MSE News: Santander launches cashback current account

Isabel1066

i bank with santander loads of problems with them always making mistakes.

Cook_County

Ultrasonic wrote: »

FWIW it's actually 3% cashback on your broadband/phone/TV so that would be an extra 27p per month for you there, but still not a huge amount, and that relies on Santander correctly identifying all of your payments.

Is that 27p before or after tax?

ses6jwg

the direct debits are identified and calculated by their "originators identification number" or OIN number

the cashback is not taxed. the interest earned is.

there are no introductry periods. existing customers can upgrade from 12th march with no changing of account numbers or cards etc

anselld

ses6jwg wrote: »

the direct debits are identified and calculated by their "originators identification number" or OIN number

So, for example Santander think you can correctly identify every single broadband ISP and every home phone provider in the UK?

What about override provides like 18185?

Every single energy and water supplier in the UK?

Im not saying its impossible, just seems .... a bit of a challenge for your systems!

Senior1983

You don't have to worry bout everyone else just your account. Check it after month one then you get a feel for it. And if anything is wrong they'll fix it. But you probably identify the dd type at opening stage. It's not gunna be as tricking as merchant codes for credit card as its dd cash back.

Tax_Slave

I have been with HSBC since 1980 :-)
Recently they have been very good and I bank mainly online.
It was always a dream of mine to have £10,000 minimum balance in the bank and I have now achieved that. However now looking for a better current account than the 0% I get currently.

So this account seems perfect.
I would have a minimum of £10,000 balance
Pay £3,000 a month into the account <-- Salary

Mobile phone bill is £75 a month <--- Expensed via work
Sky TV is £50 a month ish
Landline with broadband is £25 a month
Council tax is £170 a month
Gas/Electric is £85 a month
Water meter is £20 a month

I figure having this account is a nobrainer for me ...BUT BUT
Having read and heard of the negative comments about Santander , is it a move I will regret ?
The reports of people having money go missing due to fraud has put the fear into me !
Hummm .....
I think I will park the idea and monitor the press over the next two months on how well this all goes .

gt94sss2

Tax_Slave wrote: »

I figure having this account is a nobrainer for me ...BUT BUT
Having read and heard of the negative comments about Santander , is it a move I will regret ?

Regardless of whether you move to Santander or not, you should move the £10,000 into a savings account - their is (usually) no point in keeping so much money in a current account.

Having used both Santander and HSBC - Santander have a poorer reputation for a good reason..

Regards
Sunil

gt94sss2

As much as I like saving money, I think this new account is too complicated - and on principle I prefer not to pay a fee for a current account (or credit card).

As such, I've opened a Zero current account and will enjoy the 5% for a year instead.

Regards
Sunil

Rothfinch

1) yh they have to be paid by direct debit - they don't pay cashback on standing orders

2) the rates are ongoing - not introductory

3) yes you can upgrade and keep existing account no etc

Rothfinch

Sceptic001 wrote: »

A current account paying 3% on balances of £3k-£20k and giving discounts on council/water/utility bills all for £2 per month looks like a no-brainer to me (speaking as a long-term Girobank/A&L/Santander customer who, to date, has not fallen foul of their notorious customer services reputation).

Three questions:
1) Do bill payments have to be by Direct Debit? I prefer standing order for council tax;
Yes all payments have to be via dd
2) Is the 3% a permanent rate or a one-year offer? Are they going to lure us in then cut it to 0.5% after a year?
not introductory rate
3) If switching from an existing current account can you keep your existing a/c number, debit card etc. ?

yes you can keep current San account

Gordon_the_Moron wrote: »

No but they can transfer all your standing orders, direct debits and salary for you. You'll receive a new debit card through the post, why would that be a problem.