been 'stuffed' many times by the banks. :mad:

Tony

dragonslair

I moved to Santander a year ago and got the £100 bonus plus 5% interest on balances. As this came to the end they launched 123.
I already had a 123 credit card which has been very profitable just on Department store spending (extra 2% on John Lewis purchases and 3% on the ever more expensive diesel fuel!)
On the spot they changed my existing account into a 123 with no change in account number and no need to advise payors (employer or pension providers) and assured me that the interest rates ARE "flexible" but do NOT include a short-term bonus so could be changed as bank rate moves in the future.
The BONUS that they did not advertise is that ,as the current account includes a £2 month fee ,the £2 month fee on the credit card would be dropped.
I call that a moneysaving result!

ejv

KTF wrote: »

The Halifax £5 is after tax deductions.

But don't the higher tax payers still have to pay on it...unlike credit card cashbacks?

macalloa

dano24 wrote: »

Tommy - the standard current account never allowed free withdrawals in Europe - it did however allow free withdrawals at ANY santander cash machine in Spain or the Spanish Islands.


The only exception to this would be the Zero Current Account.

The Zero Current Account was discontinued as of 5th March 2012 for new applicants.

Not sure if existing account holders can still use their debit card abroad for fee free ATM transactions ?

Can a debit card on a standard current account still be used fee free at Santander ATMs in Spain, the Balerics and Canaries ? Or has Santander dropped that benefit as well ?

SantEmp

Just to clear up a few things, not sure if they have already.

The 123 account is good, but it also effectively gives you the 123 card for free alongside it. This gives you (primarily) 3% back on petrol for nothing. Coupled together with the cash back on your account it becomes much more attractive. To get this, you need to set up a direct debit for the card for any amount on the 123 account.

There's a long list of providers for the cash back on the account, this may not be exhaustive but it will be in time.

These percentages are for the lifetime of the product.