MSE News: Santander launches cashback current account

langstroth2

If that happens then you just downgrade to their non-fee account.

Assuming there is one at that point....

DazCM

Does anyone know if British Gas homecare (i.e. bolier maintenance, etc.) Direct Debits attract cashback becuase they have "British Gas" in their name?

They read as "British Gas Servs" on my current direct debit entry, but would move it to my 123 account if I can use it to eek out a few more pence cashback.

I have moved my exisiting SEE Gas & electric DD's already.

Thanks

dalesrider

gromituk wrote: »

And I've now got two debit cards and am still using the one from the old account as I haven't memorised the PIN of the new one yet. How wonderful it would have been just to tick a box to do it!

ATM.
PIN services.
Change PIN.
Enter new/other PIN.

Job done no more having to remember a new PIN... :T

notbritishgas

DazCM wrote: »

Does anyone know if British Gas homecare (i.e. bolier maintenance, etc.) Direct Debits attract cashback becuase they have "British Gas" in their name?

They read as "British Gas Servs" on my current direct debit entry, but would move it to my 123 account if I can use it to eek out a few more pence cashback.

I have moved my exisiting SEE Gas & electric DD's already.

Thanks

No See A5.2 in this link

www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158785&cachecontrol=immediate&ssbinary=true&maxage=3600

Cornucopia

I suspect that Santander's reasoning in offering the 123 account is no more and no less than what it does (for them/for customers) which is to reward "good" customers - those with a reasonable credit balance, who use the account to pay their household bills.

And to charge "bad" customers - first with the £2 fee, and then with the £1/day overdraft charge.

langstroth2

FYI - rang Santander to ask whether existing Card/PIN and Account number were kept as is (as an existing customer with current account). Was assured yes - didn't really want the hassle of changing numbers.

Doc_N

langstroth2 wrote: »

Am I being too cynical in thinking this is a way of getting us used to paying a monthly fee for banking? Whilst good now, over time the cashback offers will be withdrawn while the monthly fee will remain (and increase).

Not at all cynical - I agree entirely with you that this will be their game plan.

But as soon as that happens, all my direct debits go back to First Direct and the savings go elsewhere. They'll retain a lot of customers through inertia, but anyone with any commonsense will switch away.

blitzboy

langstroth2 wrote: »

Assuming there is one at that point....

Well if it isn't then you can just switch to another bank and close the Santander account all together.

staceydigby

My partner and I applied online for a Santander 123 account to use for our new mortgage and bills etc as it promised to be set up quickly and efficiently......3 weeks later, they are STILL asking us for various identification and documents because they cant locate them even though we fax, email and post.

Utter waste of time, have now requested they cancel the application and staying with HSBC. This held up our mortgage application and was such a painful and frustrating experience....not to mention where our personal identification is being mislaid which is worrying. Steer clear.

:mad:

Herbalus

staceydigby wrote: »

Steer clear.

I've already got one so a bit late for that.

Go into branch with all the documentation you can find and open a savings account. Then Santander will have your details on record and won't need any more identification when you apply for the 123.