Likelihood of Santander offering a current account switch incentive?

7sefton

I’m thinking of opening a Santander 123 Lite account, but am reluctant to in case they decide to do a cash switching offer in the future and I miss out on it.

I know they’ve never done this before, but surely with all the competition (and switching incentives that now seem to be the norm) they might be tempted to? Their 123 accounts aren’t the market leaders like they were, so I expect they’re not enjoying the switching business they used to?

Appreciate this would just be speculation, but would be interested to hear any thoughts...

[Deleted User]

If they do then they do. Not much you can do about it.

Any bank can change or withdraw products and services so you run that risk with all banks

clivep

7sefton wrote: »

I know they’ve never done this before,

Not quite a switching offer, but we did get £90 total from TopCashback for opening 2 Santander 123 sole a/cs in 2013 then £35 for a joint a/c in 2015 and a further £12.50 for opening a couple of regular savers with them the same year.

Zero_Sum

Why not just open one anyway without switching as the cashback of bills are worth it anyway. Then switch your other account to something like first direct who pay the £100 incentive and also have a 5% regular saver. Its always good practice to have more than just the one current account anyway.

clivep

I opened a NatWest Reward a/c (without switching) and moved my utility DDs to it from the Santander 123 a/c (before switching the Santander a/c elsewhere for a switching bonus).


At the time the NatWest cashback was 3% with a £3 monthly fee but later dropped to the current 2% with £2 monthly fee. With my mix of utility bills (high council tax) this still gives a better net reward than the Santander 123 Lite with it's £1 per month fee.


The NatWest Reward credit card had the best continuing cashback that I found so I switched to this. Having a NatWest Reward current a/c means the £24 annual fee for the credit card gets refunded.


When NatWest were giving rewards for switching they offered it to existing as well as new customers (as long as they hadn't got one previously). So I was then able to get the £125 switching bonus.

bristolleedsfan

7sefton wrote: »

I’m thinking of opening a Santander 123 Lite account, but am reluctant to in case they decide to do a cash switching offer in the future and I miss out on it.

I know they’ve never done this before, but surely with all the competition (and switching incentives that now seem to be the norm) they might be tempted to? Their 123 accounts aren’t the market leaders like they were, so I expect they’re not enjoying the switching business they used to?

Appreciate this would just be speculation, but would be interested to hear any thoughts...

You having joined this Forum in 2008 said " I know they’ve never done this before"

https://www.thisismoney.co.uk/money/saving/article-1721573/Santander-offers-100-to-join-is-it-worth-it.html 2011

https://www.which.co.uk/news/2010/06/santander-offers-100-to-switch-plus-5-interest-218100/ 2010


https://www.bing.com/search?q=santander+branch+switching+offer&qs=PF&cvid=143469ed35414b71ac19103089736ea6&refig=95eb5707eb7b4da1dbc5a4dc9eb04636&cc=GB&setlang=en-GB&first=7&FORM=PERE

7sefton

bristolleedsfan wrote: »

You having joined this Forum in 2008 said " I know they’ve never done this before"

https://www.thisismoney.co.uk/money/saving/article-1721573/Santander-offers-100-to-join-is-it-worth-it.html 2011

https://www.which.co.uk/news/2010/06/santander-offers-100-to-switch-plus-5-interest-218100/ 2010


https://www.bing.com/search?q=santander+branch+switching+offer&qs=PF&cvid=143469ed35414b71ac19103089736ea6&refig=95eb5707eb7b4da1dbc5a4dc9eb04636&cc=GB&setlang=en-GB&first=7&FORM=PERE

My mistake :cool:
I don’t have a photographic memory for bank account offers from 8 years ago, when I wasn’t considering becoming a customer of Santander