MSE News: Santander launches cashback current account

leeroy2009

innovate wrote: »

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.

lol if only I could of been as blunt as that - thank you for a early morning giggle

ColdIron

leeroy2009 wrote: »

lol if only I could of been as blunt as that - thank you for a early morning giggle

It's 'could have'

In the spirit of being blunt

leeroy2009

ColdIron wrote: »

It's 'could have'

In the spirit of being blunt

grammar was never a strong point of mine, however, internet banking and multiple accounts with nice aprs and switching perks certainly is:beer:

N9eav

innovate wrote: »

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.

Sadly she got cancer and lost her job and no longer had the spending power. When she was well enough that we could think about the finances, we realised we need to switch asap...
Glad you thought it was funny

Doc_N

N9eav wrote: »

Sadly she got cancer and lost her job and no longer had the spending power. When she was well enough that we could think about the finances, we realised we need to switch asap...
Glad you thought it was funny

That's a point well made. I hope things go well for you both.

cxxr

OllyM wrote: »

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

Thank you ollym!

innovate

N9eav wrote: »

Sadly she got cancer and lost her job and no longer had the spending power. When she was well enough that we could think about the finances, we realised we need to switch asap...
Glad you thought it was funny

It wasn't me who posted the implication that your wife only checks her current account once a year. It also wasn't me who expected other people to know that the reason for not checking the account was a serious illness.

Anyway, I hope your lady wife is a lot better now, and that she gets all the support she needs from you.

TooClumsy

I am up to page 10 so far in this thread and couldn't find an answer to my question.

If I deposit £19.5k and have the 2 DDs and £500 monthly income, I would be eligible for the 3% interest rate.

Does that mean:

£19500, 3% = £585
Basic tax at 20% = £117
Monthly Net Interest = £468
Annual Net Interest = £5616

I feel like I've got the above wrong, when I use the calculator on the Santander website, it shows £577 for the whole year

Can someone steer me in the right direction??

innovate

Yes you got it wrong, I'm afraid. The interest rate is annual, not monthly.

You also need to use the gross rate (2.96% if memory serves me right), not the AER.

TooClumsy

innovate wrote: »

Yes you got it wrong, I'm afraid. The interest rate is annual, not monthly.

You also need to use the gross rate (2.96% if memory serves me right), not the AER.

Thank you Innovate!

Thought it was too good to be true!!