MSE News: Santander launches cashback current account

cptncanary

Is the Santander calculator working correctly? I entered my monthly council tax bill (£216), and it's showing £21 cashback. Surely that's 10%, not 1%?

stewil18

cptncanary wrote: »

Is the Santander calculator working correctly? I entered my monthly council tax bill (£216), and it's showing £21 cashback. Surely that's 10%, not 1%?

that would be over the year....1% of £2160 is £21.60

cptncanary

stewil18 wrote: »

that would be over the year....1% of £2160 is £21.60

Of course, thank you :beer:

JimmyTheWig

Looks like it is working on the assumption that you only pay council tax for 10 months out of the year.

cptncanary

JimmyTheWig wrote: »

Looks like it is working on the assumption that you only pay council tax for 10 months out of the year.

I thought that was the standard duration? No matter anyway, as it seems that living in North Hampshire DOES have some benefits

cptncanary

I'm in the process of switching from the Co-Op (just waiting for my £200 incentive from them) to First Direct (another £125 expected there in 3 months time). I never had any problems with Alliance & Leicester or Santander when I was with them (which was prior to moving to the Co-Op), so might take a punt on this, if the current package is still available in the summer.

samba

stewil18 wrote: »

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.

For me I would have to be brainless to think this was a good deal. The gains are minimal and if I dip into the red for just a few days a month (which I rarely do) then I would be losing out.

As I said before, Santander are using this to cover up some serious rises in overdraft fees for existing customers. I am voting with my feet and leaving.

JimmyTheWig

cptncanary wrote: »

I thought that was the standard duration? No matter anyway, as it seems that living in North Hampshire DOES have some benefits

Yes, it's standard but not what everyone does. Also people may not have realised and wouldn't be sure why the calculation was different for this and, say, gas.

cptncanary

JimmyTheWig wrote: »

Yes, it's standard but not what everyone does. Also people may not have realised and wouldn't be sure why the calculation was different for this and, say, gas.

Good point, well made

stewil18

samba wrote: »

For me I would have to be brainless to think this was a good deal. The gains are minimal and if I dip into the red for just a few days a month (which I rarely do) then I would be losing out.

As I said before, Santander are using this to cover up some serious rises in overdraft fees for existing customers. I am voting with my feet and leaving.

As i see it, if you can manage this account along side your regular account then there should be no issue of going overdrawn - my personal position is that all the utility bills included in this cashback promotion would total approx £350 a month, so with having to transfer £500 in, nowhere near going towards the OD or any charges.

Although minimal in terms of cash back alone, when in tandem with the 123 credit card and possibly the Halifax reward account - this would get me in the region of £300 cashback over the year, which i don't believe is to be sniffed at.