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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  • londoninvestorlondoninvestor Forumite
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    datz wrote: »
    And the banks seem to treat that minority of customers as just a cost of attracting the customers they want (because too many barriers would put off those genuine customers too).

    Yes - I think we can be in a bit of an MSE bubble and forget that "perk-chasers" are actually a minority of the general public!
  • [Deleted User][Deleted User] Forumite
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    soulsaver wrote: »
    While on the subject of the poss weird & wonderful Danske Bank:

    I have 2 accounts.. a solo & a joint.

    In December they didn't pay the reward but wrote saying I hadn't fulfilled the requirement as I hadn't logged in.

    I always log in monthly so felt this was incorrect, but couldn't be sure, so I now take a screen dump for proof.

    Now this month another development: Both acs have SOs for the 2nd of the month to return the £1200 monthly deposit. In this case the 2nd of Feb was a w/e.. so one happened on Monday 4th .. but the other one failed.

    I gave it an extra day and it still didn't happen.

    I transferred it back manually today.

    Just a heads up..

    That doesn’t bode well I’ve just set up standing orders for my rent and kids pocket money. Thanks for the warning I’ll know to keep a close eye on it now.
  • SlovakianGuySlovakianGuy Forumite
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    I'm sorry, but if all this mentioned in this thread is considered "a relatively smooth account opening process" then what would a complicated process look like? :D
  • JaxerJaxer Forumite
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    Just bumping this to see if anyone else has had contact from Danske about cycling money through the account, rather than using it. I've just finally got everything through with online access set up so I was going to put the first month's payment in, to withdraw it - but I don't really want to have to actively use the account for transactional purposes so I may simply close it if it's monitored.
  • Hattie625Hattie625 Forumite
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    I've been using the account since August 2018 simply to cycle in and out the required monthly amount for the £5(net, after fee) monthly reward. No problems. I haven't (yet) been contacted by Danske to warn me of closure of the account if I don't mend my ways and use the account "properly". Not sure I would embark on this now, given the hoops to jump through to set things up, but if you are all set up, why not cycle the money in and out and wait and see.
  • [Deleted User][Deleted User] Forumite
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    I think I had the call because I put money in and out at the end of one month to be eligible for the reward and then again at the beginning of the next as I do with all my other accounts. This meant the two lots of money in and straight back out again happened within ten days or so.
    I am now using it to pay some direct debits and standing orders and it’s actually fine.
  • tg99tg99 Forumite
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    A couple of questions:

    1. Is the monthly £7 taxable?

    2. Have not seen any mention of it in this thread but on the website says about needing to send them payslips/certified accounts/etc (depending in employment status) so has anyone been asked to provide this or perhaps it’s a recent change and now the opening procedure is more demanding in terms of what info and documents you need to supply them with?
  • Zero_SumZero_Sum Forumite
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    tg99 wrote: »
    A couple of questions:

    1. Is the monthly £7 taxable?

    2. Have not seen any mention of it in this thread but on the website says about needing to send them payslips/certified accounts/etc (depending in employment status) so has anyone been asked to provide this or perhaps it’s a recent change and now the opening procedure is more demanding in terms of what info and documents you need to supply them with?

    Its probably paid net of tax.
    Halifax £2 reward is actually £2.50 less 50p tax.
    Ditto with co-ops £4 reward, being £5 less £1

    Rewards are taxable, cashback isnt.
  • tg99tg99 Forumite
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    Zero_Sum wrote: »
    :)

    Its probably paid net of tax.
    Halifax £2 reward is actually £2.50 less 50p tax.
    Ditto with co-ops £4 reward, being £5 less £1

    Rewards are taxable, cashback isnt.

    Yep tho what prompted me to ask was that Barclays changed their £7 a while back such that it is now not taxable.
  • edited 25 August 2019 at 12:19AM
    1Foz1Foz Forumite
    74 Posts
    edited 25 August 2019 at 12:19AM
    Need to open a new current account soon when my regular saver with nationwide ends, since there won't be any purpose to keeping my Flex account open now that I lost both the 5% initial rate on the account AND they then announced scrapping the regular saver since this tax year.

    So, am wondering if this Danske one is worth persuing. Already have a co-op reward account which I am going to use as my main account now that First Direct is dropping the banking charge for their current account, I can just keep that dormant and just pay into their saver.

    Is it still possible to get this account with an address from England and not NI? I don't mind setting up an e-saver with them if it avoids them chucking out a warning for not using the account 'properly' (assuming have some kind of activity is proper enough?!). I am skeptical though. How many people found this straight forward enough?

    I can't be bothered to with Halifax (or Barclays blue), am trying to limit myself somewhat as I'll already need to open an M+S account in December to access its saver. So yeah...I just wondered on the experience of others in getting the Danske reward account,

    Cheers! :beer:
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