NOW OPEN: the MSE Forum 'Ask An Expert' event. This time we'd like your questions on TRAVEL & HOLIDAY DEALS. Post by Wed and deals expert MSE Oli will answer as many as he can.
Danske Bank Reward Current Account
Latest MSE News and Guides
MoneySavingExpert
Chair, Martin Lewis · Editor, Marcus Herbert
Replies
I have a username and customer number.
Maybe Clydesdale Bank think I'm a business :rotfl:
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 No need to keep a significant balance in the account, provided you deposit £1200 per calendar month (which can be withdrawn immediately).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 love my job
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 yet been charged the £2 monthly fee so far...
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.
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.
.
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.
It was, although not sure the word 'promoted' is accurate, see post #3
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.
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."
.