MSE News: Santander launches cashback current account

KTF

Lillypad87 wrote: »

The account is made even better value as if you take out the 124 current account staff in branch can waive the first £24 fee on the 123 credit card! Win win win!!!!!!

And you know this how?

I assume you have to ask them to do this?

innovate

Lillypad87 wrote: »

The account is made even better value as if you take out the 124 current account staff in branch can waive the first £24 fee on the 123 credit card! Win win win!!!!!!

So there's a 124 account too, is there? And it comes with a credit card? Which is the 123 credit card? How much does that credit card cost? Why would I want to pay for a credit card? What is the cashback on the credit card? Can you elaborate on the win-win-win because it's hard to see atm?

(BTW, as posted for someone else earlier, shamelessly nicked by me from Ultrasonic: if you are a Santander employee then it is very helpful to have you posting here but I believe that you should be registering as a company representative: http://www.moneysavingexpert.com/sit...faqs#companies)

KTF

Cook_County wrote: »

Is the cashback taxable (like the Halifax £5 a month) or tax-free like the cashback on credit cards? 20%, 40% (or 50%) in tax would make a big differerence for many of us.

The Halifax £5 is after tax deductions.

Siobhan789

innovate wrote: »

So there's a 124 account too, is there? And it comes with a credit card? Which is the 123 credit card? How much does that credit card cost? Why would I want to pay for a credit card? What is the cashback on the credit card? Can you elaborate on the win-win-win because it's hard to see atm?

(BTW, as posted for someone else earlier, shamelessly nicked by me from Ultrasonic: if you are a Santander employee then it is very helpful to have you posting here but I believe that you should be registering as a company representative: http://www.moneysavingexpert.com/sit...faqs#companies)

I think lillypad made a mistake and meant 123 current account instead of 124

The 123 credit card offers
1% on supermarket shopping
2% on department stores
and 3% on petrol station spend (capped at £300 pm)
It's normally £24 annual fee but from what lillypad is saying it is being waived I don't think you would need to ask I was think they would just do it.

And can I just ask if lillypad and the other poster are employed by Santander why do they need to register, if they say something on here it's not allowed to be advised as per board rules so why does it matter if it comes from a employee or someone else, you would obviously double check before you sign up or leave.

Lillypad87

innovate wrote: »

So there's a 124 account too, is there? And it comes with a credit card? Which is the 123 credit card? How much does that credit card cost? Why would I want to pay for a credit card? What is the cashback on the credit card? Can you elaborate on the win-win-win because it's hard to see atm?

(BTW, as posted for someone else earlier, shamelessly nicked by me from Ultrasonic: if you are a Santander employee then it is very helpful to have you posting here but I believe that you should be registering as a company representative:
124 was a typo my apologies, for £2 monthly fee you are getting the 1,2,3% cashback on utility bills 3% interest if u have over 3k up to 20k. And the 123 credit card annual fee waved automatically as long as you have the dd set up on the 123 account!

Lillypad87

And cash back is taxfree .... And as these benefits are for life time i don't understand why people are being so negative?!

Siobhan789

Lillypad87 wrote: »

And cash back is taxfree .... And as these benefits are for life time i don't understand why people are being so negative?!

Exactly lillypad87, I totally agree with u!

BobQ

Are Santander capable of transferring existing customers from their account to this new one? Last time I tried I had to get the Head of Banking Services to sort the matter out.

That apart it sounds like a good account that will save me money if I can ditch the Reward Account and take on this one. Are they really allowing existing customers to switch?

Lillypad87

Yes by opening a new account or after next week transferring your existing acc

CKhalvashi

£44 on Council Tax, £45-ish on gas/leccy and £75 for the 3%, with £30-ish in pre-tax interest make this worthwhile.

I still wouldn’t bank with Santander, though!

CK