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bill-from-derby

A great idea, so I swapped from my existing Santander account to a 123 account end of September. I noticed that I did not get a 2% repayment for my energy account. which is with a small company called Extra Energy. Contacted Santander, who inform me that the companies have to sign up to get the refund for their customers. This was not stated by anyone, including Money Saving Expert. Anyone else come across this one?

colsten

There is a cashback checker http://www.santander-products.co.uk/banking/calculator/cashbacksearch.html

It states there:

If you have checked the look up table of eligible suppliers and cannot find the details, you will need to decide if you still want to proceed as you may not receive cashback on Direct Debit payments to this supplier.

bill-from-derby

The cashback and interest far outweigh the 2£ per month fee, even without the energy cashback. But, I was not directed to the participating companies element. Just wandered in believing it applied to any and all suppliers.

spugsley

Has anyone ever tried to treat banks as telecoms companies? ie. ring up and threaten to switch to get a better rate. I've just done 12 months with Nationwide so the 5% interest rate is coming to an end; just wondered if it's worth talking to them before switching or would they not be interested?

Steve_xx

spugsley wrote: »

Has anyone ever tried to treat banks as telecoms companies? ie. ring up and threaten to switch to get a better rate. I've just done 12 months with Nationwide so the 5% interest rate is coming to an end; just wondered if it's worth talking to them before switching or would they not be interested?

I doubt that you would be able to retain it. It's hard enough getting correct information about a banks products when you phone them. I wouldn't have thought that the support staff on the end of the phones would have authority or nouse enough to be able to make an offer.

Archi_Bald

I reckon it will be a very long time if ever that banks will care about a retail customer leaving them as there is way too much inertia with the vast majority of account holders for banks to worry about losing too many customers. People didn't even leave RBS/Natwest/Ulster in droves after they had been left with no access to their money for weeks.

There is also next to zero chance that banks will ever offer non-standard deals to individual current account customers as they don't have the systems to administer any such deals, and it is extremely unlikely that anyone could make a case for this to change in the next few decades.

Archi_Bald

spugsley wrote: »

Has anyone ever tried to treat banks as telecoms companies? ie. ring up and threaten to switch to get a better rate. I've just done 12 months with Nationwide so the 5% interest rate is coming to an end; just wondered if it's worth talking to them before switching or would they not be interested?

Switch to CB/YB and get twice the amount Nationwide would have paid you in interest. Then may be switch back to Nationwide in a year's time if they still offer 5% on a FlexDirect.

desthemoaner

Apologies if this is covered elsewhere.


I have a Halifax Reward Saver which gives me the fiver per month. I also have some money in a Coventry BS bond which matures at the end of December, and money in a Barclays ISA which they've just converted from their Golden ISA paying a mediocre 1.75 per cent to a bog standard ISA paying a paltry 1.39%.


I want to open two Santander 123 accounts: one joint and one single account, and top them up to the max; but I understand that you need to pay 500 quid per month into each account to qualify. Can I do this by setting up two standing orders of £500 to each 123 account from my Reward Saver? That way I can continue receiving the Reward account fiver for having my wages paid in, as well as the interest on the 123 accounts.


We have a Barclays account which will be switched to Santander as a joint account, and my wife has a Lloyds account which will be switched to the single 123.


Thank you.

Archi_Bald

desthemoaner wrote: »

Can I do this by setting up two standing orders of £500 to each 123 account from my Reward Saver?

I believe there is nothing in the T&Cs that says you cannot but better verify this is indeed the case.

polymaff

spugsley wrote: »

Has anyone ever tried to treat banks as telecoms companies? ie. ring up and threaten to switch to get a better rate. I've just done 12 months with Nationwide so the 5% interest rate is coming to an end; just wondered if it's worth talking to them before switching or would they not be interested?

They don't want your £2,500 at a cost of 5% - but try it.

On a linked matter, wanting to carry on getting the same 5%, I asked Nationwide if they'd like to do something more economic (for them) than my closing N 12-month-old 5% accounts and then opening up N new 5% accounts.

Not a flicker of interest