MSE News: Santander launches cashback current account

Picasso7

Sorry not to have been back sooner -- have been away -- and thank you for the advice. I shall now have a go. Scrounger, did you get your Quidco cashback?

Scrounger

Not yet (too early) but its tracking OK. :beer:
Scrounger

Martian_Lewis

I have been trying to seek clarification from Santander on the issue of cashback for existing current account customers who applied for the 123 account, and have contacted them twice, in writing and via secure message.

As things stand they have not replied, and I currently have £55 in my topcashback account which has tracked but not yet confirmed. I have explained that I am perfectly happy with the 123 account and it would not be an issue for me if this cashback was withdrawn.

It is quite possible they would simply prefer to brush the whole issue under the carpet, and nothing will happen either way, but I hope to receive a response from them one way or the other.

Scrounger

Martian_Lewis wrote: »

... but I hope to receive a response from them one way or the other.

You might be expecting a bit much there (it's Santander not First Direct).

[They may be be reluctant to confirm because people would open new accounts just for the cashback :rotfl: ]

UPDATE: Back up to £55 Cashback at Quidco - fill your boots :beer:
Scrounger

sariebeth

Does anyone know how they tell what the DD's are for - I have a council tax DD and one for the local gym which both just come out in the councils name... so would these both get assumed to be council tax?

jocker01

hello
I'm currently with Santander and would like to switch to 123 account but Ijust applied for credit card should I wait 3 months or can switch with noworries about my credit history, please?

Scrounger

jocker01 wrote: »

I'm currently with Santander and would like to switch to 123 account but Ijust applied for credit card should I wait 3 months or can switch with noworries about my credit history, please?

Switch straight away - I don't see any problems.

Better still, apply for a NEW 123 account and transfer your direct debits manually.

Scrounger

SweetMoFo

Just switched my current account (Santander) to the 123 account after reading this thread to find the catch. I was a bit weary at first because it sounded to good to be true, I mean why would you trust a bank who say they wont change anything apart from the name of your account and they'll give you over £100 every year. I never go overdrawn so I wont get the £1 a day charge and there is always over £1000 in the account so I will get a bit of interest as well.

Even tough it seems to be above board I'm still expecting to loose out on this somewhere along the line and to be told I should of read the small print.

Perhaps I should trust banks from now on?:rotfl:

innovate

The account as it stands is "clean" for people who stay in credit and who can earn more than £24/year in cashback.

You just need to watch out for any T&Cs change, which they need to notify us about.

NB. Not saying it isn't "clean" if someone wants to use the overdraft - just I haven't looked into that aspect myself so can't say what it is like on that front.

philbostavros

We had a reveiw with our local Santander branch last week to update our ISAs etc and the manager suggested the 123 account (and cashback credit card).

The only downside I could see was that we would loose the free travel insurance provided by our existing Premier a/c (old legacy A&L account).

He was very helpful and suggested we could keep that running and open the new 123 account, as long as we funded it with at least £500/month, and 2 DDs (you can't fund it from the existing Santander current account. Only thing is we will have to do the moving of DD etc ourselves.

As an annual travel insurance policy would cost us around £120+ (oldish with pre-existing medical conditions), this seems like a good option.

Appointment on Tuesday in branch to open, so will see if it all goes to plan.