Danske Bank Reward Current Account

edited 31 August 2018 at 1:39PM in Budgeting & Bank Accounts
84 replies 13.9K views
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  • FuturisticFuturistic Forumite
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    The site looks like a exact copy of Barclays
  • SystemSystem Forumite
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    pafpcg wrote: »
    That's what I asked for when I rang - I was told usernames were available only for business account users.

    [Anyway, with the same 1.5% interest available from Marcus on up to the FSCS £85k limit, at least for the next 12 months, I've drained our Clydesdale Direct accounts.]

    PS: Apologies for diverting the discussion away from DanskeBank.

    I have a username and customer number.
    Maybe Clydesdale Bank think I'm a business :rotfl:
  • edited 1 October 2018 at 8:32AM
    Hattie625Hattie625 Forumite
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    edited 1 October 2018 at 8:32AM
    Hattie625 wrote: »
    It's quite a slow process after receiving the bumff referred to. I sent the signature form back around 20th August. Debit card and PIN came through week beginning 27 August but only this week passed did I get everything required to log on and see the account. I transferred £1210 in on Thursday (6th Sept) and have successfully transferred £1200 out again, leaving £10 in the account as a fees buffer. No fee taken yet. I should get £7 reward in October,, with £2 fee taken, but don't know exactly when. Will post update as things progress.

    Update

    First fee (£2) was taken on 28 September. First reward payment of £7 has been credited today (1 October).

    Once the account is set up, this is an easy £5 per month to earn. No need to keep a significant balance in the account, provided you deposit £1200 per calendar month (which can be withdrawn immediately). No need for any DDs.

    The opening process is slow. For UK residents outwith NI, it involves a lengthy phone discussion (Danske Bank will phone you back at a time to suit you). Then there is a wait of about a week for opening paperwork to arrive. Once sent back there is another wait of about 2 to 3 weeks for account to open and for online access to be available.

    The website is not the easiest to use but presents no significant difficulties,
  • Willing2LearnWilling2Learn Forumite
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    Hattie625 wrote: »
    First fee (£2) was taken on 28 September. First reward payment of £7 has been credited today (1 October).
    I have also received my first £7 reward today. I have not been charged a fee so far...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • reub075reub075 Forumite
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    Thanks to Hattie625 and Willing2Learn for previously pointing out this account.
    I'd echo their experiences, that if you live in the UK, you can't apply online, but arrange a phone consultation with one of Danske Bank's customer representatives based in Northern Ireland.
    As long as they can electronically verify you, the account opening process is straight-forward, but also a little time consuming in terms of reading the paperwork, signing it, returning it, and waiting for the account security details.

    I have also received my first £7 reward today. I have not been charged a fee so far...


    I have also received my first £7 reward today. I have not yet been charged the £2 monthly fee so far...

    Hattie625 wrote: »
    Update

    First fee (£2) was taken on 28 September. First reward payment of £7 has been credited today (1 October).

    Once the account is set up, this is an easy £5 per month to earn. No need to keep a significant balance in the account, provided you deposit £1200 per calendar month (which can be withdrawn immediately). No need for any DDs.

    The opening process is slow. For UK residents outwith NI, it involves a lengthy phone discussion (Danske Bank will phone you back at a time to suit you). Then there is a wait of about a week for opening paperwork to arrive. Once sent back there is another wait of about 2 to 3 weeks for account to open and for online access to be available.

    The website is not the easiest to use but presents no significant difficulties,


    I'd also underline keeping a modest sub £10 balance in the account, because the account fee is normally deducted at least one day prior to the cash reward being paid out.
    The other criteria for the cash reward was logging onto ebanking or mobile banking - the T's & C's did not say how often, so I just log on monthly to ensure that it was an ongoing requirement.
  • edited 1 October 2018 at 2:05PM
    derrickderrick Forumite
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    edited 1 October 2018 at 2:05PM
    Is this bank covered by FSCS ?


    Also why not mentioned by MSE?

    Just spoken to an advisor on the phone, he is adamant I need to live in NI to open an account, but he has gone to "sales team" to see if it is possible to open a cash reward whilst living in England.
    I read him the blurb from their own website re opening an account from outside NI.


    He has come back and said it might be possible to open an account, he has taken my name and phone number and someone is to call me.


    Received a phone call @ 1340, to electronically ID me, (this was successful), and requesting some personal details and a phone number for the account opening team to call me back on Thursday @ 0800 for more details re actually opening the account.






    .
    Don`t steal - the Government doesn`t like the competition


  • edited 1 October 2018 at 2:06PM
    reub075reub075 Forumite
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    edited 1 October 2018 at 2:06PM
    derrick wrote: »
    Is this bank covered by FSCS?


    Also why not mentioned by MSE?

    Just spoken to an advisor on the phone, he is adamant I need to live in NI to open an account, but he has gone to "sales team" to see if it is possible to open a cash reward whilst living in England.
    I read him the blurb from their own website re opening an account from outside NI.


    He has come back and said it might be possible to open an account, he has taken my name and phone number and someone is to call me.


    .


    I have checked my Customer Agreement pack which was posted out during the application process.
    It contains an FSCS Depositor Information sheet stating that:
    Eligible deposits in Northern Bank Limited trading as Danske Bank are protected by the Financial Service Compensation Scheme.
    Limit of protection is £85000 per depositor per bank.

    Living in NI would be necessary in order to manage the account, if you required branch access.
    The advisor I spoke to said I could open my account outside of NI if:
    - I could be electronically verified
    - I did not require branch access
    - I was willing to manage my account online.


    I am not sure why this is offer not promoted by MSE.
    Perhaps the account benefits might be changed, if there is a flood of applicants after promotion by MSE?
    Or perhaps the application submission process is not considered to be all that easy?
    Hope this helps.
  • edited 1 October 2018 at 2:21PM
    soulsaversoulsaver Forumite
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    edited 1 October 2018 at 2:21PM
    reub075 wrote: »
    I am not sure why this is offer not promoted by MSE.

    It was, although not sure the word 'promoted' is accurate, see post #3
    soulsaver wrote: »
    It was flagged for its reward by MSE earlier in the year... got surprisingly little (none IIRC) discussion here for no reason I'm aware of.
  • Hattie625Hattie625 Forumite
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    Hattie625 wrote: »
    Update

    First fee (£2) was taken on 28 September. First reward payment of £7 has been credited today (1 October).

    Once the account is set up, this is an easy £5 per month to earn. No need to keep a significant balance in the account, provided you deposit £1200 per calendar month (which can be withdrawn immediately). No need for any DDs.

    The opening process is slow. For UK residents outwith NI, it involves a lengthy phone discussion (Danske Bank will phone you back at a time to suit you). Then there is a wait of about a week for opening paperwork to arrive. Once sent back there is another wait of about 2 to 3 weeks for account to open and for online access to be available.

    The website is not the easiest to use but presents no significant difficulties,

    Another £7 reward credited today, worth £5 net after account fee.

    Although the opening process is slow, it is not onerous (a phone interview lasting about 15 minutes). Once opened the account is easy to service (minimum deposit of £1200 pcm, no direct debits) and the reward lands faithfully on the 1st of the month.
  • derrickderrick Forumite
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    Started opening process 01-10-18.

    22-10-18 everything completed and all details received, logged on and deposited then withdrew £1200.

    31-10-18 no account fee taken.

    01-11-18 £1 account fee taken, showing as taken 31-10-18. Also £7 deposited as Cash Reward Payment.

    Reason for only £1 account fee for October, from their T&Cs:

    "3.3 In the month the Account is opened, the monthly account fee will be proportionate to the number of days the Account has been opened."


    .
    Don`t steal - the Government doesn`t like the competition


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