MSE News: Santander launches cashback current account

vji6697

I am looking to open a 123 to stash away some savings - with respect to the conditions - the way I read it, you need at least 2 DDs setup to get the 3% interest - do these have to be DDs that qualify for cashback or any DDs, such as £2/month charity donations ?

ric777

I too would like to use a 123 account for savings but don't want it for direct debits. Reading the conditions I can't see it wants 2 DDs to qualify for interest; am I correct?

Has anybody tried this?

(After forever on their helpline I gave up and sent them an email query as above: hopefully I might get a reply?)

Archi_Bald

ric777 wrote: »

I too would like to use a 123 account for savings but don't want it for direct debits. Reading the conditions I can't see it wants 2 DDs to qualify for interest; am I correct?

Has anybody tried this?

(After forever on their helpline I gave up and sent them an email query as above: hopefully I might get a reply?)

Yes, you need 2 DDs to get any interest, and you need to pay in £500 a month. Clause A4 in the 123 T&Cs http://www.santander.co.uk/csgs/StaticBS?ssbinary=true&blobkey=id&SSURIsscontext=Satellite+Server&blobcol=urldata&blobheadervalue1=application%2Fpdf&blobwhere=1314010524105&SSURIsession=false&blobheadervalue2=inline%3Bfilename%3DPDF+C+%28BANK0456%29.pdf&SSURIapptype=BlobServer&blobtable=MungoBlobs&SSURIcontainer=Default&blobheadername1=content-type&blobheadername2=Content-Disposition#satellitefragment&maxage=3600

Archi_Bald

vji6697 wrote: »

I am looking to open a 123 to stash away some savings - with respect to the conditions - the way I read it, you need at least 2 DDs setup to get the 3% interest - do these have to be DDs that qualify for cashback or any DDs, such as £2/month charity donations ?

You are right, 2 DDs are need to get interest. And £500 a month deposit. Any 2 DDs will do. Not sure that donating £1 a month in order to gain a benefit for myself is anything I would want to know any of my friends, never mind my foes, to know about.

ric777

Thanks for the info. 2 DDs it is then

cxxr

Apologies for resurrecting and old thread.

Can anyone with a Santander 123 cashback account confirm if cash back is paid out from AFFINITY WATER LTD Direct Debits?

Affinity water took over Veolia, and I see that Veolia are covered, but could not see Affinity.

I've recently just joined 123, and the figures added up for me, kept Halifax though as main bank account and use 123 for Bills only.

Also took them up on the 123 credit card offer (free for the first year) so I can pay for all my travel and petrol.

OllyM

Yes, I get cashback on my Affinity Water DD. The Santander DD cashback list doesn't seem to get updated very often!

N9eav

My wife got her first years statement from Santander and realised that she made a loss. She got less back than paid in fees. |\Just switched to Halifax for a free £100.

leeroy2009

N9eav wrote: »

My wife got her first years statement from Santander and realised that she made a loss. She got less back than paid in fees. |\Just switched to Halifax for a free £100.

should of done homework first if in that case, ive had £169 quid off them in 8 months, with about 12k in there and the direct debits, minus 8 x £2 fees, also got £50 for opening the account I think it was through top cash back but I stand to be corrected on the actual amount as I cant remember


ive just opened 2 addional tsb classics so will be taking 4k out of Santander for the tsb accounts, so will see £200 free from tsb for not switching completely to them, well slightly under £200 as a none tax payer


co ops getting it next for a switch and ditch and £100 brucey bouns

innovate

N9eav wrote: »

My wife got her first years statement from Santander and realised that she made a loss. She got less back than paid in fees. |\Just switched to Halifax for a free £100.

That almost made me choke with laughter! How on earth can it take anybody an entire year to work out whether the account costs you money or is making you money? There is even a calculator on the Santander website that you can use any time, incl before you even open the account, you get your list of transactions as well as the monthly statements that you can check 24x7 365 days a year, and your running totals are right at the top of your online transaction list.