MSE News: Santander launches cashback current account

Azza_1

Guys me and my girlfriend are moving into a flat at the beginning of the month and were thinking of using this to pay the utility bills. I have an old Santander savings account, so if we went in branch to open a joint account up I presume it should be pretty quick to set up since they have all my details already?

Is there a time limit for setting up the minimum two direct debits?

bengal-stripe

Azza_1 wrote: »

Is there a time limit for setting up the minimum two direct debits?

One month after you have opened the account, the computer will search whether you are eligible for interest and/or cashback: have at least £500 been paid in and are two DD set up?

The DD does not need to have had a payment going through that month (it might be an annual DD for insurance.)

marty23

Santander customer service is really awful. I would never bank with them.

bengal-stripe

marty23 wrote: »

Santander customer service is really awful. I would never bank with them.

How do you know that, if you would never bank with them?

Azza_1

bengal-stripe wrote: »

One month after you have opened the account, the computer will search whether you are eligible for interest and/or cashback: have at least £500 been paid in and are two DD set up?

The DD does not need to have had a payment going through that month (it might be an annual DD for insurance.)

Okay that's great thanks for the reply.

Organist

Good Point - I haven't had any problem at all with Santander. But one of my First Direct accounts is not visible at present. First Direct have an excellent reputation but my problem was reported to them via customer Services on Saturday morning. I don't think this would warrant saying that no one should bank with them. I think there is a tendency to criticize Santander because it is the thing to do. If they were as bad as some people claim it amazes me that they have any customers left

Herbalus

Organist wrote: »

I think there is a tendency to criticize Santander because it is the thing to do. If they were as bad as some people claim it amazes me that they have any customers left

That's the perpetual dilemma. 90% of all banking issues I have ever had have been with Santander (and I've had these accounts the shortest!), but I don't leave because the 123 is the best place for my savings.

I won't say that they are the worst bank in the world, because I know that some people are unlucky with customer services, and other people have nothing but sunshine from them. I can say however that, in my experiences, they have been more useless than the other banks (First Direct, Natwest, Norwich and Peterborough) combined. Yet I'm here for 3%, not the customer service.

Summary: I have recommended Santander to others, but with a warning that it can come with hassle.

Archi_Bald

Herbalus wrote: »

Summary: I have recommended Santander to others, but with a warning that it can come with hassle.

If you just have a 123 as a savings account there, what are the problems that you came across?

Tight_as_a_Drum

I've received my first lot of interest from the 123 account but no tax has been deducted, it should have been approx £5, I'm taxed on all other Santander savings accounts so is there any reason why this could have happened?

Thanks

Herbalus

Archi_Bald wrote: »

If you just have a 123 as a savings account there, what are the problems that you came across?

Their system doesn't appear to like my use of the account. It is irregular I will admit, because I put money in when bonds mature etc and take it out when I need it, but I have only three registered payees (all my accounts with other banks), and that's the only way money leaves the account apart from DD. Occasionally the account will be blocked for moving money around.

The last occasion was when I needed to make a few transfers for a rental deposit and other things, and the account was blocked because, and I quote "too many transactions!"

All of these were transactions were to my established payees, as I always pay new people through First Direct. The reason for that is because my previous 2 attempts at transferring funds (£500-£2500) from Santander to a new payee also caused a block, even when they asked for the passcode.