Quick Santander Question

compbren

I'm about to apply for the 123 account but as I want to stay with Halifax and get the £5 monthly reward, i'm planning on using the switch via an old unused Halifax account I have (so I can benefit from cashback).

Just a quick question, how much money do I need to have in this unused account to switch to Santander. I know you need a minimum of £1000 to gain interest and 2 DD's and £500 input every month but does anyone know what you need to open the account? Minimum opening balance?

Thanks.

YorkshireBoy

What "cashback"? Quidco? TCB? Do they specify what must be switched?


Re the balance, some people here have reported successfully switching a zero balance account (although not necessarily to Santander?). Personally, I always switch a double digit balance, including some odd pence! ie £54.37

enthusiasticsaver

You do not need to pay anything in to open it but you will not earn cashback until you fund it with the £500 per month and set up 2 direct debits and you will incur the £2 fee one month after opening.

bellybuttonfluffman

compbren wrote: »

I'm about to apply for the 123 account but as I want to stay with Halifax and get the £5 monthly reward, i'm planning on using the switch via an old unused Halifax account I have (so I can benefit from cashback).

Just a quick question, how much money do I need to have in this unused account to switch to Santander. I know you need a minimum of £1000 to gain interest and 2 DD's and £500 input every month but does anyone know what you need to open the account? Minimum opening balance?

Thanks.

As far as I know, you don't need to switch from another account. Just apply for the 123, set up at least two DDs and load it with £500/month and you'll qualify for the interest and cashbacks.

colsten

if you want the Quidco or TCB cashback, you have to switch an account.

BeansOnToast_2

You don't put money in to open the account. You open the account and then put money in. My first payment into my account was a nominal £10 to check that I'd set up the online transfer correctly.

compbren

All done and dusted, just hope I get accepted for it now!

Thanks.

jimjames

Out of interest is there any point in a Santander account if you're not using it and only have around £1000 in it as that rate is 1% isn't it so would be wiped out by the £2 fee?

compbren

jimjames wrote: »

Out of interest is there any point in a Santander account if you're not using it and only have around £1000 in it as that rate is 1% isn't it so would be wiped out by the £2 fee?

I am planning to fill it to 18k but want to do it once the account is opened rather than via switching. My wages will be paid into my other account and I'll transfer £500 in (and out) every month. Just had email to say it's been accepted.