MSE News: Santander launches cashback current account

innovate

To quote from their website:

Is there a maximum amount I can send using the Faster Payments service?
You can send up to and including £100,000 to another bank using the Faster Payments service - this is the current Faster Payment scheme limit. Some payments to other banks will not qualify for Faster Payments if the destination account is not part of the Faster Payments scheme or if the payment is higher than £100,000. If you want to send a transaction over this limit then you will need to send it using CHAPS, for which you may be charged.
Money transfers between accounts held in the UK with Santander are usually processed within the same working day (without using the Faster Payments Scheme or any other external clearing system).

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jen245

FP limit is £100000 now

Carole1971

BRING ON MY CASHBACK PAYMENT is what i say , i love this new account and the fact that if you take the current account you get the 123 credit card fee free for a year , ive worked out that i will be over £700 better off this year with the two accounts so who cares about a little £2 a month fee ... i must say everyone needs to get over their self a bit too i have never had any probs with my local branch which is more that can be said about the nationwide and halifax up the road ! give Santander a chance let them give you your cashback i am i opened my new 123 Current Account today and i am looking forward to getting cash for paying my normal day to day bills thank you very much

anselld

Carole1971 wrote: »

BRING ON MY CASHBACK PAYMENT is what i say , i love this new account and the fact that if you take the current account you get the 123 credit card fee free for a year , ive worked out that i will be over £700 better off this year with the two accounts so who cares about a little £2 a month fee ... i must say everyone needs to get over their self a bit too i have never had any probs with my local branch which is more that can be said about the nationwide and halifax up the road ! give Santander a chance let them give you your cashback i am i opened my new 123 Current Account today and i am looking forward to getting cash for paying my normal day to day bills thank you very much

Well I certainly admire anyone who can take £700 for Santander, but are you sure the maths is correct? That seems a lot !!

janner123

Went into branch today and they have a great calculator that works it out and after the £2 fee I am £35 a month up if I take the bank account with the card as the card is free for a year so all done today and very smooth. :j very happy and impressed with how they work it all out

innovate

Really funny, all those people with 1 or just a couple of posts, trumpeting the advantages of Santander :rotfl:

dougz_2

In my opinion, it is irresponsible to encourage people to keep a huge amount of savings in a Current account, like a sitting target. £20k is too much to leave at risk to the increased number of frauds, accidents and errors that can happen with such an account.

anselld

dougz wrote: »

In my opinion, it is irresponsible to encourage people to keep a huge amount of savings in a Current account, like a sitting target. £20k is too much to leave at risk to the increased number of frauds, accidents and errors that can happen with such an account.

It is also irresponsible to consider the 3% interest as a benefit of switching to this account when that money could be earning at least that or more elsewhere.
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samba

I have used the Santander calculator, and have average outgoings and stand to save around £30 per year after the monthly charge. Unless you live in a mansion with 20 rooms and full Sky TV in every room there is no way you could save £35 per MONTH!!

Anyway, I just think it is a gimmick. Most bank accounts give you cashback, they just call it "interest". However I noticed the they are doubling the daily overdraft fee on all their legacy accounts from 16th March, so I'm off. I rarely go over my limit, but I refuse to pay £1 a day to Santander if I do. My previous account which I still have charges 18% interest on whatever you go over by. I worked out that I would have to spend the whole year overdrawn by more than £1500 for the Santander account to be better value. In fact it would be better value to keep a balance on a credit card at 18% than pay off the full balance every month if it meant you would go overdrawn. That just seems wrong to me.

stewil18

I imagine the £35 a month would come from using the credit card in addition to the Current account, in that case the amount stated would be doable.

As i see it, if you can manage your money online then this would appear to be a no-brainer.