Santander :- cashback

[Deleted User]

as above hopefully my last santander question for a while.

this one is regarding earning the cashback from the 123 account.
i have 3 mobile phone contracts each about £37 per month with o2 (telefonica) pay monthly via direct debit i have sky which is about £78 per month again direct debit so i will earn their offer of 3% cashback from these.
i also have direct debits for Southern water and south east water. southern treat the waste water and south east supply the fresh water. On santanders cashback calculator i can see Southern as one of their eligible suppliers but no mention of south east, so i am guessing i will only get their offer of 1% cashback for the Southern direct debit.
my account will also always have £3500 plus in it so i guess i qualify for 3% from that too.

so using these figures in their calculator i am due to get £171 per year from them minus the £24 running cost leaving £147 profit for using them.

now i am not very savvy on all this switching and bonus grabbing etc, i have only just started so could some kind person please confirm that using the above info i am on the right track.

many thanks

using their calculator

Archi_Bald

Sounds about right though you need to take 20% off the interest they pay. If you are not a tax payer, you can ask them to pay your interest gross (R85 form). If you are a higher rate tax payer and don't do self assessment, you need to tell the HMRC about the interest.

No tax to pay on the cashback.

molerat

Cash back on all of those, South East Water is on the list so you will get the 1% there as well. The 3% interest on balances is subject to tax though.

[Deleted User]

cheers for the info. with regards to the 3% on the balance i am a normal everyday working joe blogs paying tax.
i guess they (santander) will deduct the tax just like nationwide do each month with their 5% flex account rather than getting £10 odd i get £8 odd.
so with santander if my balance remainded £3500 that would be £104 cashback per year less 20% means i still score for £83 ish

right or wrong?

cheers

i never saw south east on the list? i can only see those in their examples of suppliers, if i type a name in the look up box it just stays on the same page?

ColdIron

Deleted_User wrote: »

so with santander if my balance remainded £3500 that would be £104 cashback per year less 20% means i still score for £83 ish

right or wrong?

Almost right, the £104 is the interest gross at 3% and £85 ish net. The cashback is different, that's the money they pay you for your utility bill direct debits

macman

And don't forget to deduct £24pa for the account monthly fees.

[Deleted User]

macman wrote: »

And don't forget to deduct £24pa for the account monthly fees.

cheers buddy i had that covered in the 1st post above.

is the interest paid monthly? i should read the bleedin terms and conditions but have only just got sorted.

molerat

Yes, interest, cash back and fee is monthly. A statement month is a from opening date so not calendar months.

[Deleted User]

cool many thanks for help

bubieyehyeh

Can I ask if anyone has got Santander to update their list to include companies who are not listed but should otherwise qualify for cashback. I ask since my broadband and gas provider aren't listed on the cashback checker on the website and I've just transfer the Direct Debits for them to Santander 123.

Scrounger

bubieyehyeh wrote: »

I ask since my broadband and gas provider aren't listed...

Have you entered the name of the provider in the search box here?

Scrounger