MSE News: Santander launches cashback current account

POPPYOSCAR

IrishGypsy wrote: »

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?

Account set up 17th Apr. Advisor said the amount deposited on that day took care of the first £500.Statement is dated 17th Apr to 17th May.

Next £500 paid into account on 14th may.

IrishGypsy

POPPYOSCAR wrote: »

Account set up 17th Apr. Advisor said the amount deposited on that day took care of the first £500.Statement is dated 17th Apr to 17th May.

Next £500 paid into account on 14th may.

Just a heads up/warning: Whilst the first £500 was indeed enough for that first month (so the advisor was correct), your second deposit on the 14th of may was a waste of time as it was paid in the same 'statement period'. You'll need to recredit the money again between the 17th May and the 16th June to trigger this months credit intrest (wouldn't want you missing out because of being 3 days too early!). Keep your £500 credits going between the 17th and the 16th of each month to make sure you don't miss out!

I'd expect your credit interest to have appeared on the statement dated the 17th May if your balance has been over £1,000. It'd be worth nipping into a branch/calling up and asking the advisor to raise a query so the back office can look into it for you. Hope that helps.

POPPYOSCAR

IrishGypsy wrote: »

Just a heads up/warning: Whilst the first £500 was indeed enough for that first month (so the advisor was correct), your second deposit on the 14th of may was a waste of time as it was paid in the same 'statement period'. You'll need to recredit the money again between the 17th May and the 16th June to trigger this months credit intrest (wouldn't want you missing out because of being 3 days too early!). Keep your £500 credits going between the 17th and the 16th of each month to make sure you don't miss out!

I'd expect your credit interest to have appeared on the statement dated the 17th May if your balance has been over £1,000. It'd be worth nipping into a branch/calling up and asking the advisor to raise a query so the back office can look into it for you. Hope that helps.

Thanks.

I went into the branch today and they checked on their system.

The interest was generated on the 17th may but does not appear until the 18th may so is not on the first statement, do not know why but at least it is there.(balance has been well over £1000 from the start)They printed off an up to date statement for me.

I have £500 going in every month by SO not worried about that aspect of it.

Thanks for you input and to others who tried to shine a light on it!

POPPYOSCAR

rpstdavids wrote: »

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.

This is what has happened.

Seems strange that the interest is not added until the next day, but at least it is there.

IrishGypsy

POPPYOSCAR wrote: »

Thanks.

I went into the branch today and they checked on their system.

The interest was generated on the 17th may but does not appear until the 18th may so is not on the first statement, do not know why but at least it is there.(balance has been well over £1000 from the start)They printed off an up to date statement for me.

I have £500 going in every month by SO not worried about that aspect of it.

Thanks for you input and to others who tried to shine a light on it!

It makes sense thinking about it. The interest is calculated after close of business and so it'll be calculated on the night of the 17th in your case. Chances are that the statement is 'generated' before the settlement is calculated and because the interest is credited on the 18th, it's not going to appear on a statement that only shows transactions dated up to the 17th. Hope that makes sense. Glad to hear it's all good though :T

royal23

trying one more time

anyone here got advice on 123 vs Zero? specifically about the free foreign currency benefit, i.e. fee-free cash withdrawals abroad and spending on card.
i use this quite heavily, and would lose that benefit by switching to 123.

IrishGypsy

royal23 wrote: »

trying one more time

anyone here got advice on 123 vs Zero? specifically about the free foreign currency benefit, i.e. fee-free cash withdrawals abroad and spending on card.
i use this quite heavily, and would lose that benefit by switching to 123.

Work out how much in value/how often you withdraw foreign currency abroad and then compare that against possible cashback/intrest savings to get your answer. The zero is no longer available on the system, so if you change, you can't go back.

royal23

IrishGypsy wrote: »

Work out how much in value/how often you withdraw foreign currency abroad and then compare that against possible cashback/intrest savings to get your answer. The zero is no longer available on the system, so if you change, you can't go back.

thanks IrishGypsy
currently working it out (downloaded all my 2011 and 2012 transactions, fun to look at)
do you know roughly how much withdrawals and spending costs?
is it:
- debit card spending £1.50
- withdrawal: 1.5% MIN £1.99; MAX £20.00

something like that? or does anyone have the exact figures so i can calculate it based on my past transactions. that would be great.

ses6jwg

why dont you just open a new 123 account and transfer your council tax, water, gas electric and comms dds to that?

You can keep your zero account just leave 2 direct debits e.g. for insurances or charities on there and once a month shove 1k in there and back out again. you could even do it via standing order

royal23

hadn't thought of that, good idea!