MSE News: Santander launches cashback current account

IrishGypsy

SantEmp wrote: »

I'd recommend going into a branch and transferring your account there. I've done nearly 100 since the account was launched and haven't had a single one decline yet. New accounts often do (depending on score) but every transfer goes through with no worries. You also get the benefit of not needing to transfer the DDs and you keep your existing card/chequebook etc...

Good luck!

Just to add to this, if you do an internal transfer, make sure they don't ask for a new OD level or a new card (they shouldn't but just in case), as this'll trigger an internal score check and that too could potentially get it declined. If they just do a straight run transfer they should never be rejected.

POPPYOSCAR

I thought interest on this account was paid monthly but I have just received my first statement and there is no interest payment showing?

Does anyone know how it works?

rpstdavids

POPPYOSCAR wrote: »

I thought interest on this account was paid monthly but I have just received my first statement and there is no interest payment showing?

Does anyone know how it works?

Just received my second statement and there is no interest showing on it either but it is showing the cashback payments. I think it was produced the day before the interest was paid this month as it is showing when I check my account online.

They did show the interest on my first statement last month.

SantEmp

Have you met the three requirements for cashback and interest? Make sure that you've got 2 direct debits, at least £500 going in during the month and have paid the £2 account fee. If not, there's no reason why your cashback shouldn't have been paid.

POPPYOSCAR

SantEmp wrote: »

Have you met the three requirements for cashback and interest? Make sure that you've got 2 direct debits, at least £500 going in during the month and have paid the £2 account fee. If not, there's no reason why your cashback shouldn't have been paid.

Yes the £500 has been paid in by SO. Three direct debits have been set up one has been taken, but BT will not be taken until the next billing date and the other starts to be taken end of the month.
No account fee of £2 is showing as being deducted.

Ultrasonic

Also remember there will be no interest earned when the account balance is below £1k.

POPPYOSCAR

Ultrasonic wrote: »

Also remember there will be no interest earned when the account balance is below £1k.

Yes, but I have considerably more than that in it, that is why I took it out in the first place, as a savings vehicle.

IrishGypsy

Key point of consideration: If your 123 account is an upgrade (and not a new account), your settlement date (which works out your credit and debit interest) and your statement date (when the statement is generated) will very likely be different (as the settlement date will have altered when the account was transferred internally, whilst your statement date won't have). This can throw off any expectations as the two no longer appear to tally up (but it'll still ultimately be correct).

POPPYOSCAR

IrishGypsy wrote: »

Key point of consideration: If your 123 account is an upgrade (and not a new account), your settlement date (which works out your credit and debit interest) and your statement date (when the statement is generated) will very likely be different (as the settlement date will have altered when the account was transferred internally, whilst your statement date won't have). This can throw off any expectations as the two no longer appear to tally up (but it'll still ultimately be correct).

Account is a new account, nothing transferred, set it up purely as a savings account. Still have bank accounts with other banks.Set it up with a large amount of money from an account that matured.
Told to set up 2 direct debits and pay in £500 per month which I have done.

I am going to make an appointment to see the advisor who set it up for me and find out what is going on.

IrishGypsy

POPPYOSCAR wrote: »

Account is a new account, nothing transferred, set it up purely as a savings account. Still have bank accounts with other banks.Set it up with a large amount of money from an account that matured.
Told to set up 2 direct debits and pay in £500 per month which I have done.

I am going to make an appointment to see the advisor who set it up for me and find out what is going on.

Ahh, well, that's a different matter. The credit interest and cashback should both be generated on the same day then. I'd definitely raise a query in the branch so back office can look at it (unless the branch can spot a glaringly obvious reason as to why the credit intrest hasn't been calculated). Can you confirm that your statemnet date matches up with the date you originally opnened the account still?

Final point of clarity: What date did you open the account and when was the first £500 credited to your new account?